The Northwest Territories are quickly becoming the laser focus for a number of lithium explorer and producers. North Arrow Minerals Corp. CEO Ken Armstrong recently spoke on the potential of the area as a lithium exploration region.
In his address, Armstrong talked about how the Northwest Territories has some excellent opportunities for lithium exploration and extraction. The area is well-situated for potential gains due to its geology; the Northwest Territories has an abundance of prospective pegmatite rocks that contain the lithium-bearing minerals spodumene and petalite.
According to Armstrong, the Northwest Territories are also an advantageous area due to the low cost of entering and operating mining claims. Furthermore, the Northwest Territories also benefit from a strong resource adequacy rating, which means that companies can focus on exploration projects with more confidence that the area can support heightened levels of development.
Armstrong emphasized the long-term potential of the Northwest Territories as a lithium-producing region, particularly in comparison to others such as Australia’s Pilbara belt where while fortunate enough to possess an abundance of resources, have higher costs associated with them due to the difficulty in accessing them.
Armstrong’s comments further increase the interest that the Northwest Territories are receiving from investors. Companies such as North Arrow Minerals, Archer Exploration and Great West Minerals have all had success in the area, and the level of investment and exploration looks set to increase as the region’s potential is better understood.
The proactive efforts of North Arrow Minerals in exploring the Northwest Territories shows that companies are recognizing the area’s value and potential as a lithium producing region. With increased investment and exploration, the Northwest Territories could become one of the premier sources for lithium production.
