GNWT scores high credit rating, again
NWT - Moody’s Investor Service has continued the GNWT’s Aa1 credit rating with a stable outlook.
“The NWT adheres to prudent fiscal policy that aims to maintain the structural alignment of revenues and expenses while making necessary expenses in priority areas such as health, social services and infrastructure,” Moody’s said in a written statement. “The NWT, overall, displays strong governance and management factors.”
The GNWT shares its rating with Manitoba and Saskatchewan. The highest credit rating issued by Moody’s is Aaa, one step above the GNWT’s current rating.
Inuvik permits hit $3.55 million
INUVIK - So far this year the Town of Inuvik has approved 16 development and building permits.
Four permits were issued in July by the middle of the month, after the town processed eight permits in June.
The town has issued permits totalling $3.55 million, and collected $1,935 in development permit revenue with an additional $17,725 in building permit fees since the beginning of the year.
- Shawn Giilk
Kennady Diamonds announces results
NWT - Kennady Diamonds Inc. (TSX-V: KDI) announced recently the diamond recovery results from its Faraday 2014 spring drill program at its 100 per cent-controlled NWT Kennady North diamond project.
Kennady Diamonds CEO Patrick Evans stated in a press release, “The Faraday (kimberlite) sample grade of 5.10 carats per tonne is outstanding and amongst the highest diamond sample grades recorded in Canada. This result confirms that the Faraday kimberlite has the potential to host a high grade diamond resource.”
This result was from 933 kilograms of kimberlite.
Kennady’s Kennady North diamond project is near the proposed Gahcho Kue diamond mine currently under development. The company hopes to identify a resource along the Kelvin – Faraday kimberlite corridor of between five and eight million tonnes and also to identify new kimberlites outside of the corridor. There has yet to be sufficient drilling to define a mineral resource.
Work continues on the property.
Monitor named for Mary River Project
BAFFIN ISLAND - In keeping with the terms and conditions of Baffinland Iron Ore Corp.’s Mary River Project certificate, the Nunavut Impact Review Board has named Solomon Amuno as been named as the project’s Monitoring Officer. Amuno is a technical advisor with the review board.
Peregrine prepares rights offering
IQALUIT - Peregrine Diamonds Ltd. (TSX:PGD) announced last week the company is preparing a rights offering to fund its planned 2015 bulk sampling program on its Chidliak diamond property 120 kilometres northeast of Iqaluit.
Peregrine has identified eight potentially economically viable kimberlites on the property. An inferred mineral resource of 7.47 million carats in 2.89 million tonnes of kimberlite at a grade of 2.58 carats per tonne has been defined for a portion of one kimberlite. This year, Peregrine has been drilling three other kimberlites to define bulk sample targets for next year.
Tom Peregoodoff, Peregrine executive vice-president of business development, said “the objective of this rights offering is to allow us to complete our bulk sample program in 2015 and deliver a PEA (preliminary economic assessment) in the first quarter of 2016.”
The rights offering should be finalized within two weeks, pending B.C. Securities Commission approval.
Meliadine gold mine meetings held
KANGIQLINIQ/RANKIN INLET - The Nunavut Impact Review Board held a pair of public meetings in Rankin Inlet on Aug. 11 and 12 to provide information to the community on the board’s review of Agnico Eagle Mines Ltd.’s Meliadine gold mine project and the board’s upcoming final hearing on the proposed project.
The board’s week-long final hearing on its review of the Meliadine project will be held in Rankin Inlet from Aug. 21 - 27 at the community hall.
- Darrell Greer