Dryden's favourite mining company, Treasury Metals, expects to release an updated preliminary economic assessment (PEA) of its combined Goliath and Goldlund Gold Projects early in the new year.
The Toronto mine developer selected Ausenco Engineering Canada as the principal consultant for the PEA. The company is targeting completion of the study during the first quarter of 2021.
Goliath, a proposed open-pit and underground mine, situated 20 kilometres east of Dryden, is the more advanced of the two projects.
The federal environmental approval for the mine and processing plant was granted in August 2019, before Treasury's acquisition of Goldlund earlier this year. Treasury finalized its acquistion of Goldlund last August.
The PEA will present a development scenario for Goliath and Goldlund, with both assets feeding the processing plant, likely located on the Goliath site. New mineral updates will be provided for each deposit.
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So far, the combined 316-square-kilometre properties have a total resource base of 3.1 million ounces over a strike length of 65 kilometres, with plenty of exploration upside to expand the resource.
Goliath is within 3,000 metres of the Trans-Canada Highway near the community of Wabigoon. Goldlund, which sits to the northeast, is 35 kilometres away by road on the highway to Sioux Lookout.
Exploration continues as the surrounding Wabigoon greenstone belt holds several more prospective gold targets.
One of Treasury's mining consultants is investigating the potential for a maiden resource and development plan at the Miller Prospect, which is located northeast of Goldlund.
In an Oct. 27 news release, Treasury chairman Bill Fisher expressed excitement in seeing the "potential efficiencies between the two (consolidated) projects."
"With around 2 million ounces of gold in measured & indicated resources, we see the combined projects as having the potential to be a significant gold mine.
"Our goal is to demonstrate the potential for a gold mine which can produce more than 100,000 ounces per year over a 12+ year mine life, at attractive all-in sustaining and cash costs.
