- Braveheart Resources (BHT) has completed an updated Preliminary Economic Assessment (PEA) at its Thierry Mine Project
- The company commissioned P&E Mining Consultants to conduct the PEA on the project, located near Pickle Lake, Ontario
- The updated PEA indicates a 14-year mine plan based on a 4,000-tonne-per-day underground mining and processing operation
- The underground mine is currently flooded but there are approximately 40 kilometres of underground shafts, ramps and raises which provide access to the mine’s upper workings
- Braveheart Resources is unchanged, trading at $0.09 at 1:22 p.m. ET
Braveheart Resources (BHT) has completed an updated Preliminary Economic Assessment (PEA) at its Thierry Mine Project.
The Toronto-based mineral resource exploration company commissioned P&E Mining Consultants to conduct the PEA on the project, located near Pickle Lake, Ontario.
The updated PEA indicates a 14-year mine plan based on a 4,000 tonne per day underground mining and processing operation.
The updated PEA focused on mining of the Mineral Resources at the Thierry underground mine by postponing the commissioning of a new shaft to access the lower workings of the mine until initial capital expenditures are paid back.
The underground mine is currently flooded but there are approximately 40 kilometres of underground shafts, ramps, raises and drifts which will provide access to the upper workings of the mine.
Using a market consensus long-term copper metal price of US $4.05 per pound, results in an estimated After-tax NPV (at a six-percent discount rate) of C$488 million and an Internal Rate of Return (IRR) of 36 percent.
Pre-production capital costs over the first three years of the project are reduced from C$407 million in the previous PEA, to $322 million in the updated PEA.
“We are extremely pleased with the results of the updated PEA which lowers the initial capital cost to bring the Thierry brownfields mine back into production to less than $C150 million. Braveheart intends to begin a surface drilling program at the K1-1 Deposit in the summer of 2022 once its early exploration drilling application is approved,” said Braveheart President and CEO Ian Berzins.
Braveheart Resources is unchanged, trading at $0.09 at 1:22 p.m. ET.
