TSX-V-listed Skeena Resources has entered into an agreement to sell its GJ copper/gold property to Australian major Newcrest’s Red Chris mine for $7.5-million in cash.
The 43 500-ha GJ property consists of 93 contiguous mineral claims situated about 30 km west of the Red Chris mine in the Golden Triangle of north-west British Columbia.
In April 2017, Skeena announced National Instrument 43-101-compliant preliminary economic assessment (PEA) results for the project. GJ has a 25-year mine life with a low initial capital expenditure of C$216-million, a pre-tax 8% net present value of C$$546-million and a 27% internal rate of return.
Skeena has previously said that it was seeking a partner to develop the asset to the prefeasibility stage.
Further, Skeena sold its wholly owned subsidiary, Sona Resources, including the Blackdome-Elizabeth property, to Tempus Resources for $500 000 of cash.
Skeena CEO Walter Coles says it is divesting the GJ property and the Blackdome-Elizabeth property to raise funds for its Eskay Creek project – a past producing mine in northern British Columbia.
It is anticipated that closing of the transaction with Newcrest will occur prior to May 3. The sale of Sona Resources to Tempus Resources has already closed.