VANCOUVER — U.S.-based Newmont Mining (NYSE: NEM) appears poised to open up a new gold district at its Long Canyon project along the eastern flank of the Pequop Mountains in northeastern Nevada. The Bureau of Land Management (BLM) approved the company's permit application for a start-up operation in early April, which is a relatively quick turn-around considering a draft environmental impact statement (EIS) was published in April 2014.
Newmont paid top dollar for the Long Canyon property package back in April 2011, when it forked over US$2.3 billion for Vancouver-based explorer Fronteer Gold. According to a December 2014 resource estimate, the project currently hosts proven and probable reserves of 16.7 million tonnes grading 1.9 g/t Au for 1.23 million contained oz.
On April 9 Newmont announced it would be building the first phase at Long Canyon, which will involve a high grade oxide mine focusing on mineralization that runs over a strike length of around 4.8 km. Annual gold production at the project is estimated to range from 100,000 oz to 150,000 oz over an eight-year mine life.
Read the complete article at NorthernMiner.com/news/newmont
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