Thank you, Mr. Speaker. Mr. Speaker, one of the Arctic's greatest mysteries lies under the surface of Darnley Bay; a large circular shape gravity anomaly near Paulatuk suggests very unusual geology and may be the result of an ancient meteor strike. Whatever its origin may be, Mr. Speaker, it's the largest gravity anomaly discovered in Canada.

Mr. Speaker, in 1969 the Geological Survey of Canada suggested the potential for massive deposits of nickel, copper and platinum minerals in that area, almost five times the size of the Sudbury Basin. Areas like the Sudbury Basin are proven to be one of the world's richest resources of minerals such as nickel and copper. Darnley Bay could hold the same wealth, but in even larger quantities.

In addition, there is the diamond potential in this region, as indicated by kimberlite on the nearby Parry Peninsula. Mr. Speaker, these resources could mean big things for the region, the Northwest Territories and the Inuvialuit. Darnley Bay Resources, a Canadian mining company, long ago negotiated the required agreements, permits and mineral rights. It continues to hold exclusive mineral rights in this area and has spent in excess of $20 million on exploration. Mr. Speaker, Darnley Bay is remote, expensive to access, an extremely challenging place to operate and explore. In 2011 the resource company wasn't able to complete its drilling program due to unstable permafrost conditions. Their last exploration project wrapped up in 2013. Mr. Speaker, like many companies, Darnley Bay has struggled with the downturn in the economy and has focused on other projects in order to raise money to invest back in the far North.

Mr. Speaker, the Northwest Territories must look towards future projects as our diamond mines reach the end of their life spans. There are exciting possibilities for exploration and discoveries in the Darnley Bay area. Mr. Speaker, the Arctic is changing quickly, it is becoming more and more accessible and the world is aware of the rich resource potential it offers. Mr. Speaker, we need to plan for the future, preparing our workforce, providing opportunities for youth and community development and finding ways to facilitate research, baseline environmental study and gathering traditional knowledge alongside exploration. Developing project readiness is a wise use of time during a slump in the market. Mr. Speaker, Darnley Bay is significant to the future of the NWT. Thank you, Mr. Speaker.