N.W.T. increase in exploration first in 4 years

Exploration spending in the Northwest Territories is expected to exceed $35 million in 1992, representing an increase of 27% over 1991 and the first increase in four years, predicts the N.W.T. Chamber of Mines.

The spending is a far cry from the $125 million peak achieved in 1988. The 1991 improvement is projected from both grassroots and advanced exploration. Much is due to the high level of activity following recent diamond discoveries but a significant contribution is attributable to base metals exploration.

In this category is the Izok Lake development of Minnova (TSE) and Metall Mining (TSE), and the High Lake property of Aber Resources (TSE). An earlier estimate of reserves at Izok Lake indicated 13.4 million tonnes grading 3.2% copper, 14.4% zinc, 1.3% lead and 74 grams silver per tonne. A new reserve estimate incorporating this season’s drilling results is scheduled for later this fall.

Aber, which is earning a 50% interest in the High Lake property (which was first drilled in 1957; reserves indicated at that time were 4.5 million tonnes grading 3.5% copper, 2.55% zinc and 0.8 grams gold per tonne), believes there is the potential for 10-25 million tonnes of reserves. A $1-million program involving 5,000 metres of drilling is under way.