January 2017 gold c a n a d a ’ s f i r s t m ... 21 Grassroots exploration at the Amaruq gold...

January 2017

c a n a d a ’ s f i r s t m i n i n g p u b l i c a t i o n

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MINING IN BC AND THE NORTH

goldRULES

GAHCHO KUE OPENINGIMMENSE

KSM POTENTIAL

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JANUARY 2017 CANADIAN MINING JOURNAL | 3

For More InformationPlease visit www.canadianminingjournal.com for regular updates on what’s happening with Canadian mining companies and their personnel both here and abroad. A digital version of the magazine is also available at www.digital.canadianminingjournal.com

Coming in FebruaryCanadian Mining Journal takes a look at mining in Ontario, the Ring of Fire, as well as drilling and blasting.

ABOUT THE COVER

This month’s cover is from Seabridge Gold’s very successful exploration program at KSM. Photo by Kevin Burt

FEATURESMINING IN BC AND THE TERRITORIES 8 Seabridge Gold’s spectacular copper-gold exploration success has turned the KSM project into one of the world’s largest resource for both metals. All that’s needed now is a major partner.

14 De Beers Canada and Mountain Province Diamonds celebrate the official opening of Canada’s newest diamond mine two months ahead of schedule with the recovery of a 50-ct gem.

21 Grassroots exploration at the Amaruq gold project is going to expand the life of Agnico Eagle’s Meadowbank operation by 3.7 million oz and growing.

25 Goldcorp has expanded into the Yukon with the acquisition of Kaminak Gold, and the advanced Coffee project that came with it shows every indication of hosting close to 5 million oz of gold.

27 Golden Predator has been dealt a winning hand at the 3 Aces project with two of the highest grade gold outcrops ever found in Yukon on the property, and success at hand.

MESSAGE FROM THE AME 29 News from the Association of Mineral Exploration as it works for its members in British Columbia; plus a list of award recipients.

DEPARTMENTS 5 EDITORIAL | Interim editor Marilyn Scales spells out what respect means to indigenous partners..

6 UNEARTHING TRENDS | Jim MacLean of EY’s Canadian mining and metals practice explains how the top 10 risks to mining are shifting.

7 FIRST NATIONS | How Nimke Mining Services, an aboriginal company, incorporates traditional values with state-of-the-art training.

31 CSR & MINING | Michael Torrance of Norton, Rose, Fulbright shines a light on the new Global Reporting Initiative standard.

32 LAW | Sander Grieve and Linda Miestich Dann of Bennett Jones ponder what the new Trump administration may mean for Canadian miners.

33 IN MY MINE(D) | Delayne Weeks explains how Angkor Gold is delivering on its ambitious promises as it explores for gold in Cambodia.

www.canadianminingjournal.com

CANADIANCANADIANMining JournalMining Journal

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CANADIANCANADIANMining Journal

Established 1882

Canadian Mining Journal provides articles and information of practical use to those who work in the technical, administrative and supervi-sory aspects of exploration, mining and processing in the Canadian mineral exploration and mining industry. Canadian Mining Journal (ISSN 0008-4492) is published 10 times a year by BIG L.P. Mining. BIG is located at 38 Lesmill Rd., Unit 2. Toronto, ON, M3B 2T5. Phone (416) 510-6891.Legal deposit: National Library, Ottawa. Printed in Canada. All rights reserved. The contents of this magazine are protected by copyright and may be used only for your personal non-commercial purposes. All other rights are reserved and commercial use is prohibited. To make use of any of this material you must first obtain the permission of the owner of the copyright. For further information please contact Robert Seagraves at 416-510-6891.Subscriptions – Canada: $51.95 per year; $81.50 for two years. USA: US$64.95 per year. Foreign: US$77.95 per year. Single copies: Canada $10; USA and foreign: US$10. Canadian subscribers must add HST and Provincial tax where necessary. HST registration # 809744071RT001.From time to time we make our subscription list available to select companies and organizations whose product or service may interest you. If you do not wish your contact information to be made available, please contact us via one of the following methods: Phone: 1-888-502-3456 ext 2; Fax: 416-447-7658; E-mail: [email protected] Mail to: Cindi Holder, BIG Mining LP, 38 Lesmill Rd, Unit 2, Toronto. ON, M3B 2T5.We acknowledge the financial support of the Government of Canada through the Canada Magazine Fund toward our editorial costs.

January 2017 Vol. 138 — No. 1 38 Lesmill Rd. Unit 2, Toronto, Ontario M3B 2T5 Tel. (416) 510-6789 Fax (416) 510-5138 www.canadianminingjournal.com

Interim Editor Marilyn Scales 613-270-0213 [email protected]

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FROM THE EDITOR

Marilyn Scales

Indigenous community deserves our R-E-S-P-E-C-T

The holidays have been enjoyed, resolutions made, and the time has come to get a fresh start with a new year. And there is no better place to start than with respect for the indigenous peoples of Canada.

In November, the Canadian Aboriginal Minerals Association held its annual confer-ence in Ottawa, and I was privileged to attend. The quality of the program was excellent. It addressed jurisdictional, environmental, legislative, and legal aspects of the industry from both the community and industry viewpoints. Most importantly it addressed the needs and desires of the aboriginal youth who will be tomorrow’s leaders. They will be involved and knowledgeable.

Across all of the speakers a few key themes emerged.Indigenous people desire respect – be they First Nations, Metis, Inuit or others. They

want our industry to treat them as an important part of the process. Learn about their cultures. Respect how they use their land. And treat them in the same way you would a federal or provincial entity.

Start the consultation process as soon as a project is proposed. That means discussing what will happen before the trenches go in or the drills start turning. Waiting until the board allocates development money is far too late to foster understanding.

Free prior and informed consent does not always lead to approval of a project. It leads first to discussion and compromise. Sometimes, even then the answer from the indigenous community may be “no” if the damage to the land is seen to be unreasonable or compro-mises cannot be agreed upon. But beware of the nation that uses its veto as a bargaining chip or scare tactic. There is no need for that if discussions are open and honest, held as equal parties.

Then if the project is worthy of building, plan on sharing the profits with the local communities. This can take many forms such as a percentage of the mine’s cash flow, a net smelter royalty on steady or sliding scales. Make plans to invest a fixed amount in the community before the project officially goes ahead. This will help defray the costs of setting up small business or their buying equipment for potential work with the mine.

The audience at the CAMA meeting was largely from the indigenous community, and there was a strong message for them, too. Each nation must decide what it wants to get out of a project before consultation begins. How much compensation is appropriate? What training/education will be made available so that members can hold jobs at the project? How much help from the proponent is expected so that communities can establish sustainable small businesses? What lands and waters are especially deserving of preservation?

Only when all parties have a clear idea of their goals and needs can discussions between equals take place.

As an industry and as project proponents, let us all practise respect for the indigenous peoples of this land. It is a simple noun, but when we use it as a verb, a word that requires action, respect becomes a powerful force that benefits all sides. CMJ

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t this time last year, many mining and metals companies were hunkered down and focused on trying to maintain strong balance sheets while waiting for a turnaround in the sector. Over the last year we saw a glimmer of

hope. EY’s Canadian Mining Eye, which tracks mid-tier and junior companies, saw incredible gains in 2016 which was a sig-nificant turnaround from 2015. It proves that, after a slow sector for many years, there is movement and change underway.

As the biggest risks in the sector shift, mining and metals exec-utives must also shift their perspective on priorities. Cash opti-mization rocketed into first place on EY’s most recent Top 10 business risks facing mining and metals report. Last year, it wasn’t even on the list. While many are reluctant to say we’re on an upswing, last year’s biggest risk – switch to growth – is no longer the most pressing concern. Mining and metals companies need to walk the fine line of making cost reductions that don’t erode value while offering the biggest bang for the buck, but also pre-serve the cash they do have.

As mining companies look to hold on to cash, traditional models for raising capital are rapidly changing – and access to capital moved up one spot to the second biggest risk on our list. The number of streaming deals has nearly doubled in the past

two years. There were also a large number of royalty agreements, offtake and forward sales as well as divestments of non-core assets in order to free up capital. Inves-tors will likely remain selective and look for low cost, de-risked proj-ects in which to invest.

Meanwhile, joint ventures is new to the list this year. We’re see-ing a lot more companies enter-ing into joint ventures to help use the cash, resources and tech-nology that stakeholders have but also mitigate potential risk. The downside is if these ventures turn sour they can end up consuming more resources and money than intended. Any company consider-ing one must also complete thor-ough due diligence.

While the sectors biggest risks have changed, others stay the same. Productivity, social license to operate and cybersecurity are all included in our list – and they appear year after year. These issues need to be addressed at the boardroom level, and decisions need to be part of a strategic plan, where priorities build on each other to improve operational excellence. Cybersecurity, in par-ticular, has seen budgets limited but, as we have noted in this column previously, the cost of doing nothing in this space could ultimately cost much, much more.

The one topic that touches every corner of the sector, and is now almost a cliché term, is innovation. Without a doubt the mining industry is in need of disruption – from the way resources are taken out of the ground, to operating mine sites more efficiently, to how to finance projects. Innovation is hap-pening, just in small doses. Going forward, the pace of innova-tion may be forced to speed up as the ‘old’ way of doing things becomes obsolete.

As we’ve seen in 2016 with incredibly volatile prices, nothing is certain in the mining sector. By taking a snapshot of where things stand and understand where to focus their energy, companies will be better positioned to deal with the changing tides. CMJ

JIM MACLEAN is EY’s Canadian Mining & Metals Leader

By Jim MacLean

Biggest risks for mining companies shift, yet challenges remain

6 | CANADIAN MINING JOURNAL WWW.CANADIANMININGJOURNAL.COM

UNEARTHING TRENDS

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EY’s risk radar for mining and metals 2016-2017

TOP 10 BUSINESS RISKS

THE ONE TOPIC THAT TOUCHES EVERY CORNER OF THE SECTOR, AND IS NOW ALMOST A CLICHÉ TERM, IS INNOVATION. WITHOUT A DOUBT THE MINING INDUSTRY IS IN NEED OF DISRUPTION – FROM THE WAY RESOURCES ARE TAKEN OUT OF THE GROUND, TO OPERATING MINE SITES MORE EFFICIENTLY, TO HOW TO FINANCE PROJECTS.

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FIRST NATIONS


First Nation mining services business incorporates traditional values with state of the art training

boriginal communities are increasingly moving forward with economic development in many different sectors. Mining companies have also become more proactive

in regards to environmental protection and First Nation con-sultation. Nimkie Mining Services Corp. has become an effective part of the process in bridging the gaps between cul-ture and industry.

Nimkie, based in Temagami, Ont., was incorporated in 2014, and is a 100% aboriginal owned company. The CEO of the company, Randall Becker, started working with heavy equipment as a summer student at the age of 14. The super-visor, Tom Friday, was a very talented and experienced mechanic, and vehicles and equipment were often repaired with ingenuity and limited resources, which was the case in most First Nation communities at the time.

Becker attended Canadore College studying automotive mechanics and later went on to work for contractors in con-struction, mining exploration and mining companies through-out Northern Ontario.

“Some of the people that one works with over a decade or two stand out as being leaders and teachers,” said Becker.

One in particular who he had the opportunity to work with was a man named Charlie Berube, who was a master mechanic at the Sherman mine and later a successful contractor. Machinery and vehicles were repaired as required and in most cases everything from tires to engines and hydraulic pumps were rebuilt in the shop.

“Education from people like this is the most valuable training a person can receive. There is a long list of supervisors and coworkers who took the time to help and lead by example in other occupations like underground mining, mine-mill operations, construction, and pipeline work. This is the experience that helped build the base of Nimkie Mining Services training pro-grams,” said Becker.

In order to make the training programs more effective, Nimkie uses accredited trainers and courses. The courses are delivered in the First Nation communities. This allows the students to remain at home with their families as well as giving the entire community the opportunity to benefit.

Being an aboriginal owned company, they have come up with effective ways to encourage traditional beliefs and hunting seasons to take precedent during the heavy equipment and diamond driller training programs.

Ed McVeigh, of Canadian Driller Traning from Sudbury and Asabanaka Drill Services in Kasabonika Lake, plays a big role in Nimkie Mining Services delivering the best possible programs anywhere in Canada.

Becker believes that the importance of accredited training close

to home produces better results with more opportunities for the communities and the people. This also benefits the mining com-panies and contractors who employ the graduates by lowering the turnover rate and improving the productivity of new hires.

“When a relationship between a First Nation community and a mining company is working to the benefit of both parties as well as protecting the environment for future generations, mining becomes an essential part of living and prospering in the north for everyone,” said Becker.

Nimkie is currently in the process of opening a Class 11 aggre-gate pit near Temagami that will require drilling, blasting, crush-ing and quality control. The Township of Temagami has shown support for this project as did a lot of the residents who would prefer mining return to Temagami region.

The project will hopefully go into production in June 2017. There is also plan to hold practical training for heavy equipment and surface diamond driller courses on the site for both urban aboriginal people and non-aboriginal people. The practical por-tion of the courses will be held in Temagami.

Nimkie (www.NimkieMining.net) will continue to strive for improved training and better relationships between First Nations and the mining industry. CMJ

Front Row, left to right: Shawn Batise (Ministry of Indigenous Relations and Reconciliation), Jason Batise (executive director, Wabun Tribal Council). Middle Row: Chief

Murray Ray (Flying Post First Nation), Chief Alex (Sonny) Batisse (Matachewan First Nation), Ron Clayton (president and CEO of Tahoe Resources), Chief Walter Naveau (Mattagami First Nation), Sharon Plourde (Wahgoshig First Nation) Back Row: Ken Peterson (negotiator for Wahgoshig First Nation).

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MINING IN BC

Seabridge seeks base metal major for KSM development

STRATEGY

SHOVELREADY

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STRATEGY Something very interesting is hap-pening in the scenic mountains of northwest British Columbia. That’s where Seabridge Gold is

defining its KSM copper-gold project near Stewart.

KSM stands for Kerr-Sulphurets-Mitch-ell, the three deposits originally outlined on the property. But given Seabridge’s success at drilling new mineralization, we might add Iron Cap and Deep Kerr to the alphabet. (No, that becomes unwieldy.)

So we will stick with KSM, a project with the potential to be the largest mine in Canada if the option of a 170,000-t/d concentrator is built.

“KSM is one of the few projects in the world that is shovel ready,” chairman and CEO Rudi Fronk told CMJ. All the neces-sary permits are in place to begin construc-tion and build the tailings storage facility.

The company has also negotiated a bene-fits agreement with the Nisga’a Nation, who have thrown their support behind the project. As have the mayors and councils of Smithers and Terrace, BC.

Seabridge makes no secret of the fact that it is seeking a joint venture partner to develop the project with a price tag of

By Marilyn Scales

CONTINUED ON PAGE 10

its interest if it takes the project through to production by a certain date,” he insists.

The KSM project is a world beater: in terms of both copper and gold reserves it contains more metals than any other pro-ject on the globe (and that includes Agua Rica, Galore Creek and Donlin). With 45 million oz of gold in reserves, Seabridge would be among the 10 largest gold com-panies (between AngloGold and Gold-corp). And the property contains more than 10 billion lb of copper.

Getting the goodsSeabridge began assembling the KSM property in the late 1990s when it could acquire the assets for pennies on the dol-lar. The total outlay was only $15 million, and the company later sold off some of the assets for $50 million. The original prop-erty, consisting of the Kerr and Sulphurets deposits, was optioned to Noranda (later Falconbridge) in the early 2000s, but Sea-bridge regained 100% ownership in 2006 with a shares-and-warrants deal.

With the release of the maiden Mitch-ell resource estimate the following year, all two million warrants were exercised putting

The KSM project is a world beater: in terms of both copper and gold reserves it contains more metals than any other project on the globe.

Exploration is paying off in the wilderness of northwest British Columbia.

Facing page: The KSM camp.

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either $5.0 billion or $5.5 billion. “KSM needs a major base metal com-

pany as a JV partner. We’ve already signed confidentiality agreements with 10 of them,” said Fronk. “The big companies are willing to pay up from for a life-of-mine copper concentrate contract.”

He added that Seabridge has turned down joint venture proposals in the past. The company is being picky about what its participation and share of the profits will be.

“It might even come down to our taking a gold stream and the major company tak-ing all the copper,” Fronk speculated.

“One of the key metrics in any joint venture will be that the major only earns



$27 million in the Seabridge treasury, and the company hasn’t looked back. With the discovery of the Iron Cap deposit and the North Mitchell and Deep Kerr zones, KSM now estimated to contain 49.8 million oz of gold and 13.6 billion lb of copper in its measured and indicated resources. There are also inferred resources containing an addi-tional 30.8 million oz of gold and 19.2 bil-lion lb of copper.

Fronk estimates that Seabridge will have spent $240 million at KSM by the end of this year for exploration, permitting and engineering.

The geological potential keeps the drills turning.

and/or possibly syn-intrusive deforma-tion. Alteration is the result of a relatively shallow, long lived hydrothermal system generated by intrusion of monzonite. Subsequent deformation along the Sul-phurets thrust fault was diverted into the Kerr area along pre-existing struc-tures. The mineralized area forms a fairly continuous, north-south trending, west dipping irregular body measuring about 1,700 metres long and up to 200 metres thick. Deep drilling since 2012 has identified two sub-parallel, north-south trending, steep west dipping mineral-ized zones that appear to coalesce near the topographic surface. After significant deep drilling was completed at the Kerr deposit, an updated geological interpret-ation and subsequent updated mineral resource model were completed. That new model forms the basis for the 2016 mineral resources and mineral reserves.

The Sulphurets deposit comprises two distinct zones referred to as the Raewyn copper-gold zone and the Breccia gold zone. The Raewyn zone hosts mostly por-phyry style disseminated chalcopyrite and associated gold mineralization in mod-erately quartz stockworked, chlorite-bio-tite-sericite-magnetite altered volcanics. The Raewyn zone strikes north-easterly and dips about 45° to the northwest. The Breccia zone hosts mostly gold-bear-ing pyritic material mineralization with minor chalcopyrite and sulphosalts in a potassium-feldspar-siliceous hydrother-mal breccia that apparently crosscuts the Raewyn zone. The Breccia zone strikes northerly and dips westerly.

The Mitchell deposit is underlain by foliated, schistose, intrusive, volcanic, and clastic rocks that are exposed in an ero-sional window below the shallow north dipping Mitchell thrust fault. These rocks tend to be intensely altered and charac-terized by abundant sericite and pyrite with numerous quartz stockwork veins and sheeted quartz veins (phyllic alter-ation) that are often deformed and flat-tened. Towards the west end of the zone, the extent and intensity of phyllic alter-ation diminishes and chlorite-magnetite alteration becomes more dominant along with lower contained metal grades. In the core of the deposit, pyrite content ranges between 1% to 20%, averages 5%, and

Tonnesa Au Au Cu Cu Ag Ag Mo Mo (millions) (g/t) (million oz) (%) (million lb) (g/t) (million oz) (ppm) (million lb)

Measured 750.1 0.63 15.1 0.17 2,844.0 3.2 77.4 58.0 96.0

Indicated 2,152.4 0.50 34.7 0.23 10,784.0 2.5 175.8 40.0 189.0

Inferred 2,719.2 0.35 30.8 0.32 19,208.0 2.0 178.4 20.0 173.0

MINING IN BC

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The property lies within an area known as Stikinia, which is a terrain consisting of Triassic and Jurassic volcanic arcs that were accreted onto the Paleozoic basement. Early Jurassic sub-volcanic intrusive com-plexes are scattered through the Stikinia terrain and are host to numerous precious- and base metal-rich hydrothermal systems. These include several well-known cop-per-gold porphyry systems such as Galore

Creek, Red Chris, Kemess, Mt. Milligan, and Kerr-Sulphurets.

The Kerr deposit is a strongly deformed copper-gold porphyry, where copper and gold grades have been upgraded due to remobilization of metals during later

KSM Mineral resources as of May 31, 2016



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typically occurs as fine disseminations. Gold and copper tends to be relatively low grade but is dispersed over a very large area and related to hydrothermal activity associated with early Jurassic hypabyssal porphyritic intrusions. In general, within the currently drilled limits of the Mitch-ell deposit, gold and copper grades are remarkably consistent between drill holes, which is common with large, stable and long lived hydrothermal systems.

All of the KSM deposits are open at depth.

g/t Au, 0.21% Cu, 2.7 g/t Ag and 44 ppm Mo. The inferred portion is another 2.7 billion tonnes grading 0.35 g/t Au 0.32% Cu, 2.0 g/t Ag and 29 ppm Mo.

Successful drilling carried out in the Deep Kerr and Iron Cap zones between 2013 and 2015 returned consistently higher grades. Additions to the resource number since 2013 total 14.5 million oz of gold and 12.7 billion lb of copper at grades 50% better than earlier drilling results. The Deep Kerr zone contains

Flowsheet for a 130,000- t/d mill with molybdenum concentrate production.


Forward thinkingIn October 2016, Seabridge filed a 43-101 report containing both a pre-feasibility study and a preliminary economic assess-ment for KSM. It’s not that the company can’t make up its mind. It’s just that the property has so much potential, every possibility needs to be considered.

Both parts of the report rely on the same resource estimate; however only the PEA includes the inferred tonnage. Total meas-ured and indicated resource for the four deposits is 2.9 billion tonnes grading 0.54

Metal Unit PEA PFS

Gold Oz 592,000 540,000

Copper Million lb 286 156

Silver Million oz 2.8 2.2

Molybdenum Million lb nil 1.2

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PEA PFS

Initial capital cost $5.5 billion $5.0 billion

Net cash flow $16.7 billion $10.0 billion

Net present value @ 5% $3.4 billion $1.5 billion

Internal rate of return 10.0% 8.0%

Payback period 6.4 years 6.8 years

Life-of-Mine Annual Metal Production Comparison

Base Case After Tax Economic Analysis

Assuming gold at $1,230/oz, copper at $2.75/lb, silver at $17.75/oz, molybdenum at

$8.49/lb, and an exchange rate of US$1:C$0.80.



1.08 billion tonnes grading 0.35 g/t Au and 0.53% Cu. The initial resource at the Lower Iron Cap zone is 164 million tonnes at 0.50 g/t Au and 0.27 % Cu.

The presence of the recently discovered higher grade mineralization put Seabridge engineers to thinking about more under-ground mining of these high grades and less about open pit mining. The PEA that was created has significant economic improve-ments over the PFS, with the exception of the upfront capital costs – $5.0 billion for the PFS and $5.5 billion for the PEA. The higher capex is due to a larger mill and ear-lier underground development.

Other advantages to the PEA include a smaller surface footprint. In an area with a winter avalanche threat, being underground could enhance safety. Hence the extensive tunneling system as well for moving ore between the mines and the mill. The PEA also outlines how it is possible by including these higher grade zones to recover $6.0 bil-lion more revenue from copper output than was planned in the PFS. The higher gold and copper recovery outlined in the PEA

The PEA takes a different approach. While there will be starter pits, most of the mill feed will come from underground resources. Smaller pits have been designed for the Mitchell and Sulphurets deposits, and mining at Kerr will be entirely under-ground. The great advantage to this strat-egy is that the amount of waste rock from the pits is reduced as is the area needed to store it on the surface.

Whichever design the development fol-lows, expect Seabridge to choose its joint venture partner very carefully.

Mineral processingThe processing plant will consist of three separate facilities. Primary ore crushing and handling facilities will be established at the Mitchell ore processing centre (OPC) site near the mine. Crushed ore will be transported through a 23-km-long train tunnel to the process tailings and management area (PTMA). Additional ore crushing and the concentrator (Treaty OPC) will be built adjacent to the tailings management facility (TMF).

Just as the mining sequence differs between the PFS and PEA, so do the plans for the concentrator. In the PFS, a conven-tional mill is planned with copper-gold-mo-lybdenum bulk rougher flotation followed by pyrite flotation to recover gold. The bulk rougher concentrate will be reground and passed through three stages of cleaner flotation to produce a copper-gold-molyb-denum bulk cleaner concentrate. Molyb-denum will be separated from the bulk cleaner con to produce a moly con and a

MINING IN BC

is deserving of serious consideration despite the higher price tag.

The PFS outlines three open pit mines – Mitchell, Sulphurets and Kerr – that would transition to block caving begin-ning in year 20 at the Mitchell deposit. The Iron Cap and Deep Kerr are also can-didates for caving.

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The Seabridge team has outlined reserves of 14.5 million oz Au and 10 billion lb Cu – so far.

copper-gold con with silver values. The gold-bearing pyrite concentrate and the scavenger cleaner tailings will undergo a cyanide-in-leach process. Ultimately, gold and silver will be recovered as doré bars.

Two main differences set the original and newer mill flowsheets apart. First, the PFS specifies a mill with a capacity of 130,000 t/d and the recovery of molyb-denum. Second, the PEA version will be larger at 170,000 t/d and there will be no moly recovery circuit.

Expect to find several tunnels at the KSM site. The Mitchell twinned tunnels (MTT) between the mine and concentra-tor is only the start. Three diversion tunnels totaling 22.4 km are planned to manage glacial melt water and clean surface water from the Mitchell and McTagg valleys near the mine site. The Mitchell and McTagg tunnels are sized in anticipation of a 200-year storm. Twinning the tunnels allows maintenance to occur in one while the second continues to operate.

The TMF will be built in three cells. The north and south cells will collect flotation tailings. Residues from the CIL circuit will be held in a lined central cell. The cells are designed to store the 30-day probable maximum flood with snowmelt behind four dams. In total the TMF will have a capacity of 2.3 billion tonnes.

Seabridge continues to expand the resources at KSM, but the initial size of the TMF may be a limiting factor as to how much ore can be mined. An expan-sion of the original facility or a new TMF may be necessary before the end of mine life.

The way forwardSeabridge has had great success at KSM. Not many juniors can offer potential partners two viable paths to production. That makes the management extremely far sighted. They know they need a major base metal partner to develop KSM. But they are not willing to relinquish control.

More than that, the people at Sea-bridge want to see this global scale project through to production. More power to them. Surely they will succeed. CMJ

Successful drilling carried out in the Deep Kerr & Iron Cap zones between 2013 & 2015 returned consistently higher grades.

Drilling (left), core preparation (top right),

and careful examination are outlining a world-

class resource.



By Jane Werniuk


EARLYDIAMONDS

LAUNCHGAHCHO KUE MINE

If the logistics of building a $1 billion diamond mine 400 kilometres south of the Arctic Circle sound daunting, try organizing its opening ceremony.

With a guest list of 150 investors, aborig-inal chiefs, politicians, company officials and media from as far afield as Africa, the UK and Ireland, it took four aircraft from Calgary and Yellowknife to fly everyone in for the launch of the Gahcho Kue project on Sept. 20, 2016.

The six-hour event was a reflection of the meticulous planning poured into the NWT’s fourth diamond producer

Two months ahead of schedule, Canada’s sixth diamond mine yields 50-carat gem

By Bill Braden

14-17_CMJ Jan2017_Gahcho Kue.indd 14 2016-12-21 12:26 PM



MARILYN_KICKER


(Canada’s sixth) since the deposit was dis-covered some 21 years ago by Mountain Province Diamonds. It attracted De Beers to the find in 1997, and the two forged a 51:49 joint venture to bring it forward with De Beers holding 51% and acting as operator.

There was ample cause for celebration: their combined $1.056 billion investment is expected to harvest 54 million carats and pump hundreds of jobs and hundreds of millions of dollars into the NWT’s flat lined economy over its 12-year life.

“It’s a big deal for the NWT, for Canada,

for De Beers and for Anglo American,” said Kim Truter, De Beers Canada CEO.

“Our singular focus is to repay our share-holders and business partners,” said Patrick Evans, president and CEO of Mountain Province, “and to operate this diamond mine for the benefit of our employees and the communities they call home.”

Among the other speakers was Bill Enge, president of the NWT North Slave Metis Alliance, one of six indigenous groups which will receive beneficiary payments over life of the mine.

“It’s a very significant development in

the Northwest Territories,” Enge said. “De Beers and Mountain Province have forged ahead with the construction of this mine – a billion-dollar mine – in light of the terrible downturn in the mining industry across the world.

“I think it will generate a lot of spin offs from this mine,” said Tlicho grand chief Eddie Erasmus. “for people up here in the north and Yellowknife, the Northwest Ter-ritories and Canada as a whole”

De Beers claims the overall project will be a $6.7 billion boost to Canada’s econ-

Left: The Gahcho Kue pit is a conventional truck and shovel operation.

Metriculous planning led to a smooth start-up at the

Gahcho Kue mine where a 50-ct diamond was recovered

during commissioning.

Above: The diamond recovery plant.



omy. It comes at a critical time for both the NWT and De Beers.

For the NWT, it could at least replace the job and revenue losses brought on

For De Beers, it marks the opening of its first mine since 2008 and its largest out-side of South Africa. It will bring new high quality production into a supply chain that is forecast to start shrinking by 2020, and when prices for rough and demand for fin-ished jewelry are expected to firm up.

Hatch, JDS score top awardHatch Ltd., the global engineering firm, was brought into Gahcho Kue in 2010 by JDS Mining and Energy, to partner on the engineering, procurement and con-struction management (EPCM) challenge. Years of planning and co-ordination went into the two-year campaign to deliver and build the mine between 2014 and 2016.

John Bryant of Hatch was assigned as project manager in 2012. Bryant says the big push was to source construction equip-ment and a 450-person camp and get it marshalled in Yellowknife for the January opening of the 2014 ice road season.

While 2014 was a good winter road year, 2015 was a different story. Three bad storms cut into the season, but some 2,500 loads of critical machinery, materials and fuel did make it over the 400-km ice road. Over the 2016 season, the mine shipped in 47 million litres of fuel and 50,000 tonnes of explosives along with a year’s supplies.

Regulatory issues also created headaches. A permit for a carefully planned laydown area was withdrawn just weeks before truck-ing started in 2015, requiring a major push

MINING IN NWT

Left: De Beers and Mountain Province rolled out the red carpet for visitors at the opening of the Gahcho Kue mine. Centre: Kim Truter,

De Beers Canada CEO, and Patrick Evans, Mountain Province Diamonds president and CEO, huddle with a display of rough.Right:

Aboriginal drummers offer a prayer during the Feed the Fire ceremony witnessed by almost 300 guests and staff.

when De Beers shocked the territory by shuttering its problem-plagued Snap Lake mine in December 2015, at least a decade earlier than planned.

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to build a new one in a hurry. Delays for accessing the mine’s permanent airstrip site meant a smaller, short term strip had to be built, capable only of Twin Otter aircraft.

“That changed the construction cycle significantly,” says Bryant, who needed up to 10 flights a day to move people and gro-ceries for over four months.

Regardless, the EPCM team, lead by Allan Rodel (now mine general manager), brought Gahcho Kue on two months ahead of schedule and on budget. Bryant, along with the owners, lauded the team’s exemplary safety record: only three lost-time incidents in 3.8 million hours logged by over 1,800 workers.

The project has already garnered recog-nition. The Project Management Institute, Montréal Chapter, gave its top honour in the private industry category to Gahcho Kue in November. Earlier in 2016, the Yellow-knife Chamber of Commerce singled it out for its workplace health and safety award.

Smooth ramp-upThree pipes will be mined at Gahcho Kue, a Chipewyan name meaning “the place of big rabbits.” Stripping began two years ago

Tom Ormsby, De Beers head of public and corporate affairs.

“Ramping up means slowly putting more into the system, with the right mix of


Top right: The kimberlite processing plant has a

capacity of 8,000 t/d.

Centre right: Rough diamonds get a preliminary sort

at the mine before being sent to Yellowknife for

royalty evaluation.

Bottom (sidebar): Patric Evans, president and CEO of

Mountain Province Diamonds.

at 5034 pipe, with the first kimberlite fed into the 8,000-t/d mill in early June and the actual ramp-up started on Aug. 1.

Tuning a diamond process plant is a lengthy and complex operation, explains

PATRICK EVANS: BANKERS AND BUREAUCRATS DON’T GET ITBehind the glow of satisfaction with the successful launch of Gahcho Kue, the CEO and president of Mountain Province Diamonds reflects somewhat ruefully on the two decades of hard slogging it took to get there.

Soft spoken and cool headed, Patrick Evans started out as a career diplomat (South Africa’s consul general to Canada in the late 1990s) before jumping into the mining game with junior diamond hunter SouthernEra in 1999. He has since held executive positions and directorships with a number of companies. He joined Mountain Province in 2005.

He’s rather an anomaly in Canadian mining circles, for the sole reason that he was able to raise more than a half-billion in cash in a skittish market that shunned resources. How did he do it?

“It’s a combination of a few things,” he says. “The quality of the project, the quality of our oper-ating partner [De Beers], and the market’s familiarity with the management of Mountain Province.” In other words, his backers know and trust him.

Evans funded his 49% share in part through equity, much it sourced out of the United Kingdom, then from April of 2015 through a US$370 million debt plan, backed almost entirely by French, South African and Canada’s Scotia Bank. Scotia is the exception in Canada, he says, expressing disappointment with other banks when it comes to resource investment.

“Ironically, even though Canada has one of the world leading mining industries, most chartered banks do not provide debt for Canadian mine development. It’s actually quit surprising, if not shocking … there’s a disconnect there.”

Patrick Evans was interviewed in November 2016 for CMJ.



ADVERTORIAL

The Montreal chapter of the Project Management Institute recently awarded Hatch, the Mississauga-based global engineering firm, top honours in the private industry category for its submission of the Gahcho Kué project. The $1-billion project in the Northwest

Territories – the world’s largest new diamond mine in over a decade – moved into production this year, on budget and ahead of schedule.

That kind of success is no accident. Producing work that gets the kind of recognition Hatch enjoys is a matter of careful planning, thorough, consistent processes, and scrupulous attention to detail. At Hatch, it’s a way of life.

Joe Lombard, Global Director of Mining and Metals, knows better than anyone what it takes to deliver work that is consistently superior. Here, he shares insights about the successful strategies and philosophies that translate into award-winning projects all over the world.

You’ve led and been involved with award-winning projects your whole career. What’s your secret?Answer | There’s no secret. It’s a matter of diligence and discipline. Engineers love process. At Hatch, we believe we have the magic formula for bringing the right people and pieces together, at the right time and in the right way. And making it work well, consistently and seamlessly.

Where do you begin?

Answer | Communication. You can’t accomplish anything without good, clear lines of communication that involve everyone connected to and affected by the project. You have to do your homework. Make sure there are clear goals. Look at all the options and fine-tune the scope, budget and schedule. Then stick to it. You don’t need to make changes when you do it right the first time.

These projects often call for a team approach, either with client representatives, like at Gahcho Kué, or in joint ventures. How do you make this work?Answer | We’re committed to client satisfaction. We understand their businesses and what they’re trying to do. We know they don’t want projects; they want what projects give them – the facilities to produce products they can sell.

We forge strong, long-term relationships with client representatives and others we work with. The engineering project-management practice in Canada is a small community. It makes sense to learn to work together. Sometimes we lead; sometimes our competitors do. Regardless, we know how to work as a team for the greater good of our clients.

All projects have problems – unexpected or unanticipated issues. Have you developed a process for handling them?Answer | I always come back to first principles. Safety is always at the top of the list. That’s the cornerstone, the one thing that’s never compromised when tough decisions have to be made. Then, I recommit to the scope that we determined and agreed upon before the project began.

How do you factor in community concerns on projects as large as the ones you manage?Answer | Social license is the commitment to leaving a location, an area, and the people – even the flora and fauna – in the same or better condition than you found it. We involve the community from the very beginning, when the project is just being proposed or conceptualized. We do all we can to create good, well-paying jobs for people who live in the area and these often remain after the project winds up and the facility is operational. The community is a key partner in the success of these projects. We never take that for granted.

What is unique about Hatch? What sets you apart from your competitors and contributes to the recognition for excellence that so many Hatch projects receive?Answer | We’re a multi-skilled group. We’ve got experts in mining, metals and minerals, infrastructure, energy, and digitalization, as well as every aspect of project delivery. We pride ourselves on our culture of innovation and continuous improvement. It’s what excites us about the work we do. We really believe in partnering with our clients. We continue beyond mechanical completion, into commissioning and startup, maintaining or constantly improving the operation to make it more sustainable. We want our clients to be able to maintain their business for many, many years. The things we build are designed to last. And they do. n

What it takes to win

An interview with Hatch’s Joe Lombard

18_CMJ Jan2017_Hatch Advertorial.indd 18 2016-12-21 12:56 PM


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country rock, and learning to balance those levels. It’s also learning the orebody, the fine versus coarse material,” says Ormsby. “It was really a well-executed project, not just for De Beers Canada, but for us glob-ally. It’s really held up as a good example for how a project should be done.”

The proof is in the early impressive results: by the end of September, 198,000 carats had been recovered, grading 1.52 carats/tonne. It included a number of “spe-cials”, stones bigger than 10.8 carats which command big premiums if they’re of very high quality or vivid color. The best so far weighs just over 50 carats.

The annual process target is 4 million carats, with full commercial production underway by Q1 2017. Prices are forecast at US$185 per carat, with operating mar-gins of over 80%.

The partners will split production along their 51:49 ownership, with an internal auc-tion to bid for parcels of the specials. Along with all other NWT mines, they are also

obliged to offer up to 10% of production to NWT-based polishers; only one company, Crossworks, is established at this time.

From that point, Mountain Province will entrust its Antwerp-based broker, Bonas, with selling its parcels through conventional open tender to cutters and polishers every five weeks. De Beers has its own global mar-keting system under its trademarked Forever brand, carried by some 2,000 retailers.

Evans says his company will focus exclu-sively on managing Gahcho Kue as its sole asset and is not pursuing any new projects or exploration. De Beers, on the other hand, has had active exploration in Canada since the 1960s, and will continue.

“We do have a lot of activity across the country,” says Ormsby, “but the front

runner is a joint venture with CanAlaska Uranium on kimberlite targets in the Atha-basca region of northern Saskatchewan.”

De Beers’ exploration budget for 2017 is pegged at $10 million.

De Beers is also pursuing expansion of its Victor mine near James Bay in Ontario, with plans for a bulk sample this winter at the Tango Extension, one of 16 kimberlites discovered by the company in 1987 – four years earlier than the find that set off the NWT rush, he points out. Tango could add five years to Victor’s production, which would otherwise be exhausted by 2019. CMJ

Photos by Bill Braden, [email protected].

MINING IN NWT The annual process target is 4 million carats, with full commercial production

underway by Q1 2017. Prices are forecast at US$185 per carat, with operating

margins of over 80%.

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MARILYN_KICKER

Agnico Eagle invests in the future of Canada’s North

AMARUQ ON THE HORIZON

Agnico calulates there are 3.71 million oz of gold at Amaruq, of which 2.86 million oz are in the Whale Tail deposit.

PHO

TO: A

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ICO

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TD.


21-24_CMJ Jan2017_Amaruq.indd 21 2016-12-21 12:45 PM


Anambitious exploration program in a relatively unexplored area in the Kivalliq region

of Nunavut, has resulted in an exciting discovery for Toronto-based gold producer Agnico Eagle Mines. In just over three years, the exploration team has advanced the Amaruq project from a new grassroots discovery to a major high grade gold deposit. Its growing gold resource, currently estimated at 3.7 million oz of gold (19.4 million tonnes grading 5.97 g/t), technical studies and permitting efforts place the project on a trajectory to potentially be ready to go into production by 2019 as a satellite deposit to the Meadowbank mine located 50 km to the south.

The Meadowbank mine is Agnico Eagle’s largest gold producer and Nunavut’s first gold mine. Operations began in 2010, however, Meadowbank is expected to run out of ore by the end of 2018, leaving an 11,000-t/d mill

Agnico Eagle’s other Nunavut gold project, Meliadine, lies about 290 km southeast of the Meadowbank mine near Rankin Inlet.

The Amaruq project is one of the most significant greenfield gold discoveries in Nunavut and recent large discoveries in Canada. This success will soon be formally recognized when Agnico Eagle’s explor-ation team receives the Prospectors & Developers Association of Canada’s Bill Dennis Award in March 2017.

Amaruq (which means “wolf” in Inuk-titut) was a geology driven discovery resulting from modern pioneering meth-ods and a focused, aggressive exploration effort. After Agnico Eagle acquired Cum-berland Resources and its Meadowbank gold project in July 2007, a new strategy to pursue grassroots exploration of the area led to a compilation of all the geo-logical information available for the region around Meadowbank. Amaruq was one of many targets identified by this literature

Amaruq (which means “wolf” in Inuktitut) was a geology driven discovery resulting from modern pioneering and a focused, aggressive exploration effort.

hungry for more. This looming deadline has helped to sharpen the focus of the company’s regional exploration team.

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review, based on prospecting results from the late 1980s.

In April 2013, Agnico signed a min-eral exploration agreement with Nuna-vut Tunngavik Inc. covering an area approximately 93 km2. In that same year, the company initiated a small exploration program that included prospecting, map-ping, a small ground geophysical survey (Mag-EM) and a four hole drill program targeting the best conductors. It was the fourth hole that intersected signifi-cant gold mineralization and became the Amaruq discovery hole.

Exploration spending has increased each year to a total of US$83 million to the end of 2016, leveraging the facilities at the Meadowbank mine to minimize costs. The competent technical field team has advanced the understanding of the mineralization and increased the size of the known gold deposits using 272,000 metres (1,065 holes) of diamond drilling to date and other state-of-the-art tools (such as 3-D modelling, portable XRF analysis, targeted academic studies, etc.).

The project has grown quickly. The IVR deposit was discovered in 2013; the large Whale Tail deposit was discovered CONTINUED ON PAGE 24

the next year, and was the host of an initial resource estimate. The land package has increased to currently include 1,167 km2. The camp has been expanded to accom-modate 125 people.

Whale Tail is now seen to be a steeply dipping deposit at least 2.2 kilometres

Opposite: Senior geologist Jean Lafrance uses a

portable XRF machine to identify specific

geochemical markers in the core.

Above: Geologists Roxanne Takpanie (L) and

Robert Fraser examine core from the V zone.

The Amaruq exploration camp is

located beisde Whale Lake, about

55 km northwest of Agnico’s

Meadowbank gold mine.



Agnico has spent US$83 million so far at Amaruq, logging almost 125,000 metres of core from 514 holes in 2016 alone.

long from near-surface to locally as deep as 730 metres including multiple horizons of gold-bearing, vein-rich and silica-altered volcano-sedimentary rocks, with surface and underground potential. The V zone in the IVR deposit forms a series of par-allel quartz vein structures immediately north of Whale Tail, dipping shallowly toward Whale Tail from surface to at least 540 metres depth. The discovery of addi-tional lenses in the V zone has improved its potential as a second source of open pit ore.

Construction of a 62-km Amaruq exploration access road from Meadow-

bank began in early 2016 and is expected to be completed in late 2017. Permitting is progressing for the construction of an exploration ramp and portal and the potential collection of an underground bulk sample. An environmental impact statement was submitted in June 2016 in support of the Whale Tail satellite pit, and is under review.

Commenting on the significance of the Amaruq discovery, Guy Gosselin, Agnico Eagle’s vice-president of exploration, stated, “It’s exciting to know we discovered it our-selves, in our own backyard, which allows

us to create a lot of value for the company. We believe very much in the potential of this region, but we also have a realistic understanding of what it will take to grow a business in this remote arctic environ-ment. Fortunately, with our Meadowbank and Meliadine properties nearby, we have access to the right people and resources, which is a tremendous advantage.” CMJ

Jane Werniuk, senior geologist, technical reporting, Agnico Eagle Mines Limited. Olivier Côté-Mantha, principal evaluation geologist, Agnico Eagle Mines Limited.




EXPANDS

Goldcorp came out of nowhere about a decade ago with an impressive growth story following a period of prolific

merger and acquisition activity. Now amongst the world’s top gold producers, the company is anchored by a suite of young, high potential mines with significant upside.

Last year, Goldcorp’s mining portfolio expanded north into the Yukon Territory, with the acquisition of Kaminak Gold Corp. The acquisition brought a new key asset into the fold, the 100%-owned Coffee gold project, located approximately 130 km south of Dawson City. CONTINUED ON PAGE 26

Named after a coffee coloured tributary of the Yukon River, Coffee is a high grade, open pit mining project that provides Goldcorp with an opportunity to add high quality ounces to its development pipeline, at low all-in sustaining costs. The project’s land package comprises over 60,000 ha, and currently has total proven and probable gold mineral reserves of 2.16 million oz, measured and indicated gold mineral resources of 690,000 oz and inferred gold mineral resources of 2.21 million oz.

With several mines in northern regions of Canada, Goldcorp is well practiced at operating in sub-zero climates. The site

will be accessible by road most of the year, but seasonal ice bridges will be used to cross the Stewart and Yukon Rivers during the coldest winter months. The company is also considering using an automated haul truck fleet that would allow employ-ees to work from a heated remote control centre. Personnel and gold will be trans-ported by air to the remote location, with supplies arriving via a 214 km access road originating in Dawson City.

This frozen northern climate does present challenges when cataloguing and monitor-ing local aquatic ecosystems. Prior to the Goldcorp acquisition, biologists set fish

Goldcorp

Yukoninto the

25-26_CMJ Jan2017_Coffee.indd 25 2016-12-21 12:46 PM


traps and video cameras in sections of rivers where water continues to flow beneath the ice during winter to assess fish habitat. As this approach is not always effective, a new research method called environmental DNA was also used to better understand the habi-tat downstream of the mine site. This tech-nique consists of collecting water samples at different locations along creeks and rivers, and filtering the sampled water to collect the DNA of organisms. These filters were then sent to labs to test for the presence of various species. This eDNA provides a clear indica-tion of whether a specific species has been present in the area tested one month prior to the sample collection.

On land, Goldcorp will use cameras to track wildlife movement, and will catalogue sightings during mine construction and operation, in accordance with its wildlife management plan.

Kaminak’s strong relationships with stakeholders and focus on sustainability, in addition to sound economics and an impressive deposit, sparked Goldcorp’s interest in the acquisition. Kaminak spent a considerable amount of time and effort to develop partnerships at multiple levels of governing bodies – local, regional and First Nations. Goldcorp recognized the work Kaminak’s team had done beyond the basic parameters of consultation with all of its stakeholders, involving them in activities directly related to the project’s sustainabil-

this investment is right for Goldcorp, and we will work to appropriately develop these opportunities.”

In the near term, the project’s primary focus will be on consultation and the per-mitting process. Goldcorp is also ramping up exploration activities at the site. With a large, geologically prospective land pack-age in a mining friendly jurisdiction, the Coffee project has the potential to grow into a camp that delivers long term signifi-cant sustainable value.

Pending permits, road construction would begin in 2018 and site construc-tion in 2019, with first gold expected in the fourth quarter of 2020. Operations are expected to span more than a decade. CMJ

Left: Brent Bergeron, EVP corporate affairs and

sustainability (right) and Tim Smith, exploration

manager, on the ground at the Coffee project.

Right: Eric Buitenhuis, project geologist (left) and

Brent Bergeron in the core shack.

ity, something Goldcorp believes should always be done at an early stage to ensure long term success.

“The acquisition of Kaminak and its Coffee project in the Yukon is consistent with our strategy of populating our asset pipeline with opportunities that not only add value for our shareholders, but that also create long term sustainable value for the communities we impact through our oper-ations,” said Brent Bergeron, Goldcorp’s executive vice-president of corporate affairs and Sustainability. “Kaminak has done an excellent job engaging with First Nations throughout the initial exploration phases, which will serve as a solid foundation for us to build upon as the project enters the next phase of development.”

Currently in the permit application stage, Goldcorp expects to hire approximately 400 people for the construction phase of the project and another 300 full time jobs once the mine is in operation, creating both direct and indirect benefits for the community.

“Benefits go well beyond dol-lars and cents. It is also how the project and Goldcorp can be a catalyst to build capacity for future generations,” added Bergeron. “Having the economic, technical and social elements well-established in the fabric of the project makes us confident that

The Coffee exploration camp and

(inset) the drilling pattern.

25-26_CMJ Jan2017_Coffee.indd 26 2016-12-21 6:26 PM



Above: The Northern Lights over the 3 Aces camp.

Right: Many good grade assays are reported from Golden

Predator’s project.


You don’t have to be a card player to recognized a lucky hand. That’s what Golden Predator Mining Corp. has been drilling at its 225 km², 3 Aces gold

property, located in southeast Yukon. Hosting the two highest grade surface outcrops discovered to date in the Yukon and zone names such as Clubs, Hearts and Spades, the property keeps returning high grade assays as exploration continues.

The property is located along the all-season Nahanni Range Road, which accesses the Cantung mine located 40 km to the north and is located in the traditional territory of the Kaska Nation.

The mineralization at 3 Aces has many charac-teristics consistent with an orogenic vein system including quartz veins with coarse visible gold and low (<1%) sulphide content. The property is hosted within the Selwyn Basin; rocks that were previously part of an ancient ocean basin and shelf that existed off the coast of North America over 500 million years ago. Plate tectonics have folded, faulted and contracted the Selwyn Basin starting about 150 million years ago and that process has led to the formation of many types of mineral deposits. Yukon is well known for intrusive related gold deposits such as the Brewery Creek Mine or Fort Knox in Alaska however the gold bear-

ing quartz veins at 3 Aces are hosted completely within sedimentary rocks and the property lacks significant intrusive rocks.

Coarse gold in quartz veins at surface were initially discovered in 2009 by a local prospector Alex McMillan. Northern Tiger Resources initially held the property, but in 2014 it was taken over by Golden Predator. The project was advanced with extensive soil sampling by the previous operator. Significant gold-in-soil anomalies were outlined over a central core area of 10.5 km2 leading to lim-ited helicopter supported core drilling.

Golden Predator’s initial work commenced in 2015 with metallurgical studies, rotary air blast (RAB) drilling, reverse circulation (RC) drilling, and bulk sampling. All were focused on establish-

Goldcorp

Yukoninto the

High grades

routine at 3 Aces

exploration project

DEALS A WINNING HAND

27-28_CMJ Jan2017_Aces.indd 27 2016-12-21 4:06 PM


ing the grade and continuity of the Ace of Spades vein where several earlier core holes had intersected the vein but returned lower than expected grades. This work confirmed the high grades of the vein by utilizing a more rigorous sampling protocol and closer drill hole spacing.

A greatly expanded and accelerated work program commenced in August 2016 including airborne geophysics, soil sampling, trenching, geological mapping and sampling, road construction and installation of a bridge over the Little Hyland River to allow heavier equipment, year round drilling and a cost savings by eliminating helicopter supported activities.

The 3 Aces drill program is targeted to complete approximately 4,500 metres of 140-mm-diameter drilling and PQ core drilling in the fourth quarter of 2016. Drilling, which commenced in October, has through Dec. 13, 2016 completed 55 drill holes for more than 4,250 metres with all but three holes reaching their targeted depths. Currently the combination of core and reverse circulation drill program is

tify anomalies for trenching. Trenching results then put drill targets on the map with bulk sampling to follow to reconcile drill results with actual performance.

To date over 25 mineralized veins have been discovered through sampling, trench-ing and roadwork. Metallurgical results from bulk sampling confirm independent lab testing by SGS Mineral Services indi-cating approximately 80% gravity recovery.

In January 2013, Golden Predator signed an exploration agreement with the Kaska Nation, as represented by the Ross River Dena Council and the Liard First Nation.

Working closely with the Kaska Nation is of paramount importance to Golden Predator to ensure that the community real-izes the opportunity of training, employ-ment, contracts and business development. First Nation relations is led by the chief executive officer, Janet Lee-Sheriff, and while the company has an memorandum of exploration for exploration, Golden Predator is working on ways to exceed the requirements of the agreement by identify-ing business opportunities and the oppor-tunity to create wealth in the community outside the agreement. “Bringing the com-munity along with us” is the foundation of Golden Predator’s activities.

While in the early stages, Golden Preda-tor sees nothing to limit blue sky potential, and is optimistic that the numerous high grade veins and large untested area of the 3 Aces property will lead to an emerging new district. CMJ

designed to test high grade mineralization within a number of quartz veins exposed in trenches across the Spades, Hearts and Clubs areas.

Drilling will resume in February 2017 with more than 25,000 metres planned. The 2017 program will continue to delin-eate and expand known mineralization in the numerous veins discovered to date across the expansive property.

A seasoned teamIt takes a team of seasoned geologists to move a project forward at the fast pace now being set at Golden Predator. The exploration team is led by William Sher-iff and includes a team of contractors and employees which bring a collective of 200+ years of experience to the project. Jeff Cary as project geologist, Mark Shutty who manages the resource modelling, and Mike Burke as chief geologist round out the team. This talented team brings an old fashioned model of exploration to the pro-ject using practical “boots on the ground” exploration through soil sampling to iden-

Above and left: Night drilling. Inset: Trevor Magun (facing camera) and Victor Kisoun, both Kaska citizens working at 3 Aces.Right: Outcropping sample from the Ace of Hearts deposit.

27-28_CMJ Jan2017_Aces.indd 28 2016-12-21 12:47 PM



As we enter 2017, it is encouraging to see that some AME members are

in a better position to conduct exploration work not just in B.C.

but around the world.


Message from the Association for Mineral Exploration (AME)

Early in 2016, British Columbia’s mineral exploration and development industry began to show signs of emerging from the depths of a dark and sustained downturn.

Although mineral explorers are optimists by nature, as an industry we had been severely challenged by four consecutive years of a bear market. According to Palisade Research, the turning point was on Jan. 20, 2016 when the TSX-V market achieved a gain after 1,200 days of continuous losses and there has been a growing trend of new money coming into the industry, including significant flow-through financing for Barkerville Gold Mines Ltd.’s properties in the historic Cariboo area and IDM Mining Ltd.’s Red Mountain gold project in northwest B.C., and private capital investments into Pretium Resources Inc.’s Brucejack gold project in the Province’s Golden Triangle and JDS Silver’s Silvertip silver-lead-zinc mine in northern British Columbia.

Financings in support of earlier stage explora-tion projects have been harder to achieve although the likes of Serengeti Resources Inc., Dolly Varden Silver Corp. and Westhaven Ventures Inc. indi-cate that the opportunities are expanding beyond advanced stage projects. As we enter 2017, it is encouraging to see that some AME members are in a better position to conduct exploration work not just in B.C. but around the world. Though times remain challenging for many of our members, we remain optimistic that 2017 will see the continu-ation of steady year-to-year improvements in the prices of most precious and base metals, steel-mak-ing coal and mineral commodities that will rekindle and build investment throughout our sector.

AME’s annual Roundup 2017 conference is appro-priately themed “Gearing up for Discovery”. From Jan. 23 to 26, our 34th annual conference in Van-couver, B.C. will highlight the encouraging results of this past year’s uptick in mineral exploration activ-ity. As of press time, 76 projects at all stages of min-eral exploration and development from 13 different countries will be featured in technical presentations

and displays in the Prospectors’ Tent and Core Shack. And in our new Passport to Explore exhibit at

AME’s Roundup 2017, we will showcase the find-ings of research projects conducted by publicly funded geological surveys. Also, we are pleased to bring back AME’s Gathering Place, with its indus-try-leading talks about Aboriginal engagement and success stories of First Nations working together with the mineral exploration and development industry. AME’s Roundup program also features short courses, a trade show and sessions focused on topics such as public geoscience and commod-ity trends. Plus, the new lunchtime Invest in BC session will focus on building value for sharehold-ers, presented in an interactive format hosted by Resource Maven’s Gwen Preston.

British Columbians will head to the polls to elect a new provincial government and 87 mem-bers of the Legislative Assembly (MLAs) on May 9.

Left: Diane Nicholson, AME chair

Right: Gavin Dirom, AME president and CEO

29-30_CMJ Jan2017_AME.indd 29 2016-12-21 12:48 PM


Accordingly, AME will provide an opportunity on Jan. 25 at our annual Government-Industry Session for Roundup delegates to ask candidates and MLAs from the Liberal, New Democrat and Green political par-ties how they will support mineral exploration and development activity in province. As well, we are excited to host political commentator and Vancou-ver Sun editorialist Vaughn Palmer as our keynote speaker at the Chair’s Welcome Dinner on Jan. 22.

AME’s Roundup conference is also a special occa-sion for industry leaders to be recognized for their important and worthy accomplishments. AME will salute our industry’s best and brightest at the Celebra-tion of Excellence Awards Gala on Jan. 25. This year, we have the honour of recognizing 17 individuals and two organizations for their achievements (see sidebar).

AME’s Roundup conference is also a special occasion for industry leaders to be recognized for their important and worthy accomplishments. AME will salute our industry’s best and brightest at the Celebration of Excellence Awards Gala on January 25.

Along with the Prospectors & Developers Associ-ation of Canada (“PDAC”), AME will also use the opportunity provided by Roundup 2017 to recog-nize exceptional achievement in health and safety. We invite you to join us in congratulating Domin-ion Diamond Ekati Corporation and Cameco Cor-poration Exploration Department in receiving the Safe Day Everyday Gold Award at the Environment, Health and Safety Awards Breakfast on the morning of Jan. 25.

So here’s to a more prosperous year ahead for the globally active mineral exploration and development industry based right here in BC! We look forward to seeing you all as we start the new year off at AME’s Roundup 2017 conference – it should not be missed! CMJ

2016 AME AWARD RECIPIENTS Chris Rockingham, Carl Edmunds and Wade Barnes, recipients of the H.H. “Spud” Huestis Award for Excellence in Prospecting and Mineral Exploration

Don Parsons and Steve Parsons, recipients of the E.A. Scholz Award for Excellence in Mine Development

Terry Salman, recipient of the Murray Pezim Award for Perseverance and Success in Financing Mineral Exploration

William Lamb and Lukas Lundin, recipients of the Hugo Dummett Award for Excellence in Diamond Exploration and Development

Dr. David Broughton and Sello Kekana, recipients of the Colin Spence Award for Excellence in Global Mineral Exploration

Jim Cooney, recipient of the Robert R. Hedley Award for Excellence in Social and Environmental Responsibility

The late Graham Ennis, recipient of the David Barr Award for Excellence in Leadership and Innovation in Mineral Exploration Health & Safety

JoAnne Nelson, recipient of a Special Tribute in recognition of her distinguished career in geoscience work

Susan Craig, recipient of the Gold Pan Award for Exceptional Meritorious Service to the Mineral Exploration Community through AME

Barb Caelles, Alex Christopher and Diane Gregory, recipients of the Frank Woodside Past Presidents and Past Chairs Award for their distinguished service to the association and/or contribution to the mineral industry

MineralsEd and Britannia Mine Museum, recipients of the AME Outreach Education Fund

29-30_CMJ Jan2017_AME.indd 30 2016-12-21 12:48 PM


CSR & MINING

By Michael Torrance

New Global Reporting Initiative (GRI) Standard Released

In October 2016 the Global Reporting Initiative (GRI) released a new sustainability reporting standard that will have wide reaching effects on sustainability reporting the world over.

Sustainability Reporting and the GRIThe GRI is an organization which has provided guidance on sustainability reporting since 1997. The guidance of the GRI has become a key benchmark for good practices in sustainability reporting and is widely used across many industries.

Sustainability reporting has become a widely adopted practice across all industries, but particularly the mining industry over the last decade. The GRI reports that 92% of the world’s 250 largest com-panies report on sustainability performance. Of these, 74% use the GRI, illustrating its reach as a global guideline for reporting.

Adoption of sustainability reporting is driven by market demands – of investors and stakeholders – rather than strictly regulatory requirements. According to a report of the MIT Sloan Management Review, 75% of senior executives in investment firms believe that a company’s sustainability performance is important to consider when making investment decisions. This creates the market impetus for sustainability reporting, beyond obligatory disclosures under securities law.

Reporting in the Shadow of Regulatory Requirements Regulators are not absent however and securities regulators in Canada, the US and Europe have increasingly discussed the impor-tance of sustainability issues in the context of material disclosures to the market. Specific obligations regarding disclosure on sustain-ability issues can be seen in regulatory developments from trans-parency reporting such as the Extractive Sector Transparency Measures Act, the UK Modern Slavery Act, California Supply Chain Transparency Act, and sustainability related disclosure obli-gations set by regulators in Europe, South Africa and elsewhere. In Canada, the 2015 Corporate Social Responsibility Strategy for the Extractive Sector encourages a voluntary approach, specifically endorsing the GRI as a CSR standard for the Canadian mining sector. This highlights the specific importance of the GRI in the Canadian mining context.

New GRI StandardsThe new GRI standard is designed to simplify the sustainability reporting process and make it more accessible for reporting enti-ties. The new standard adopts a modular approach, which will allow future updates of the standard without the need for a full scale revision.

The new standard has three core areas:w GRI 101 – Foundation – This sets the basic framework and lan-guage for reporting on economic, environmental and social impacts;w GRI 102 – General Disclosure – Which sets out reporting requirements on contextual information about an organization and its sustainability reporting practices.w GRI 103 – Management Approach – Establishing reporting requirements about the approach of an organization in managing a material topic.

Beyond these core reporting frameworks, more detailed report-ing standards are set for a variety of sustainability topics:w GRI 200 – Establishes standards on economic issue reporting such as economic impacts, procurement performance and anti-corruption;w GRI 300 – Setting reporting standards on a variety of environ-mental topics including environmental management, energy, water, waste, biodiversity and environmental compliance;w GRI 400 – Covering social sustainability issues such as employ-ment practices, labour management, health and safety, privacy, freedom of association, diversity, indigenous rights, child labour, forced labour, human rights assessments and supply chains.

The intention is for these 36 modules of the GRI to be used as appropriate for the organization, as determined through stake-holder engagement and analysis of what topics are material to the organization’s operations. The question of materiality, in the con-text of the GRI, is much different than that found in most securi-ties regulation, focusing more on societal materiality than financial materiality.

Implications for the Mining IndustrySustainability reporting is here to stay and can serve as an excel-lent tool for mining companies to communicate with their stake-holders and stockholders on sustainability risks and opportunities affecting the organization. The GRI has, for some time, been a high water mark for good sustainability reporting practice. The introduction of a new global standard will allow adherents to increase consistency and develop industry norms, further facilitat-ing this dialogue. This development will evolve alongside other trends in the world of sustainability reporting, including the emergence of integrated reporting including standards develop-ment of the Sustainability Accounting Standards Board (SASB). While the new GRI standards are not an endpoint, they are worth exploring and a useful guide to current best practice in sustain-ability reporting globally. CMJ

MICHAEL TORRANCE is a lawyer with Norton Rose Fulbright, Toronto.


31_CMJ Jan2016_CSR.indd 31 2016-12-21 12:50 PM

LAW

By Sander Grieve and Linda Misetich Dann, Bennett Jones

What does a Trump Administration mean for Canada’s mining sector?

Only a few weeks ago the results of the U.S. presidential election were a foregone conclusion, with a second President Clinton all but assured her place in history. To

paraphrase … a funny thing happened on the way to the podium. In the time since, pundits and prognosticators have tried to understand what happened, what it says about America, and what we should expect in the years to come.

The only certainty in the new world order appears to be contin-ued uncertainty. We are years into a cycle of considerable market, currency and commodity price fluctuations, but now it feels like we are on the cusp of a new era, an era that will see America challenged for economic, political and global dominance, and with a president who, it seems, is keen to make policy and personal pronouncements via Twitter. A new world order indeed! Uncertainty on a new scale!

On election night, President-elect Trump delivered a message that was quickly embraced by the financial markets and the resources sector – America would be building infrastructure. While a number of factors have driven trading enthusiasm since, it is, at least in part, a Trump bounce. The market has rushed to price in the need for copper, nickel and metallurgical coal in an infrastructure spending boom, but what the real demand will be for these metals and compounds remains to be seen.

We are cautioned that the enthusiasm seen from Trump and the market still must pass the U.S. Congress. True. We are also warned that a Trump White House may not see eye to eye with deficit hawks in Congress when it comes to infrastructure spend-ing. Also true. What is discounted is how Trump arrived where he is today. Congress would be wise to note that his ‘take no prisoners’ methods will surely be delivered upon them should they attempt to delay or impede the Trump Train. Business as usual is unlikely to be tolerated.

Fluctuations in currency also play a huge role in our industry, as gains may be earned by producing in weakening currencies only to then sell product in strengthening U.S. dollars. If a President Trump can produce real growth, inflation and resulting interest rate hikes in the United States, the Canadian dollar may further weaken in the face of American growth.

The counterweight to this is the historical tendency for Canada to be positively impacted, or dragged along, by growth in America. This may, over time, normalize any Canadian currency advantage in the commodities space.

Other challenges may also be on the horizon. Firstly, Canadian business abroad has, for many years, been relatively safe thanks largely to a well maintained U.S. global order. With U.S. threats to retreat from trading relationships, global alliances, and perhaps

the world order entirely, to focus on the homeland, Canada may be required to shoulder more of the burden of supporting Canadian industry abroad.

Secondly, we have seen very little impact to date of the offload-ing of trillions of dollars globally from private balance sheets onto public ones through the dramatic increase in the money supply. The growth and inflation curve anticipated by resurgent growth in America could, it is thought, boomerang. Central banks are constantly warning of debt ratios and exposure to interest rates. The return of inflation to address the growth of the money sup-ply, could challenge the current assumptions supporting future economic growth expectations.

And what is the fate of our friend gold? Despite the dire pre-dictions that a Trump presidency would bring, there has been an easing off of gold prices since election day. Inflation, uncertainty, shifts in global and economic policies and fluctuations in cur-rency, may all be factors that lead to a resurgence in gold prices.

The biggest challenge may be the very uncertainty that we began pondering at the start of this article. A black swan event may give rise to unconsidered alternatives, as interpreted by a Trump White House that may be volatile and unpredictable in the face of the unexpected, the response may be extraordinary. Described as a pragmatist rather than an ideologue, Trump lacks the experience in policy, diplomacy or bounds of party that his predecessors were confined by. All that has happened to date has confounded popular wisdom. It is more than possible that events will continue to do so. CMJ

SANDER GRIEVE is a partner and head of the mining practice at Bennett

Jones in Toronto. LINDA MISETICH DANN is a partner and co-head of

capital markets and M&A at Bennett Jones in Toronto.


CONGRESS WOULD BE WISE TO NOTE THAT TRUMP’S ‘TAKE NO

PRISONERS’ METHODS WILL SURELY BE DELIVERED UPON THEM SHOULD

THEY ATTEMPT TO DELAY OR IMPEDE THE TRUMP TRAIN.

BUSINESS AS USUAL IS UNLIKELY TO BE TOLERATED.

32_CMJ January2017_Law.indd 32 2016-12-21 12:50 PM


With less than 20 years since the UN declared Cambodia a safe zone in 1998, this bustling southeast Asian nation is rebuilding. Starting over since the genocide

by the Khmer Rouge, this country of 15 million has turned a new corner.

However, Cambodia continues to play catch-up in the extractives and value-added industries within the country. Social license, sustainability, and long term vision, albeit rather unique in Cambodia, have implications for forward thinking resource companies and their opportunities. Initiation of a true, royalty generating mineral sector has emerged and is attracting more global attention.

Last month, I addressed the UN’s Intergovernmental Forum on Mining, Minerals, Metals and Sustainable Development (IGF) about how our Albertan mineral exploration firm, Angkor Gold, helps implements the UN’s 17 Sustainable Development Goals (17SDGs) into local communi-ties. Having fostered a very different approach to ethical mineral exploration, and persisted in local economic development through a variety of initia-tives, this small company from northern Canada shared the possibilities with 300 delegates from 58 nations in Geneva.

A model of collaboration with local communities, government, industry, and civil society sounds attrac-tive. However, emerging nations require time to evolve, and thousands of NGOs who specialize in not being profitable have impacts on sustainable develop-ment. Members of civil society, many with compet-ing, unclear agendas, struggle to work with private sector industry especially the extractive sector, foster-ing confusion among many ordinary Cambodians.

Angkor’s team arrived in Cambodia in 2009, saw great mineral prospects but came to understand the challenges of aid giveaways and a lack of profitable social devel-opment. Angkor Gold’s response strove to set small, sustainable, replicable examples that met community needs. Economic benefits for the small rural communities are vital for change, especially as Angkor, like many explorers, operates in a remote region where resources, infrastructure and meaningful economic opportunities are few and far between.

Strong companies think beyond their sector, into agriculture, energy solutions, natural resource management, simply because it

is part of working with communities so they advance and share the value. Angkor’s associated bamboo related business, its small enterprise start-ups, and agriculture tests represent an entirely different model in exploration.

As the only public Canadian company in the extractive sector of Cambodia, we need to lead by example to strive for best prac-tices, in doing our part to mitigate climate change, reduce pov-erty, improve access to education and promote ethical business.

Despite our efforts, distrust remains high among a non-profit sector here wedded to the stereotype that mining firms can do no good – despite our clear evidence to the contrary. This reflects an attitude the world over when it comes to the mining business. Indeed, the world needs energy and minerals, so we best advance the most sustainable and ethical practices to secure both, if we want any legacy for our future generations.

Therefore, for the third year running at the Palais de Nations overlooking Lake Geneva, we delivered a message about sustain-able goals and sharing the value of development with the people that need it most. People, planet, profits, and peace … necessary components of any good business, of social license, and of integ-rity to investors, ourselves and, indeed, humanity. CMJ

DELAYNE WEEKS is the vice-president for social development at Angkor

Gold Corp. of Sexsmith, AB.

By Delayne Weeks

A Promise for Cambodia

IN MY MINE(D)

DESPITE OUR EFFORTS, DISTRUST REMAINS HIGH AMONG A NON-PROFIT

SECTOR HERE WEDDED TO THE STEREOTYPE THAT MINING FIRMS CAN DO NO GOOD –

DESPITE OUR CLEAR EVIDENCE TO THE CONTRARY. THIS REFLECTS AN

ATTITUDE THE WORLD OVER WHEN IT COMES TO THE MINING BUSINESS.


33_CMJ Jan2017_In my mined.indd 33 2016-12-21 12:51 PM

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