A Trout Lake mining company is looking at reviving a molybdenum mining and milling project in the area.
Taranis Resources Inc., is working on acquiring the MAX Mill Molybdenum project by purchasing the outstanding shares of FortyTwo Metals Inc. the current holder of the mineral and property rights for the project.
“The marriage of the high-grade Thor deposit to MAX Project will create expanded opportunities for wealth creation and shovel-ready, high-quality job opportunities, especially important now given the dramatic impact of the pandemic on the local and provincial economy,” said John Gardiner, president and CEO of Taranis, in a news release.
Taranis has been working on the Thor precious-metal deposit on Great Northern Mountain near Trout Lake since 2006.
The MAX project covers more than 5,200 hectares just eight kilometres southwest of Taranis’ current project. There is a mill rated at 1,000 tonnes per day, underground workings of a molybdenum mine and the permitted tailings storage facility.
FortyTwo Metals Inc. began commercial molybdenum production at the site in 2008, however, it was suspended in 2010 due to low molybdenum process and put into care and maintenance in 2011.
Molybdenum is a chemical element that is sometimes added to steel, according to Encyclopedia Britannica. It has a high melting point and can be used for corrosion resistance in parts of jet engines, some stainless steels and some electrical parts.
It is also an essential trace element in plants.
Taranis has found gold as well as other precious metals at the Thor deposit. According to the news release they are nearing a decision on a 10,000-tonne bulk sample permit which will see rock crushed and pre-concentrated–the heavy particles, which are often more valuable, will be separated from the light and transported to a hydro-metallurgical plant for further processing.
“By pairing the MAX Project and Thor to produce precious and critical metals, we will work together to replace economic uncertainty with prosperity and pride,” said Gardiner.
He said that the equipment at the MAX project site is ideally suited for producing a concentrate to be sold to smelters.
Trout Lake has a long mining history and this project is no exception, with explorations completed in the area in the late ’70s and early ’80s.