NUNAVUT – Toronto’s TMAC Resources have signed a 20-year land tenure and benefits agreement with the Kitikmeot Inuit Association (KIA) and Nunavut Tunngavik Inc. (NTI). The deal includes surface and sub-surface titles within Inuit owned lands along the Hope Bay Belt 65 km east of Bathurst Inlet where TMAC is exploring for gold.
As well as removing considerable risk from the development of a potential mine in the area, the accord offers financial and socio-economic benefits plus a net smelter return royalty to the Inuit.
Late last year, TMAC counted 4.4 million oz of gold in the Hope Bay measured and indicted resources plus 1.3 million oz in the inferred resource. The property has three deposits – Doris, Madrid and Boston – collectively containing 14.4 million measured and indicated tonnes grading 9.5 g/t Au and 5.4 million inferred tonnes at 7.6 g/t Au.
Learn more about privately held TMAC at TMACresources.com.