The GNWT and Government of Canada are looking to sell the Cantung mine and Mactung deposit.
The two sites include 113 mineral claims and 38 mineral leases, and sits near the Yukon border.
In a press release, the GNWT cited the rebound of the tungsten industry as the reason for selling.
Tungsten is often alloyed with other metals to make heat-resistant tools and equipment. The metal-working, mining and petroleum industries all rely heavily on its use.
In 2015, The GNWT bought the Mactung property for $4.5 million. Since then, it has paid about $126,000 to remove hazardous materials from the site, says Mike Westwick, spokesperson for the Department of Industry, Tourism and Investment. He adds that the land use authorization will cost an additional $44,000.
The federal government is currently in charge of the care, maintenance and remediation of the Cantung mine.
Asked about how the revenue will be separated between both governments after the sale, Westwick said it was too early to tell and will be a negotiation matter with an interested bidder.
He added that there is no timeline to finalize the sale but the GNWT “will be working hard at getting the best possible deal in a timely fashion.”