Treasury Metals aims for 2026 mining to start near Dryden
Mine developer provides more details on the scale of the district-sized Goliath Gold Complex
Treasury Metals has rolled out more detailed plans on what its proposed district-sized mining operation, 20 kilometers east of Dryden, will look like.
The Toronto-headquartered company released a pre-feasibility study this week of its Goliath Gold Complex, a combination of both open-pit and underground operations with an initial 13-year mine life.
In a Feb. 23 conference call with analysts, Treasury Metals president-CEO Jeremy Wyeth said if all goes well with permitting and other studies, mining operations could begin as early as 2026.
The company holds a corridor of mineralized claims, running southeast to northwest, between the village of Wabigoon and the Town of Sioux Lookout.
With exploration still continuing, there’s a strong likelihood of finding more gold in economic quantities and grades that could extend mining operations beyond those 13 years, the company said.
In building on a preliminary economic assessment posted last year, Wyeth said that they’ve been able to improve on some of the project’s economics and efficiencies, despite some inflationary challenges. The new study boosts gold production from 79,000 ounces a year to 90,000 ounces. Peak production will be 128,000 ounces annually by year two of the operation.
The initial capital to build the mine is $335 million, not considered a huge cost for construction, with a healthy payback of 2.8 years on an after-tax basis.
“This is still a very simple project, technically, that isn’t going to require a lot of non-traditional technology and has a lot of potential for growth, both in terms of mine plan expansion and extension,” said Wyeth.
Over its mining life, Goliath will produce 1.2 million ounces of gold, with 109,000 ounces produced annually for the first nine years at an average grade of just under 1.6 grams per tonne.
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