The Northwest Territories is a territory in Northern Canada, specifically in Northwestern Canada between Yukon Territory and Nunavut including part of Victoria Island, Melville Island, and other islands on the western Arctic Archipelago.[1] Originally a much wider territory enclosing most of central and northern Canada, the Northwest Territories was created in 1870 from the Hudson's Bay Company's holdings that were sold to Canada from 1869-1870.[1] In addition, Alberta and Saskatchewan were formed from the territory in 1905. In 1999, it was divided again: the eastern portion became the new territory of Nunavut.[1] Yellowknife stands as its largest city and capital.[1] It has a population of 42,800[1] and has an area of 532,643 sq mi (1,379,540 km2). The current territory lies west of Nunavut, north of latitude 60° north, and east of Yukon.
It stretches across the top of the North American continent, reaching into the Arctic Circle.[1] The region consists of the following: many islands, such as Victoria Island, the Mackenzie River, and Great Bear and Great Slave lakes. Over half the people are Inuit and First Nations peoples. In the 18th century, the main land[clarification needed] was explored by Samuel Hearne for the Hudson's Bay Company and by Alexander Mackenzie.[1] European settlers were mainly whalers, fur traders, and missionaries until the 1920s, when oil was discovered and the territorial administration had formed.[1] The principal industry is now mining, and centers of the petroleum and Natural Gas fields in the western Arctic coastal regions.[1]