Calibre Mining has secured federal environmental assessment approval for the third open pit at its fully owned Valentine gold mine in Canada.
Granted by Canada’s Minister of Environment and Climate Change Steven Guilbeault, the approval will enable Calibre Mining to include the Berry Deposit and make associated infrastructure changes at the Valentine mine.
The updated environmental assessment was submitted to the Impact Assessment Agency of Canada (IAAC) detailing the proposed changes at the Canadian gold mine in August 2023.
It was granted following a thorough review, which included consultations with indigenous groups, communities, and stakeholder organisations, as well as a public comment process.
Calibre Mining president and CEO Darren Hall said: “I am pleased to announce that we have obtained Federal Environmental approval for the development of the Berry Pit at Valentine.
“With this approval and the recent issuance of Provincial mining and surface leases for Berry and associated infrastructure, we now have the major approvals required for the three-pit mine plan included in the 2022 Feasibility Study.”
Located in the Central Region of Newfoundland and Labrador, the Valentine gold mine was acquired by Calibre Mining through the buyout of Marathon Gold earlier this year.
The Valentine mine consists of a series of mineralised deposits along a 20km trend.
According to a feasibility study (FS) released by the Canada-based mid-tier gold producer in December 2022, the open pit mining and conventional milling operation will have a mine life of 14.3 years. It will entail a cost of C$463m ($337m) for completion.
The FS also estimated a 22% post-tax internal rate of return (IRR) as well as an average gold production profile of 195,000 ounces of gold per year for the initial 12 years.
Once completed, the Valentine gold mine is said to become the largest gold mine in Atlantic Canada. It is also expected to contribute significantly to the economy of Newfoundland and Labrador.
Last month, Calibre Mining received environmental approval for the Volcan gold deposit at its fully owned La Libertad mine complex in Nicaragua.
