by Greg Klein | June 26, 2019

A bit late for the April 1 birthday but an impressive work just the same, the Royal Canadian Mint has unveiled its latest collector coin commemorating Nunavut’s creation. The gold comes from two territorial mines and the design from a Nunavummiuq artist.

“The Mint is passionate about honouring Canadian talent and celebrating our exceptional cultural diversity through beautifully crafted coins,” said president/CEO Marie Lemay. “We are proud to honour Germaine Arnaktauyok’s artistic legacy, in pure Nunavut gold, to wish the people of this important territory a happy 20th anniversary.”

With one-tenth of an ounce of 99.99% yellow metal from Agnico Eagle Mines’ (TSX:AEM) Meadowbank and TMAC Resources’ (TSX:TMR) Hope Bay mines, the coin has a face value of $20 but sells for $359.95 in a limited edition of 1,500. The piece depicts an Inuit drummer that Arnaktauyok created for a circulating toonie struck in 1999 on the new territory’s birth. The flip side portrays the Queen.

It’s the second coin in a year featuring Nunavut gold and artistry. In June 2018 the Mint released a $20 piece using Meadowbank and Hope Bay gold as the canvas for Andrew Qappik’s images of a walrus, ptarmigan, polar bear, bowhead whale and narwhal.

By far Nunavut’s largest private sector employer, the industry now has four territorial mines in operation, including Baffinland Iron Mines’ Mary River and Agnico Eagle’s Meliadine, which achieved commercial gold production just last month. Agnico Eagle also has Amaruq, a satellite project 50 kilometres northwest of Meadowbank, slated for commercial production in Q3.

At Hope Bay, TMAC hopes to begin production on its Madrid and Boston gold deposits in 2020 and 2022 respectively, adding to current output from the Doris operation.

Baffinland currently has community consultations underway as part of a Nunavut Impact Review Board process for two railways that the company proposes building to expand Mary River output.

Among Nunavut’s other promising projects are Sabina Gold and Silver’s (TSX:SBB) Back River gold project, which has received all major permits since reaching feasibility in 2015, and De Beers’ Chidliak project, subject of the giant’s buyout of Peregrine Diamonds last year.

Read more about the Royal Canadian Mint.