(IDEX Online) - Canada's vast, frozen Nunavut territory has been granted control over its natural resources in a move that could attract prospectors seeking diamonds, gold and other deposits.De Beers is among a small number of miners which already have interests in the sparsely-populated Arctic region. It is seeking approval for the Chidliak Project, a diamond deposit on Baffin Island, Canada's largest island.Vancouver-based North Arrow Minerals has also been bulk sampling eight kimberlite pipes for high-value fancy yellow to orange yellow diamonds at the Naujaat Project, in Nunavut.Prime Minister Justin Trudeau officially devolved control of Nunavut's mineral reserves last Thursday, diverting royalties to the territory instead of to Canada's federal government.Nunavut was created as a distinct territory in 1999 when the 771,000 square mile land mass, with a population under 40,000, was formally separated from the Northwest Territories.Nunavut also has deposits of iron, rare earth metals and cobalt, which is needed for rechargeable batteries incars and elsewhere.Pic shows exploration at De Beers' Chidliak Project.