Canadian Critical Minerals (CCMI.V) on Wednesday said it received 30-year term renewals from the Chief Gold Commissioner of the Ministry of Mining and Critical Minerals for British Columbia for two mining leases at the Bull River Mine near Cranbrook, B.C.
The company said it applied to renew Mining Leases 212492 and 212493 at the Bull River Mine, located within the consultation area of the Ktunaxa Nation Council (KNC) and Shuswap Band (SB). Further to consultation with First Nations, the province determined that the issue of term renewals will not significantly impact aboriginal rights and interests, it said.
Canadian Critical Minerals intends to advance the Bull River Mine project in a phased approach, initially processing about 155,000 tonnes of mineralized copper, gold and silver material from surface stockpiles at the project followed by a resumption of underground mining. The current mine plan for underground mining expects an initial 10-year mine based on the current mineral resource, it said.
The renewals ensure the company has sufficient runway to continue developing the Bull River Mine beyond the current mine plan, Canadian Critical Minerals said.
Shares of the company were last seen up $0.005 to $0.04 on the TSX Venture Exchange.