However the true Brucejack mine story began 1999, when it was acquired by Silver Normal, which held a 60% curiosity on the time of what consisted of about 3,000 hectares and some exploration prospects. The story actually began to realize momentum in August 2009, when Silver Normal reported an intercept of 16,948 gram per tonne gold over 1.5 metres.
In 2010 Pretuim IPO’d on the TSX, elevating C$280 million by way of personal fairness, offtake agreements, and a valuable metals stream. It acquired Brucejack from Silver Standard for $450 million in October that yr.
However the highway to manufacturing would show to be rocky.
5 years later, on September 5, 2015, development started at Brucejack, considerably of an anomaly in terms of the persistent allowing processing backlogs in British Columbia miners need to deal with.
It started business manufacturing on July 1, 2017, financed throughout one of many most protracted mining downturns in historical past, when few buyers had been placing cash into new mines, considerably of an anomaly in mining in terms of money stream within the mining sector.
Shares in Pretium tanked in early 2018 after the corporate announced disappointing production and cost forecasts. From the outset the corporate failed to realize manufacturing steerage with consecutive outcomes reporting lower-than-expected mine grades and better all-in sustaining prices.
Nonetheless, a 2020 technical report estimated gold manufacturing of 311,000 ounces per yr, at an all-in sustaining price (AISC) of $743 per ounce, over a projected mine lifetime of 13 years. In 2021, the mine is anticipated to supply between 325,000 and 365,000 ounces of gold. That’s a far cry from the $1 billion mine’s preliminary dedication to producing roughly 500,000 ounces gold yearly for the primary eight years of the mine’s 18-year mine life, at an AISC of $446 per ounce of gold.
Excessive-grade, gold-silver mineralization on the Valley of the Kings happens in steeply dipping and predominantly east- to northwest-trending quartz stockwork veins and breccia zones, inside a broader halo of clay alteration and low-grade mineralization.
Brucejack consists of the Valley of the Kings deposit, and the result’s that the gold mineralization is “nuggety,” which makes it exhausting to mill with predictable output.
As of January 1, 2021, Brucejack’s Valley of the Kings deposit held a compliant confirmed and possible reserve base of 11.5 million tonnes grading 8.7 grams per tonne gold and 9.8 grams per tonne silver, for 3.2 million ounces advert 3.6 million ounces of gold and silver metallic, respectively.
The West Zone additionally holds confirmed a possible reserves totalling 29 million tonnes grading 6.8 grams per tonne and 278.5 grams per tonne for a respective 600,000 ounces gold and 26 million ounces silver, respectively.
Brucejack and surrounding tenements are inside the conventional territories asserted by the Tsetsaut Skii km Lax Ha and Tahltan Nation, and within the Nass Space of Nisga’a Nation.
That yr, Pretium Assets didn’t disappoint when it made a new high-grade gold exploration discovery on the Golden Marmot Zone at Brucejack.
The corporate mentioned it had obtained assays for the primary 9 drill holes, eight of which intersected gold with a spotlight of 53.5 metres grading 72.5 grams per tonne gold together with 05 metres grading a bonaza 6,700 grams per tonne gold and three,990 grams per tonne silver.
“Preliminary outcomes from Golden Marmot are thrilling and affirm the district-scale potential of the Brucejack property,” president and CEO Jacques Perron mentioned in an October 2021 assertion.
In November, Newcrest made its transfer and announced the acquisition.
“We’re delighted to be increasing our presence on this extremely potential area in British Columbia. Brucejack is a Tier 1 mine in a Tier 1 jurisdiction and can ship rapid manufacturing, free money stream and earnings diversification to Newcrest and can match seamlessly into our long-life, low-cost portfolio,” Newcrest CEO Sandeep Biswas said in a media release.
“The mix of Newcrest and Pretivm will create the main gold miner in British Columbia’s Golden Triangle, working each the Brucejack and Purple Chris mines,” Biswas mentioned.
“Newcrest focuses on what I name tier-one deposits,” Biswas said in a recent interview with The Northern Miner. “Now we have a transparent technique the place we wish to proceed to realize publicity to tier-one deposits, which in our terminology is usually 300,000-plus ounces per yr equal, comprising copper if accessible, and gold.”
Newcrest will convey its in depth block-caving and epithermal vein expertise to the desk, which might entail a philosophical step-change for the way the longer term Brucejack asset will likely be operated.
Whereas Brucejack’s previous has seen some hiccups, its future appears vibrant given the expertise a top-tier miner like Newcrest has.