Huckleberry Copper / Silver / Molybdenum Mine
Huckleberry Mines Ltd. operates the Huckleberry Mine, located 86 kilometers south of Houston, British Columbia, that has a resource of 11.75 million tonnes grading 0.359% copper.
About This Project
Imperial Metals Corporation (TSX : III) has a 50% interest in Huckleberry Mines Ltd., owner of the Huckleberry mine. Huckleberry is an open pit copper/molybdenum mine located in central British Columbia, 123 km southwest of Houston.
The Huckleberry property consists of a mining lease covering approximately 1,911 hectares, and 34 mineral claims encompassing approximately 16,307 hectares. The claims and mineral leases are contiguous. Huckleberry Mines Ltd. also has an interest in three mineral claims covering 3,059 hectares on a property 8 km north of the Huckleberry mine known as Whiting Creek.
Imperial Metals Announces Mine Life Extension
In January 2012, the board of directors of Huckleberry Mines Ltd. formally approved the Main Zone Optimization plan(1) to extend the life of Huckleberry mine to 2021.
This seven year extension will preserve 230 full time and 30 contract positions on site. In addition, about 70 new positions will be created. Over the life of this mine expansion, Huckleberry Mines is expected to spend approximately $254.4 million on wages and benefits (excluding contractors), $119.0 million on new acquisitions, and $82.0 million on dam construction.
The Main Zone Optimization plan is estimated to have a net present value of $150.0 million, at a discount rate of 8% based on US $3.40 per pound copper for 2012, and a price of US $3.14 per pound copper from 2013 to 2021 with the US/Cdn exchange rate at par. The Main Zone Optimization plan is based on the development of a mineral reserve beneath the original Main Zone pit.
As of December 31, 2013 Huckleberry's proven and probable reserve estimate for the Main Zone Optimization and Main Zone Extension pits is 42.7 million tonnes grading 0.330% copper. The strip ratio, including the waste rock and tailings that will be removed from the old Main Zone pit and Main Zone Extension pit, is 0.70 to 1.0 overall. The forecast for 2014 production is 42.0 million pounds copper and 200,000 ounces silver.
Huckleberry Mines Ltd. and Imperial Metals Corporation suspended pit operations in January of 2016. The mine continues to employ people and is actively milling stockpiled ore. Huckleberry Mines Ltd. remains an important part of Houston's economy. The community of Houston and Huckleberry Mines Ltd. are optimistic there will be an improvement in the price of copper.
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Huckleberry Mines Ltd.