Northcliff Resources Ltd. on behalf of Sisson Mines Ltd., provided a project update on the company’s Sisson Tungsten-Molybdenum project.
Northcliff Resources Ltd. (TSX:NCF) on behalf of Sisson Mines Ltd., the general partner of the Sisson Project Limited Partnership, provided a project update on the company’s Sisson Tungsten-Molybdenum project.
As quoted in the press release:
Since the positive federal environmental assessment (“EIA”) decision in mid-2017 (see Northcliff news release dated June 23, 2017), the Partnership has been engaged in advancing various key permits needed for the next stage of development. The Company reports that the MMER Schedule 2 amendment process is proceeding with the required consultation, led by Environment Canada and Climate Change (ECCC), and looks forward to a timely conclusion. In parallel, the Partnership is working with the province and advancing its applications for the Crownland and Mining Leases needed for construction and operation of a mine.
Ongoing engineering studies are also underway to further optimize the project; this work is focused primarily on reducing capital and operating costs. The Partnership is also now well advanced in its multi-year metallurgical optimization program conducted under the planning and supervision of Bomenco Minerals Engineering & Consulting Inc. (“Bomenco”) at the Lakefield, Ontario facility of SGS Mineral Services Canada. Bomenco has long-term involvement with the Sisson Project, beginning in 2008 and continuing since Northcliff earned in its interest in 2010, including the 2013 Sisson Project feasibility study. The objective of this metallurgical program is to assess the potential to improve the grade of the tungsten concentrate produced by the proposed concentrator for the Sisson Project, while maintaining metallurgically optimal tungsten recoveries.
The commodity prices for Sisson’s products have recovered from their lows in 2015; Ammonium Paratungstate (APT) prices have recently traded at $330/mtu (London Metals Bulletin) with molybdenum prices reaching $12.50/lb (Platts Metals Daily). Mid to longer term fundamentals for tungsten and molybdenum remain robust, including price forecasts.
Discussions with potential offtake groups continue in parallel with project financing efforts.
In the meantime, the Partnership’s work with local New Brunswick groups on various initiatives are ongoing; these initiatives include education, training and environmental monitoring some of which are included in the provincial EIA conditions. As well, the Partnership is working with Woodstock First Nation in accordance with the Cooperation Agreement (see Northcliff news release March 2, 2017). The Company looks forward to completing the key permit requirements in a timely manner and in the meantime, it will remain focused on the other activities required to move the project towards construction.