Nunavut, Canada100%-owned by Kaizen
Click to enlarge
The Coppermine Project is a non-core asset for Kaizen for which options will be assessed, including a possible sale to, or joint venture with, a third party. Kaizen, through its wholly-owned subsidiary Tundra Copper Corp. (Tundra), holds 153 Crown Land mineral claims totaling 1,657 km2, as well as eleven prospecting permits totaling 1,877 km2.
All of the claims and permits are currently under Section 51 of the Mining Regulations of Nunavut. Under Section 51, if a claim holder is unable to do the required assessment work because the holder is, for reasons beyond the claim holder's control, waiting for a public authority to give an authorization or decision without which the work cannot proceed, the claim holder may request a one-year suspension of the work requirements.
Kaizen's Section 51 application pertains to the draft Nunavut Land Use Plan (DNLUP). In the DNLUP, the Kaizen mineral claims and prospecting permits are overlain by areas with proposed prohibitions and/or limitations on mining and exploration. Uncertainty regarding these designations will impact Kaizen's ability to continue its exploration activities at the Coppermine Project until the DNLUP is finalized.
The annual renewal letter for the Section 51 one-year suspension of work requirements was submitted to the Nunavut Mining Recorder on March 7, 2017. On March 21, 2017, the renewal request was approved by Indigenous and Northern Affairs Canada.
The Coppermine Project is an early-stage, district scale exploration play, located in Nunavut, Canada (Map 1). Kaizen controls 100% of the project following the acquisition of Tundra Copper Corp. in November 2014. The project comprises two geologically distinct exploration targets: sediment-hosted stratiform copper (+silver) and structurally controlled volcanic-hosted copper (+silver). Tundra Copper previously had staked more than 350 square kilometres in the Coppermine District, covering multiple volcanic-hosted high-grade copper showings. In late October 2014, Kaizen staked claims and applied for prospecting permits covering an additional 3,320 km2 prospective for sediment-hosted stratiform copper near Tundra 's holdings.
The tenement area is located just five kilometres at its closest point from tide water and the town of Kugluktuk on the Coronation Gulf, a Northwest Passage shipping lane. Kugluktuk has a commercial airport, with twice-daily service from Yellowknife. Access within the project area is by helicopter or fixed-wing float plane.