Dryden-area mine project could deliver 13 years of gold production – by Staff (Northern Ontario Business – February 2, 2021)


Treasury Metals releases preliminary economic assessment of district-scale open-pit and underground mine complex

Treasury Metals is placing a 13-year mine life on a proposed district-sized, open-pit and underground mine between Dryden and Sioux Lookout in northwestern Ontario.

The Toronto mine developer posted positive results from a preliminary economic assessment (PEA) of its Goliath Gold Complex, 20 kilometres east of Dryden.

After last summer’s acquisition of the Goldlund property, next to its Goliath Gold Project, Treasury launched a PEA to figure out how to combine both projects into one large mining and processing operation.

The combined 330-square-kilometre property contains gold resources of almost 2.5 million ounces with plenty of exploration upside. The PEA shows the potential to develop a low-cost, 5,000-tonne-per-day operation drawing ore from three deposits: Goliath, Goldlund and Miller.

The initial capital cost for the operation is pegged at $233 million. The cost to run the operation over its life is estimated at $313 million, primarily for the underground development at Goliath and the tailings storage area.

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