Archive | British Columbia’s Golden Triangle Mining District

Skeena gains full ownership of past-producing Eskay Creek from Barrick – by Mariaan Webb (MiningWeekly.com – July 7, 2020)

https://m.miningweekly.com/

TSX-V-listed Skeena Resources will exercise its option to acquire the Eskay Creek gold/silver project, in the Golden Triangle of north-west British Columbia, from gold major Barrick Gold. Barrick has also agreed to waive its back-in right on Eskay Creek.

As a result of the transaction, Barrick will be a significant shareholder in Skeena, owning about 12.4%. If Barrick were to exercise the warrants, its ownership of Skeena would increase to 17.2% on a partially diluted basis and Skeena would receive cash proceeds of C$30.4-million.

“Skeena is honoured to have Barrick as a significant shareholder as we endeavour to revitalise Eskay Creek, the former highest-grade, past-producing gold mine in the world,” said Skeena CEO Walter Coles in a statement on Monday. Continue Reading →

Less 2020 Brucejack gold than envisioned – by Shane Lasley (North of 60 Mining News – February 12, 2020)

https://www.miningnewsnorth.com/

Pretium Resources Inc. Jan. 12 announced that the Brucejack Mine in northwestern British Columbia produced 354,405 ounces of gold last year at an all-in sustaining cost (AISC) of US$888/oz of gold sold.

As a result of these better than expected results, the mine generated US$184.2 million and Pretium was able to lower its debt by US$180.4 million over the course of 2019.

“In 2019, we beat the upper end of our revised gold production guidance and the lower end of our AISC guidance of 350,000 ounces and $900 per ounce of gold sold,” said Pretium Resource President and CEO Joseph Ovsenek. Continue Reading →

Boom and gloom in British Columbia’s north – by Nelson Bennet (Business In Vancouver – September 12, 2019)

https://biv.com/

As of May this year, an estimated 4,385 workers were employed on the $8.8 billion Site C dam construction project near Fort St. John. Kitimat and Terrace are humming with activity, thanks to the $40 billion LNG Canada-Coastal GasLink pipeline project.

Port expansion in Prince Rupert has created an additional 1,000 jobs since 2016. Employment is strong in the Dawson Creek-Tumbler Ridge-Chetwynd triangle, thanks in part to Conuma Coal Resources reopening a third mine – Willow Creek – last year.

And in the Golden Triangle of northwest B.C., mining exploration spending was up by about $165 million in 2018, according to EY. Economic growth in B.C.’s north is reflected in housing starts and construction permits. Continue Reading →

First Nations push for massive conservation area in northern B.C. – by Laura Kane (Canadian Press/CTV News – June 12, 2019)

https://bc.ctvnews.ca/

LOWER POST, B.C. – First Nations in northern British Columbia are calling on the provincial government to endorse an ambitious proposal for a 40,000-square-kilometre conservation area to protect major watersheds and sensitive species.

The proposal would cover the ancestral areas of three Kaska Dena First Nations and would be larger than Vancouver Island, taking up a massive section of north-central B.C.

Premier John Horgan’s government hasn’t said whether it supports or opposes the idea after seven months of phone calls, letters and meetings with officials from various ministries, say the project’s proponents. Continue Reading →

Australia’s Newcrest Mining takes 70 per cent stake in B.C. mine from Imperial Metals – by Niall McGee (Globe and Mail – March 11, 2019)

https://www.theglobeandmail.com/

One of Australia’s largest miners is buying a majority interest in a B.C. mine from Imperial Metals Corp. for US$806-million, providing a cash injection for the struggling Vancouver company that is backed by billionaire executive Murray Edwards.

Melbourne-based Newcrest Mining Corp. struck a deal on the weekend for 70 per cent of Imperial’s Red Chris property, a mine that opened three years ago and last year produced 12,000 ounces of gold.

Imperial’s board has been conducting in a strategic review of the business as it tries to get out of financial trouble. In 2014, a catastrophic tailings dam failure forced Imperial to suspend operations at its Mount Polley copper-gold mine in British Columbia for almost a year. Imperial has also dealt with operating problems at Red Chris since it started production in 2015. Continue Reading →

IDM Mining, Ascot Resources to join forces – by Shane Lasley (North of 60 Mining News – January 11, 2019)

https://www.miningnewsnorth.com/

IDM Mining Ltd. and Ascot Resources Ltd. are joining forces to create a premier mine development and exploration company with two high-grade gold-silver mine projects near Stewart, a mining town in northwestern British Columbia’s Golden Triangle.

“The combination of Ascot and IDM creates a very attractive opportunity in northwest British Columbia’s Golden Triangle for our shareholders and stakeholders,” said Ascot Resources President and CEO Derek White. “Based near the historic mining town of Stewart, this area has hosted several prominent, profitable, and high-grade gold mines and we see that similar potential going forward.”

In an all-shares deal announced on Jan. 7, IDM shareholders would be issued 0.0675 shares for every IDM share held. The value of this buy-out works out be roughly C8.6 cents per IDM share, or about C$41.35 million, which is a 54 percent premium to IDM shareholders. Continue Reading →

Site visit: IDM keen on Red Mountain in Golden Trianglev – by Rutendo Munatsirei Mining.com – November 1, 2018)

http://www.mining.com/

STEWART, BRITISH COLUMBIA — Vancouver-based IDM Mining (TSXV: IDM; US-OTC: IDMMF) is steadily advancing its wholly owned Red Mountain gold project in northwestern British Columbia’s Golden Triangle region.

“We are about to have one of the few shovel-ready mines in Canada, and it’s going to do the one thing the mining business hasn’t lately — generate significant cash flow,” IDM president and CEO Robert McLeod tells The Northern Miner on a visit to the project.

Red Mountain stands between the Cambria Icefield and its largest outlet, the Bromley Glacier. From the nearby town of Stewart, it is a 10-minute helicopter ride. Placer mining began in the valley below Red Mountain in the early 1900s, when prospectors were leading Stewart’s first wave of European settlement. Continue Reading →

A New Canadian Gold Rush: Reviving British Columbia’s Golden Triangle Mining District (Investing News Network – October 16, 2018)

Investing Network News

This article is sponsored by IDM Mining: http://www.idmmining.com/

British Columbia’s Golden Triangle mining district is known for million-ounce gold deposits.

Located in the northwestern area of the province, the region first gained prominence with the 1988 discovery of Eskay Creek, which would become one of the world’s largest silver mines. However, a lack of infrastructure in the mountainous region and a low gold price environment left the district vastly underexplored.

And yet, the landscape is changing, both geologically and economically, making today’s Golden Triangle a hot bed for exploration activity that is quickly becoming the center of a new Canadian gold rush.

British Columbia’s Golden Triangle mining district lies in the wide volcanic belt North American Cordillera and extends from the south near Stewart, British Columbia and heads north to the Alaskan panhandle, another important source of gold and other economically important minerals. Continue Reading →

[IDM Mining] Stewart leaders support Red Mountain Mine – by Shane Lasley (North of 60 Mining News – October 11, 2018)

https://www.miningnewsnorth.com/

IDM Mining Ltd. Oct. 8 announced that it has been issued the provincial environmental assessment for its proposed Red Mountain gold-silver mine, a milestone that was heralded by First Nations, municipal and provincial leaders from the area of northwestern British Columbia where the underground mine is to be developed.

“Responsible natural resource development is an important part of our government’s plan to develop sustainable economies in rural B.C, with mining a cornerstone industry in the Northwest. We applaud the hard work by IDM and all stakeholders that contributed to this decision to advance the Red Mountain gold project,” said Hon. Doug Donaldson, MLA (member of the legislative assembly) for Stikine.

In 2017, IDM submitted the application for an underground gold mine at Red Mountain; mill and tailings site in the adjacent Bitter Creek Valley; water treatment facilities; access road from Highway 37 just north of Stewart, BC; and powerline interconnection from BC Hydro grid. Continue Reading →

Investors keep the faith in B.C.’s Golden Triangle mining despite recent setbacks – by Garbriel Friedman (Financial Post – September 15, 2018)

https://business.financialpost.com/

Decades before he started exploring for minerals in British Columbia’s Golden Triangle, Hugh ‘Mac’ Balkam said he used to investigate stock fraud with the Royal Canadian Mounted Police.

So last week when a hedge fund levelled explosive accusations of fraud against a miner in his district, Pretium Resources Inc., the company behind one of the highest grade gold mines in Canada, and its stock started sinking, Balkam thought about his own investment portfolio.

“Myself, I actually sold some bank stock and bought more Pretium,” said Balkam, chief executive of Toronto-based Eskay Mining Corp. “I think that stock is worth a lot more.” Continue Reading →

Site visit: IDM keen on Red Mountain in Golden Triangle – by Colin Desmond (Northern Miner – September 12 2018)

http://www.northernminer.com/

STEWART, BRITISH COLUMBIA — Vancouver-based IDM Mining (TSXV: IDM; US-OTC: IDMMF) is steadily advancing its wholly owned Red Mountain gold project in northwestern British Columbia’s Golden Triangle region.

“We are about to have one of the few shovel-ready mines in Canada, and it’s going to do the one thing the mining business hasn’t lately — generate significant cash flow,” IDM president and CEO Robert McLeod tells The Northern Miner on a visit to the project.

Red Mountain stands between the Cambria Icefield and its largest outlet, the Bromley Glacier. From the nearby town of Stewart, it is a 10-minute helicopter ride. Placer mining began in the valley below Red Mountain in the early 1900s, when prospectors were leading Stewart’s first wave of European settlement. Continue Reading →

Viceroy Says It’s Shorting Canadian Miner Pretium Resources – by Natalie Obiko Pearson (Bloomberg News – September 6, 2018)

https://www.bloomberg.com/

Viceroy Research said it’s shorting Pretium Resources Inc., arguing the company has artificially inflated the value of its Canadian gold mine, which risks being taken over by creditors in coming months.

The New York-based short seller — which rose to prominence last year with research into financial irregularities at South African retail giant Steinhoff International Holdings NV — released a report Thursday saying Vancouver-based Pretium has distorted results from its Brucejack gold mine in the northwest province of British Columbia.

“Our mine valuation – coupled with Pretium’s overleveraged balance sheet – lead us to believe Pretium equity is effectively worthless,” Viceroy said in the report. Continue Reading →

NEWS RELEASE: IDM Mining’s Red Mountain Gold Project Environmental Assessment Referred to Provincial Ministers for Decision

http://www.idmmining.com/

VANCOUVER, Aug. 29, 2018 /CNW/ – IDM Mining Ltd. (TSX.V:IDM) (OTCQB:IDMMF) (“IDM” or the “Company”) is pleased to announce that the British Columbia Environmental Assessment Office (“EAO”) has completed the Application Review phase for the proposed Red Mountain Gold Project (“Red Mountain” or the “Project”).

The EAO has referred the Company’s Application for an Environmental Assessment Certificate (“EAC”) to the Minister of Environment and Climate Change Strategy and the Minister of Energy, Mines and Petroleum Resources for a decision. In accordance with the Environmental Assessment Act, Ministers have up to 45 days to decide whether to issue a certificate, not issue a certificate, or require further assessment. Referral materials and the Ministers’ decision will be posted on the EAO website within the next 45 days.

In 2017, IDM submitted the Application for an underground gold mine at Red Mountain, mill and tailings site in the adjacent Bitter Creek Valley, water treatment facilities, access road from Highway 37 just north of Stewart, BC and powerline interconnection from BC Hydro grid. Continue Reading →

IDM Mining expects environmental permits for Red Mountain by Sept. – by Cecilia Jamasmie (Mining.com – May 14, 2018)

http://www.mining.com/

Canada’s IDM Mining Ltd. (TSX-V:IDM) (OTCQB:IDMMF), one of the several companies developing projects in British Columbia’s prolific Golden Triangle, said Monday it expected to receive the necessary environmental permits for its proposed Red Mountain mine in the third quarter of the year.

The Vancouver-based junior, which is working on a resource update for its gold-silver project, located just 15 km east of Stewart, B.C., said it would release the new estimate by mid-June.

It also noted it would complete an updated feasibility study in the second half of this year. That report, IDM said, will incorporate up to date estimates, an optimized mine plan, as well as capital and operating efficiencies. Continue Reading →

First Nation and British Columbia to share gold mine tax revenue – by Valentina Ruiz Leotaud (Mining.com – May 11, 2018)

http://www.mining.com/

The government of the Canadian province of British Columbia and the Nisga’a Nation signed an agreement today that ensures that the latter receives a share of the mineral tax revenue collected from the Brucejack Gold Mine.

The project, owned and operated by Pretium Resources (NYSE:PVG), is an underground mine that has been operational since April 2017. It is located 65 kilometres north of the town of Stewart on a land package of more than 122,000 hectares.

Back in March, the mine reached record production of 32,910 ounces, while overall output for the first quarter of 2018 was 75,689 ounces. Continue Reading →