The rugged Dease Lake area of northern B.C. will soon be the site of a new gold mine when the Golden Bear property, owned by North American Metals and Chevron Canada Resources, starts producing the yellow metal late this year. The positive characteristics of this mining project include the relatively low operating cost which is a direct result of milling high grade ore. North American Metals, which is earning a 50% interest in the project by spending $9 million, has outlined a rich zone known as the Bear. Reserves total 1.25 million tons grading 0.31 oz gold per ton. The remaining reserves are associated with two other zones along strike, known as the Fleece and Totem.
A quick payback period of only 18 months is expected as a result of milling grades of 0.5 oz gold per ton during the first five years of the project’s operating life. The mine is forecast to produce 64,000 oz of gold during its first full year. Considerable exploration potential remains along the 5- mile-long structure which hosts the three deposits. Infrastructure on-site will include a mill and tailings disposal facilities. Also, a 77-mile access road is required from B.C. Highway 114 to the site. Because of the mine’s mountainous location, the open-pit portion of the operation will only be conducted during a 4-month period.
Gold mineralization is associated with sub-parallel faults and fault breccia zones. Mineralization occurs as fine disseminations of fracture fillings of pyrite. Golden Bear Notebook Location: ……. near Dease Lake, B.C. Major owners: ……. North American Metals (50%), Chevron Canada Resources
(50%) Commodity: ……. gold Discovery date: ……. 1985 Production decision: ……. August, 1987 Start-up: ……. fourth quarter, 1988 Capital costs: ……. $36 million Operating costs: ……. $136 (US) per oz of gold Reserves: ……. 2.3 million tons grading 0.27 oz gold per ton Means of access: ……. open pit and adit Extent of vertical workings: ……. 328 ft from oxide cap to adit level. Mining method: ……. open pit and panel cut-and-fill Mining equipment: ……. Trackless Production rate: ……. open pit: 71,500 tons per year. Underground: 55,000-66,000 tons per year. Daily milling at 396 tons. Milling plans: ……. on-site Major contractors: ……. not available Status: ……. pre-production
Be the first to comment on "A BREAKNECK PACE Golden Bear"