Canadian Mining Journal


GOLD: Treasury Metals’ Goliath mine receives federal environmental okay

Rendering of the proposed Goliath mine near Dryden, Ont. (Image: Cicada Design for Treasury Metals)

ONTARIO – The Canadian Environmental Assessment Agency has issued a positive decision, allowing Treasury Metals to develop and mine the Goliath gold deposit 20 km east of Dryden.

The Goliath project consists of development, mining, decommissioning and reclamation of an open pit and an underground mine and the associated infrastructure. The project could create 450 construction jobs and 250 permanent jobs. Treasury continues to complete requirements for final authorizations and permits.

The Goliath property has a combined measured and indicated resource of 15.3 million tonnes averaging 2.26 g/t gold for 1.0 million contained oz. of gold and 8.2 g/t silver for 4.3 million contained oz. of silver. There is also an inferred resource of 2.0 million tonnes at 3.43 g/t gold and 8.8 g/t silver.

The updated (2017) Goliath preliminary assessment gave the project an after tax net present value (5% discount) of $306 million and an internal rate of return of 25%. An average of 87,599 oz. of gold and 160,000 oz. of silver will be produced annually over 13 years of mine life. The start-up capex is only $133 million, and the payback period is expected to be 4.1 years.

CEAA has a list of 144 legally binding conditions that must be met going forward as Treasury continues to work at Goliath.

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