The study undertaken aimed to investigate an ice stope heating and cooling system for its potential to be implemented in sub-arctic mines as a low carbon alternative to conventional natural gas and refrigeration chiller systems. Its performance was simulated for a year's worth of data, taking into consideration hourly temperature data. Results showed that to supply the required heating and cooling loads, the ice stope system had to supplement its heating with natural heating. The techno-economic performance of this system was compared to that of a conventional heating and cooling system in a mine, having natural gas heating and refrigeration chiller system. The annuitized cost for these systems showed that the ice stope thermal storage systems had both the lowest investment cost, operating cost and associated carbon emissions.