The Kitikmeot Corporation is touting the mine, about 350km from Cambridge Bay, as the perfect location to train mine workers.
The Lupin Gold Mine site is "strategically positioned in the Kitikmeot," said Keith Peterson, MLA for Cambridge Bay, in the legislative assembly on May 20.
"(The school could be located) at the end of the loop of winter roads situated south of Tahera's diamond mine and east of its world class slate deposits," he said.
The site also has classrooms, trade shops, a winter observation system and a 6,000m runway.
Charlie Lyall, president of the Kitikmeot Corp., said a trade school is necessary to meet the demands of the mining jobs in the Kitikmeot.
Diavik Diamonds, BHP Diamonds, and Tahera Corp. have benefit agreements with the Kitikmeot Inuit Association in their contracts.
Lyall said that the trade school is more than just training people to work in the mines, it's a long-term project.
"It will be a good jump-off point for what is happening in the region," said Lyall.
Getting a trade school up and running at the mine site is still only in the "discussion phase," Lyall said, as Lupin still has one year of ore extraction left to go.
"(But) we're optimistic," Lyall said.