The Golden Sunlight mine that Barrick Gold has been operating in Montana since 1975 may be heading for closure.
The NYSE- and TSX-listed miner has already ceased underground development and is limiting mining to existing areas only. A final new mill run to process gold ore is scheduled for May.
Barrick said on Thursday that it would continue underground and surface exploration drilling, with a focus on the southern extension of the Sunlight vein. The miner would also be evaluating the potential to reprocess historic tailings, while conducting hydrological and geochemical studies to support ongoing water treatment and reclamation work.
“In the coming months, Barrick will review the findings from these different work streams and determine the path forward for the operation, at which time a further update will be communicated,” the gold major stated.
The Golden Sunlight mine has been approaching the end of its operational life in recent years, with the remaining gold reserves nearly depleted. Its proven and probable gold reserves are estimated at 20 000 oz, its gold resources at 164 000 oz and its inferred gold resources at 84 000 oz.
The mine produced 32 000 oz in 2018 at an all-in sustaining cost of $1 954/oz.