The Director of Projects for Treasury Metals believes their new-look mining project in the Wabigoon area is now attractive to investors to help get it built.
Mark Wheeler says they’ve combined three projects to form the Goliath Gold Complex.
It consists of the Goliath, Goldlund, and Miller projects, within the Wabigoon Greenstone Belt, and includes plans for open pits.
Wheeler says, “It’s now a significant regional player with critical mass. And by critical mass we mean that it has enough gold resources that we really see this as going into production now.”
He adds, “We believe in it. It’s a great project. With that being said on an investor basis it was really hard to get across the line just due to the fact that it didn’t have quite enough gold to really make it interesting to a broad range of people. It needed a very specific investor or someone that wanted to build it. So we think that with the three projects together there’s a lot more of a critical mass such that it is going to help to get that built.”
Wheeler says the coverage area has gone from 10 kilometres at Goliath to now 65 kilometres worth of potential to find additional gold and 62 kilometres is basically unexplored.
He notes the project is ideal as all the infrastructure is in place including roads, a rail line and hydro.
Wheeler adds, “There’s a massive workforce, I think, that’s either in-town or wanting to re-migrate back. Certainly after instances like when we release a study like (the recent economic assessment), we do see quite an influx of resumes coming in and people wanting to move back.”
Wheeler says construction is expected to begin late 2023 with the first production starting late 2025.
He says the federal environment assessment has been approved and now they are working on provincial permits.
The life of the mine is anticipated to be 13 years with 250 employees.
Treasury Metals has updated its preliminary economic assessment and the highlights include:
-Average 102,000 ounces annual production from years 1-9
-Total life of Mine recovered gold of 1.1 million ounces
-Life of Mine Employment (Avg. 250 employees): Timeline 13 years. Amount (millions) $209
-Construction Employment (Avg. 450-440 employees): Timeline 2 years. Amount (millions) $80
-Materials and Consumables Supply Contracts: Timeline 10 years. Amount (millions) $110
-Earthworks and Infrastructure Contracts: Timeline 3-4 years. Amount (millions) $35
-Freight Contracts: Timeline 10 years. Amount (millions) $72
-Diamond Drilling: Definition. Exploration: Timeline 15 years. Amount (millions) $25, $60
-Assay Laboratories: Timeline 13 years. Amount (millions) $7.7
-External Purchasing: Explosives, Ground Support, Services, Fuel: Timeline 9 years. Amount (millions) $226
-Equipment and Parts: Mining, Mill, Electricity: Timeline 13 years. Amount (millions) $67, $95, $76
Wheeler and Treasury Metals President/Chief Executive Officer Jeremy Wyeth addressed Dryden City Council Monday.
You can view the entire presentation by visiting Dryden Council Presentation
