A next-generation Northwest Territories mining company has received a $5 million shot-in-the-arm from the Government of Canada.

DEMCO, a 100% Dene-owned mineral exploration and mining company, will use the federal funding boost to advance field work and community engagement on its iron-oxide-copper-gold (IOCG) project at Camsell River near Great Bear Lake.

“Most of it (investment) will go in the ground,” says Darrell Beaulieu, president of Denendeh Exploration and Mining Company Ltd.  DEMCO plans to initiate a gap analysis this summer including gravity surveys as well as geological and environmental work aimed at further exploration. 

“Our aim is to come out of the summer season with a good idea of potential drill targets,” Bealieu said.   

The Government of Canada says it is committed to advancing meaningful partnerships with Indigenous people while setting Canada up to be a global supplier of critical minerals. 

For its part, the NWT is all in.

Better than half of the 31 minerals considered critical to domestic, industry, national security and emissions reduction can already be found in the territory. 

Meanwhile, northern and Indigenous entities, established to support and service the NWT’s three world-class diamond mines, are looking for new projects to drive their future. 

Companies like DEMCO can serve as project generators says Beaulieu, advancing and de-risking projects on Indigenous held properties. 

“NWT First Nations are increasingly looking at developing their own resources. Lands were selected with the knowledge that the resources are there. Of course, we’re going to need investment partners, but all mines start with a prospector or a junior.”