A Preliminary Economic Assessment (PEA) for Bard Venture’s Lone Pine property near Houston has come back positive for possible future development into an open pit mine.
Bard Ventures announced the results of the assessment last Friday, which said that the property has favourable economic potential for a mine which would produce molybdenum (Mo) and copper (Cu) concentrates in what is called the Alaskite Zone.
The property is located approximately 15 km northwest of Houston.
The report contemplates a 40,000 tonnes per day mill feed rate and a 12-year mine lifespan.
According to the PEA, the pre-production capital expenditures, including contingencies, are estimated to be $435 million, and the property has an estimated, pre-tax value, of $505 million.
P&E Mining Consultants Inc., which prepared the report, recommended that the company advance the project with additional exploration and drilling and continue studies into environmental and geotechnical matters.
All of this will lead the company to entering a feasibility study stage.
“We hope to do a feasibility study within the next two years,” said Bard Ventures president Eugene Beukman, and added, “This is a very, very good indication that things can become more and more positive.”
Beaukman noted that the property has an ideal location. The news release listed those assets as being near Highway 16, a natural gas pipeline, a major hydro power transmission line and is located only 15 km from the CN Rail line through Houston.
“At the end of the day it should be good for the region. It is something we have been working on for a few years,” he said.
He said the company has good working relationships with nearby towns, including Smithers, and with area First Nations.
The Lone Pine property consists of seven mineral claims covering 1,051 hectares in the Omineca Mining Division, as explained on Bard Ventures’ website.