British Columbia’s Liberal government demonstrated its commitment to mining by improving and harmonizing the 20% B.C. Exploration Tax Credit with the federal Exploration Investment Tax Credit. The province now has one of the most attractive exploration incentive programs in Canada for exploration in 2002.
Meanwhile, explorers have been dusting off their files, conducting property examinations and acquiring ground. Field-related exploration spending for 2001 is estimated at $32 million, while total exploration and deposit appraisal spending is thought to be $48 million. Included in this total are 57 projects with budgets in excess of $100,000. Mine site exploration spending accounted for 40% of total expenditures and was dominated by programs at metal mines (Eskay Creek, Kemess, Myra Falls) and coal mines (Line Creek, Fording Coal). The total value of solid mineral production is estimated at $2.9 billion.
Other key indicators of renewed exploration interest in British Columbia include a 13% rise in drilling activity on more than 80 projects in 2001 and a 15% decrease in the number of forfeited claims. Also, claim staking was up my more than 50%, compared with the late 1990s, and the number of new staking licences issued remained steady.
Production at Barrick Gold’s Eskay Creek massive sulphide, high-grade deposit in northern British Columbia is forecast to reach 313,500 oz. gold and 13.3 million oz. silver. Nearly 35,000 metres of exploration drilling were completed there and nearby.
The Kemess South operation, run by Northgate Exploration, continued to improve mining, milling and transportation operations. It is forecast to produce 257,000 oz. gold and 69 million lbs. copper.
At the Boliden-Westmin (Canada) Myra Falls volcanogenic massive sulphide deposit on Vancouver Island, exploration drilling tested the Price and Lynx deposits. However, poduction was suspended in December 2001, owing to low metal prices. As well, exploration has ceased and the mine is up for sale.
— The preceding is from Exploration and Development Highlights 2002, published by the Prospectors & Developers Association of Canada. The author is the senior regional geologist with the B.C. Ministry of Energy and Mines.
Be the first to comment on "Renewed interest in BC"