VANCOUVER (miningweekly.com) – The TSX-listed stock of base metals project developer Aquila Resources jumped 27% on Friday after it announced receipt of draft mining and pollution permits for its Back Forty gold/zinc project, located in Michigan's Upper Peninsula.
The Michigan Department of Environmental Quality (MDEQ) provided public notice on its proposed decision to issue a draft nonferrous metallic mineral mining permit. It also received draft national pollutant discharge elimination system and air pollution control permits.
"The MDEQ's proposed decision to approve our mine permit application represents a significant milestone for our Back Forty project," stated president and CEO Barry Hildred.
The permits will now be the subject of a public hearing to be administered by the MDEQ before issuing the final permits. The MDEQ is holding a 64-day combined public comment period, from September 1 through November 3, and a combined public hearing, on October 6, Aquila advised.
Meanwhile, Aquila is working on its response to the MDEQ regarding comments received from the Environmental Protection Agency and the US Army Corps of Engineers during the review process of its wetlands permit application. The wetlands permit is the last of four permits required to build and operate the Back Forty mine.
Aquila’s stock on Friday rose to a new 52-week high of C$0.31 apiece.