Canada-based THEMAC Resources has updated its project economics and permitting for the Copper Flat Mine Project, located in Sierra County, New Mexico, US.
The company, through M3 Engineering & Technology, has drafted a technical report, “Copper Flat Project, Form NI 43-101F1 Technical Report Project Feasibility Study Update” complying to the CIM definitions for a feasibility study, and the report is expected to be issued within 45 days.
THEMAC Resources CEO Andrew Maloney said: “We are pleased that Copper Flat remains a viable project. Since the last economic study, the team has made excellent progress on obtaining the necessary permits to operate the mine.
“Now that the updated feasibility is complete, we will be focusing on funding to enable us to develop the mine.”
The US Army Corps of Engineers authorised the operations at Copper Flat Mine
Copper Flat is a porphyry copper-gold deposit located in Sierra County, approximately 150miles (241km) south of Albuquerque, and 20miles (32km) southwest of the town of Truth or Consequences, in New Mexico.
The project covers a land package of 5,077 acres, where most of the mineral reserves are located on patented mining claims, owned by THEMAC through its New Mexico Copper Corporation (NMCC).
The company said that the US Bureau of Land Management has completed a seven-year environmental review of the proposed mine and has granted the environmental clearance to proceed with the operation.
In addition, the US Army Corps of Engineers has approved the Copper Flat Mine to operate under the Nationwide Permit 44 for mining activities.
THEMAC said that it has secured multiple state permits, approval by the New Mexico Mines and Minerals Division of the Energy, Minerals, and Natural Resources Department of a Company.
According to the company, the project is a brownfield redevelopment project in a stable region with access to existing infrastructure.
The project is expected to see savings from the reuse of significant infrastructure that remains from the original Quintana Mine.
