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Mining Beat.
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Hitting the jackpot
Seabridge Gold has estimated significant resources at the Iron Cap zone within its KSM project near Stewart, B.C., totaling 8.5 million ounces of gold and 3 billion pounds of copper in inferred and indicated categories. The company plans to complete a comprehensive 43-101 report incorporating all deposits across the property, including Mitchell, Sulphurets, Kerr, and Iron Cap zones.
Looking for cash
Crowflight Minerals Inc. is raising $30 million through a private placement at $0.05 per share to restart production at its Bucko Lake Mine, which has been shut down since fall 2010. The financing will primarily fund equipment purchases and mine operations as the company takes direct control from contractors.
Mineral surprise
North American Tungsten has increased mineral reserves at its CanTung Mine in the Northwest Territories to 1.5 million tonnes grading 1.17% tungsten trioxide. Higher tungsten prices are making previously uneconomic low-grade areas viable, and pillar recovery is adding to reserves.
Sky’s the limit
The World Gold Council reports gold prices reached US$1,405 per ounce, marking a 29% increase and the 10th consecutive year of price growth. Strong investment demand from China and jewelry demand from India were key drivers of the global economic recovery.
Environmental review
Provincial and federal governments have initiated an environmental review of the Ajax copper-gold property, a joint venture between Abacus Mining and KGHM Polska Miedz SA located 10 kilometres south of Kamloops, B.C. The property previously hosted two mines operated by Teck Resources in the 1980s.
Positive results
Selwyn Resources received positive assay results showing high-grade lead-zinc mineralization from drilling at its XY Central deposit in Yukon. The company plans to use this data to revise its mine plan and advance a feasibility study, while preparing for underground exploration.
Record numbers
Goldcorp reported record gold production of 2.52 million ounces at a cash cost of $285 per ounce. The company is targeting 2.7 million ounces in 2011 and expects to increase worldwide production by 60% over five years through six new mines.
Big spender
Imperial Metals Corporation led British Columbia mineral exploration spending in 2010 with $32.6 million across four properties. The company's investment represented 10% of the province's total $322 million exploration expenditure.
Number crunching
Almaden Minerals completed a preliminary economic assessment for its Elk gold project near Merritt, BC, showing the project can pay for itself in under two years. The PEA analyzed different scenarios based on gold price assumptions and expected annual production rates.
Table talk
Canadian Zinc Corp. has signed an impact and benefits agreement with the Nahanni Butte Dene Band for development of a zinc-lead-silver mine in the South Mackenzie mountains. The agreement establishes business, training and employment opportunities as the project advances.
Target acquired
Alexco Resource Corp has achieved commercial production at its Bellenko silver-lead-zinc mine in Yukon's Keno Hill Silver District. The mine has ramped up to 250 tonnes per day throughput since commissioning in September, with concentrate shipments beginning in December after processing 9,000 tonnes from 15,700 tonnes of ore produced.
What was old is new
Avanti Minerals has completed a feasibility study for reopening the Kinsault molybdenum mine, projecting production of 326,160 tonnes over 16 years. The company estimates $770 million investment would be needed for the mine and processing plant to become operational by 2014.
Worth its weight
Golden Band Resources achieved first gold production at its Roy Lloyd Mine in Saskatchewan's La Ronge gold belt, pouring a 500-ounce dore bar from the Bingo deposit. This milestone makes the company Saskatchewan's newest gold producer after a long development process.
Big numbers
Skyline Gold completed a preliminary economic assessment for its Bronson Slope gold-copper-silver deposit in northern B.C., showing a potential 38-year mine life with an undiscounted net present value of $1.4 billion. The deposit is strategically located just 400 metres from an existing old mine.
Bright future
A feasibility study confirms the viability of the Gahcho Kue diamond project owned by Mountain Province Diamonds and De Beers Canada. The study outlines an 11-year mine life with potential annual production of 4.5 million carats from a resource base of 50.5 million indicated carats and 10.3 million inferred carats.
Full capacity
Ursa Major Minerals has achieved commercial production capacity at its Shakespeare nickel mine near Sudbury, shipping nearly 37,000 tonnes of ore and generating $1.6 million in sales from nickel, copper, cobalt and precious metals. The company also announced plans for a 2,000-metre exploration program on its Nickel Offsets Property.
Joint dialogue
Marten Falls and Webequie First Nations have signed an agreement to jointly discuss potential economic benefits and environmental concerns regarding mineral deposits near the Ring of Fire. The agreement aims to facilitate dialogue with government and mining companies about mine site impacts in the region.
Nice findings
Northern Gold Mining Inc. released its first NI 43-101 resource estimate for the Garrcon Deposit, reporting 144,000 ounces indicated and 530,000 ounces inferred gold resources. The CEO highlighted the deposit's potential as a significant shallow, bulk tonnage open-pit operation in northeastern Ontario.
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