In 2006, the community was renamed, Ulukhaktok, the traditional Kangiryuarmiutun name for the area, which means "the place where ulu parts are found", or "a large bluff where we used to collect raw material to make ulus".

The majority of Ulukhaktokmiut come from a varied background, with family ties extending mainly to the Coppermine River community of Kugluktuk, Nunavut and the communities of the Mackenzie River Delta and Beaufort Sea, though some families have relatives as far away as Gjoa Haven on King William Island, and along the north slope of Alaska as far as Port Clarence on the Seward Peninsula.

Originally from Port Clarence, Alaska he was later known as Billy Banksland, this name coming from his time trapping Arctic foxes on Banks Island.

Married to Klengenberg's daughter Etna, they lived for several years at Rymer Point before moving to Minto Inlet and eventually to Coppermine (now Kugluktuk).

[15] The hamlet has seen both sides of the rush for mineral exploration and has regained an appreciation for its wild places and culturally sensitive areas where long-gone relatives once survived and lived with the ice and snow.

Other companies have learned to work with residents and this has produced some hope for mineral development around traditional lands and other cultural areas of these Inuvialuit and their fellow Inuit brethren.

[citation needed] Ulukhaktok is home to the Holman Eskimo Co-op founded in 1961[24][25] by the residents of the community with the help of Roman Catholic priest, Father Henri Tardy.

[26] In the 1960s and 1970s Holman Eskimo Co-operative also created a number of sealskin products for southern markets, including parkas, tapestries and stuffed animals.

This tournament is growing and features excursions to traditional areas where Arctic char and Northern Lake trout are harvested for subsistence as well as limited commercial fishing and hunting.