Quadra FNX plans to sink a shaft at its Victoria project next year which contains more than 3.4 million pounds of nickel, copper and other metals.
“The inferred resource estimate for our Victoria project has established this deposit as one of the most significant discoveries made in the Sudbury district in the past 40 years, and a key development project for our company,” said President and CEO Paul Blythe in a press release. “This discovery is a tremendous achievement by our exploration team and highlights our bench strength, as well as our ability to turn this knowledge into value for our shareholders.”
The Vancouver-based miner said the estimated inferred resource of the deposit, which “remains open” in all directions, totals 12.5 million tonnes grading 2.3 per cent copper, 2.2 per cent nickel and 8.5 grams per tonne of precious metals.
Blythe said in a conference call the shaft sinking will allow the company to define the ore body from underground and to continue exploration. Through its fully-owned subsidiary, DMC Mining Services, the company has the in-house technical expertise to complete the shaft sinking and allow development to progress rapidly. Production is slated for 2017.
“Along with Sierra Gorda in Chile, Quadra FNX now has two long-life, low-cost development projects in mining friendly jurisdictions that will shape the future of the company,” Blythe said.
In Sudbury, the company operates McCreedy West, Levack (which includes Morrison) and Podolsky Mines. It also has operations in Chile and the U.S. and development projects in Chile and Greenland in addition to the Victoria project. It employs 1,900 in North and South America.
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