Bear Creek to kick off work at Peru silver project next year

Canada’s Bear Creek Mining (TSX-V: BCM) plans to start construction at its Corani silver property in Peru’s Puno region next year, as it continues looking for alternatives to finance the US$603-million project.

The Vancouver-based miner invested US$5.7 million on the asset between January and September, with US$581,000 going to drilling, the latest results report shows. Bear Creek already has streaming deals in place for Cornani’s production, including at 1% net smelter returns (NSR) royalty to fellow Canadian miner The Segovia operation has produced over 6 million oz. over the last 100 years. Credit: Aris Mining (NYSE: SAND; TSX: SSL).

Chief financial officer Paul Tweddle said recently metallurgical tests at Corani will be completed in the first quarter of 2024, after which financing discussions will resume with a view toward starting construction in the second half.

Bear Creek says its wholly owned Corani deposit is one of the world’s largest fully permitted silver-polymetallic deposits. It consists of 13 mineral concessions that form a contiguous block of ground covering about 5,500 hectares. 

The asset’s proven and probable reserves can support average annual payable metal production of 9.6 million oz. of silver, 98 million lb. of lead and 69 million lb. of zinc over a 15-year mine life. 

THIS ARTICLE WAS ORIGINALLY POSTED ON MINING.COM