Fossil Fuel Deposits
Melville has surfaced as a candidate for natural gas deposits. The island was believed to have deposits of coal and oil shale since the first half of the 20th century. The first Canadian Arctic island exploratory well was spudded in 1961 at Winter Harbour. It drilled Lower Paleozoic strata to a total depth of 3,823 m (12,543 ft). In the 1970s, the northern portion of the island on the east side of the Sabine Peninsula proved to contain a major gas field, known as Drake Point. The lease was owned by Panarctic Oils, a joint operation with the Canadian Government.
Read more about this topic: Melville Island (Northwest Territories And Nunavut)
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