Investing News Network
This Investing News Network article is sponsored by Equitorial Exploration TSXV:EXX
As the market for rechargeable batteries, electric cars and solar panels continues to expand, so does the market for one their instrumental materials: lithium.
As such, mining firms are searching the globe for economically viable lithium deposits to fulfill the burgeoning market deficiency and meet the explosive demand for the metal. Some companies are turning their efforts towards a jurisdiction historically associated with diamonds and gold, but with massive untapped potential for lithium extraction: the Northwest Territories (NWT).
The NWT’s latent potential for mineral production
Much of the history of mining in the NWT is in the southern region of the territory; the north remains one of the largest untapped mining areas in the entire world. Commercial mining began in the NWT with the Eldorado uranium mine in 1932, followed by the establishment of the Con, Negus and Rycon gold mines later in the decade.
Gold mining in the NWT continued to blossom throughout the 1940s and 1950s, and would almost exclusively dominate the mining sector until the establishment of both the Cantung (tungsten) and Pine Point (zinc–lead) mines in 1962.
In the late 1980s and early 1990s, diamond mining surged in the North Slave Region of the NWT. Currently, there are four active diamond mines in the North Slave Region. Mega diamond producer De Beers operates both the Gahcho Kue diamond mine and Snap Lake mine, while Dominion Diamond runs the Diavik and Ekati diamond mines.
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