Tungsten-Molybdenum At Fire Tower Zone
In the early 1980s, Billiton Exploration Canada Ltd. invested approximately $150 million for the construction of a tungsten mine and mill at Mount Pleasant’s Fire Tower Zone.
The facility was active from 1983 to 1985, milling 990,200 tonnes of tungsten ore at a grade of 0.35%. Challenging economic conditions and a downturn in the price of tungsten led to the mine's closure in 1985.
Surface facilities from the mine (including ore storage areas, conveyor galleries, warehouse space and office space) remain intact on the property.
The Fire Tower Zone contains a National Instrument 43-101-compliant resource of 13,489,000 tonnes in the "indicated" category at 0.33% tungsten and 0.21% molybdenum, as well as 841,700 tonnes in the "inferred" category at 0.26% tungsten and 0.20% molybdenum.
A scoping study of the Fire Tower Zone was completed and prepared by Aker Metals, a division of Aker Solutions Canada Inc. Results of the scoping study indicate that the Fire Tower Zone is financially robust and the operation is projected to generate about C$1.1 billion in revenue over a 13 year life of the mine.
Read more about this topic: Adex Mining
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