The Government of the Northwest Territories has reportedly reached another milestone in its Tlico All-Season Road project, according to Fortune Minerals Limited (TSXV:FT). The project will stretch all the way to the community of Whati. Minister of Finance Robert C. McLeod stated that the project represents an important investment in the infrastructure of the region.
They also confirmed that a spur road was given environmental approval to be built to connect the road to the proposed NICO mining site. The site requires the all-season road to transport metals out of the remote location.
The government confirmed that it had completed the P3 stage to build, operate, and maintain the road, and has selected three firms to advance to the Request for Proposal phase. With the Tlico government agreeing to fund 25% of the project, the winning consortium will cover the remaining 75%.
Fortune Minerals Limited is a Canadian mining company focusing on cobalt, bismuth, copper, and gold. Their current project, NICO, depends on the all-season road.
Fortune’s NICO Cobalt-Gold-Bismuth-Copper project will include a mine, mill and concentrator in the Northwest Territories and a planned refinery in Saskatchewan to process the minerals. This project will give Fortune a cutting edge in the rapidly expanding lithium battery industry by giving them access to cobalt. The project will also supply them with environmentally friendly bismuth and oxides for Canada’s green growing economy, as well as amounts of gold and copper.
The NICO project has already received environmental approval in both Saskatchewan and the Northwest Territories.
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