Canada’s Federal government is investing CAD$60 million into energy and transportation infrastructure in the Yukon and British Columbia’s Golden Triangle.
Jonathan Wilkinson, Canada’s Minister of Energy and Natural Resources, said on Friday that these investments are essential for advancing critical mineral development in the region, enhancing community access and safety, and generating quality mining jobs throughout British Columbia and the Yukon.
The Golden Triangle is a mineral-rich region located in northwestern British Columbia, Canada. It’s known for its abundant deposits of gold, silver, and copper.
This area spans approximately 500 kilometers from Stewart to the Stikine River and has a long history of mining. Additionally, some of the most well-known projects in the Golden Triangle include the Eskay Creek, Red Chris, and Brucejack mines.
The region’s geological features, including its proximity to fault lines and volcanic activity, have contributed to its wealth of valuable minerals.
Crews are also installing power lines to connect the Brucejack gold mine in Northern British Columbia to BCHydro’s Northwest Transmission Line.
Once Natural Resources Canada (NRCan) completes its final due diligence, the Critical Minerals Infrastructure Fund (CMIF) will fund the construction of a road to the world-class Galore Creek copper project in Northern B.C. and the development of a high-voltage transmission line linking the Yukon electrical grid to the North American electrical grid.
“These two projects, under the Canadian Critical Minerals Strategy’s flagship program, will develop the necessary infrastructure to access and transport our rich critical mineral resources in northern B.C. and the Yukon,” Wilkinson said.
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Galore Creek contains 1.2 billion tons measured and indicated
NRCan has conditionally committed up to CAD$20 million to support the construction of a 43-kilometer road leading to Galore Creek, which is a massive copper-gold mine project located within the Tahltan Nation Territory in northwestern B.C.
Furthermore, Galore Creek contains 1.2 billion metric tons of measured and indicated reserves, averaging 0.46 per cent copper (12.16 billion pounds), 0.25 grams per metric ton gold (9.44 million ounces), and 4.5 grams per metric ton silver (174 million ounces).
A prefeasibility study (PFS) completed in 2011 projected that a mine at Galore Creek would produce 6.2 million pounds of copper, 4 million ounces of gold, and 65.8 million ounces of silver over an 18-year period.
“Canada’s support for Galore Creek represents confidence in our project, our owners, the relationships we have fostered with the Tahltan Nation and our commitment to responsibly developing a world-class copper-gold mine,” said Rob Mean, general manager of Galore Creek Mining Corp., a 50-50 joint venture between Newmont Corporation (TSE: NGT) (NYSE: NEM) and Teck Resources Ltd. (NYSE: TECK) (TSE: TECK).
Galore Creek Mining is also actively working on a new PFS. This updated economic and engineering assessment will outline plans for a mine that will significantly boost Canada’s annual copper production.
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National Resources Canada adds $40M to support prefeasibility study
The project will require a road to reduce mine development costs and transport copper concentrates to market. The road corridor will also serve as a route for constructing a transmission line that will connect Galore Creek to BC Hydro’s low-emission electrical grid, helping to lower the carbon footprint of the copper produced at the future mine.
The CAD$20 million investment in a road to Galore Creek adds to the CAD$195 million in federal and provincial investments announced earlier this year.
“Galore Creek has the potential to significantly increase Canada’s production of the copper needed for the energy transition and global development, generating jobs and economic activity, in alignment with Teck’s focus as a Canadian-based energy transition metals company,” Teck Resource President and CEO Jonathon Price.
Also, NRCan’s remaining CAD$40 million investment will support the Yukon government’s efforts to complete the PFS for a 765-kilometer high-voltage transmission line network that will connect the northern territory to North America’s electrical grid.
Furthermore, BCHydro’s Northwest Transmission Line already delivers industrial-grade hydroelectricity deep into Northern B.C.
The northern extension of the electrical grid, known as “The Grid Connect Project,” is expected to include proposed energy infrastructure in two key critical mineral development areas—Yukon’s Cassiar and Tanana regions and B.C.’s Golden Triangle.
Clean and affordable power delivered to these regions will support future mines producing cobalt, copper, molybdenum, nickel, platinum group metals, tungsten, zinc, and other critical minerals in the Yukon and Northern B.C.
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