2026 Bill Dennis Award

For the discovery of the Inukshuk Deposit in Nunavik, Que., Canada. 

The Canadian Royalties Exploration Team was selected for the 2026 Bill Dennis Award for their landmark discovery of the Inukshuk deposit, a magmatic Ni-Cu-PGE system within the Expo Intrusive Suite of the Cape Smith Belt, Nunavik, Que.

Identified in 2021 through a combination of ground-based electromagnetic surveys, 3D geological modelling, and bold step-out drilling, Inukshuk represents the most significant new deposit in the belt in over 70 years, following Méquillon (1957), Expo (1967), Mesamax (1970) and Allammaq (2007). The name “Inukshuk,” chosen by an Inuit member of the exploration team, symbolizes both abundance and guidance, aptly reflecting its importance for the project’s future.

The discovery was made in May 2021 when the first drill hole intersected a stacked, mineralized dyke system roughly 300 metres below surface. Follow-up drilling and resource delineation campaigns rapidly expanded the deposit, culminating in a July 2025 Mineral Resource Estimate of 17.2 Mt (Indicated + Inferred) grading 0.79% Ni, 1.13% Cu, 0.04% Co, 0.54 g/t Pt, 2.23 g/t Pd and 0.13 g/t Au, with high-grade intersections assaying up to 4.1% Ni, 12.2% Cu and 13.6 g/t Pd. With over 114 diamond drill holes totaling 53,700 metres completed to date, Inukshuk is now recognized as the largest undeveloped deposit in the Cape Smith Belt, open for expansion along strike and at depth.

Inukshuk already accounts for more than 40% of Canadian Royalties’ mineral inventory and is projected to extend mine life to at least 2034. Its economic and strategic significance is underscored by its role in securing financing in 2025 and onward, and it is expected to generate lasting benefits through employment of more than 1,000 people, including 600 direct employees and 400 contractors. 

Development is advancing rapidly. Baseline environmental studies are complete, and the feasibility study is underway. The mine development is targeted for 2027 and first production expected by 2028. Leveraging existing infrastructure at the Nunavik Nickel Project minimizes environmental impact while ensuring cost-effective development. 

The Inukshuk discovery is both a geological and operational milestone. It highlights the power of integrating modern geophysical tools with advanced modelling and a willingness to drill bold targets in challenging subarctic conditions. It also demonstrates the perseverance, technical expertise, and innovation of the Canadian Royalties Exploration Team. With its scale, grade, and potential for expansion, Inukshuk is poised to have a transformative impact on northern development and Canada’s role in supplying critical minerals to the world.