Mega Precious Metals Pushes Forward with Monument Bay Project
Headquartered in Ontario, Canada, Mega Precious Metals is an exploration company with a pipeline of high quality gold and copper project throughout Canada. The company has a record of delivering rapid resource growth through their focused and low cost approach to exploration and resource development.
The company’s flagship Monument Bay Gold Tungsten Project has been a great example of how the company operates. By focusing on environmental and socio-economic programs with local communities, and finding new and innovative ways to do things, the company is moving forward successfully, no matter the circumstances.
Monument Bay Project
Located northeast of Winnipeg near Manitoba, the Monument Bay Project. The 100 percent-owned property, which was picked up in 2010, consists of high grade gold and tungsten.
“We kick-started the project with the help of the University of Manitoba including professors and students,” says Glen Kuntz, CEO of Mega Precious Metals.
“We brought in a bunch of heavy equipment and determined there was large deposit. From there we started processing and found we had a million ounces in reserve. At first, no one knew about tungsten but the combination of gold and tungsten on average has increased the grade equivalent by 30 percent.”
Earlier this month, the company announced an updated mineral resource estimate for the project with a significant increase in grade and resources. The increases in grade at surface appear to be amenable to open-pit mining, assuming the viability of the project is established by a preliminary economic assessment (PEA) study. Upcoming PEA analysis will further assess the potential to establish economically viable mineral resources of both gold and tungsten can be permitted.
“We’re still in exploration but the next stage of work is to de-risk the project,” says Kuntz. “We still have some environmental work to do and more drilling. It should be ready in the next few years.”
The success of the Monument Bay Project can be contributed to the company’s ability to build strong partnerships.
“We started the project by engaging with Red Sucker First Nation community,” says Kuntz. “Having a partnership with First Nation is a huge component to the success of the project.”
One of the reasons for the project’s success is utilizing local people.
“Sixty percent of our workforce is First Nation. Most of our employees are from Manitoba so it’s a local, home-grown team,” says Kuntz. “They want to see this project move and do well. They’re much more willing to work together which helps create a team environment that is united.”
He adds, “We hire people that want to work here and be here. It’s their attitude and willingness to work here that makes us successful.
Another major advantage for Mega Precious Metals is their relationships with contractors. The company strives to maintain close working relationships with all their contractors, keeping vision and communication transparent.
“Partnerships are like a marriage, it takes a lot of work and a lot of communication,” Kuntz explains. “The goal is to find a company that aligns with the same core values of your business.”
The company’s willingness to build solid partnerships and relationships has helped Mega Precious Metals to continue moving forward with the project.
Mega Precious prides itself on creating value through innovation. It’s been instrumental in de-risking projects and lowering costs and the company is continuously looking to find new ways of doing things.
Helping Precious Metals continue to move forward is its motivation to prove itself. By having the right people in the right places, the company’s problem-solving ability has been crucial to continuing the project even when many people doubted its talent.
“I’m surrounded around smart people,” says Kuntz. “We’ve partnered with the right people and companies that have helped us facilitate the success of this project.”
He adds, “A lot of gold mining companies stopped doing work because the gold prices became quite restrictive. We’ve adapted to the market and we’re making it work for us. We have a unique deposit and it gives us a chance to push on even though gold prices are low.
Finding new solutions to problems is something Mega Precious Metals excels at. The company maintains an optimistic attitude and is continuously looking to find constructive and innovative solutions to problems, no matter the situation.
According to Davis, the company is the first in Manitoba to get a permit for fuel bladders.
“By utilizing fuel bladders we were able to cut our diesel costs significantly. We also wanted to reduce and improve our greenhouse footprint and because fuel drums are very environmentally unstable, we removed 95 percent of them at our work site.”
Kuntz adds, “By doing all this work, it gives us a chance to showcase our creativeness. The various innovations we use have paid for themselves in how we do our business. We’ve dropped our operating costs so it’s paying off big time.”
Along with partnerships and innovation, the success of the company is based on having the right approach. Thanks to the company’s board of directors, Mega Precious Metals has been able to use creative solutions to problems, implementing new and innovative ideas to get the job done.
“I’ve got a really creative board around me that helps gives us direction,” says Kuntz. “Our board members are engaged in the project at different times and I’m very humble and blessed that we have a board willing to have faith in us. Their contribution has been vital for our success.”
Vale invests $150mn to extend life of Manitoba operations
Vale has announced a $150mn CAD investment to extend current mining activities in Thompson, Manitoba by 10 years while aggressive exploration drilling of known orebodies holds the promise of mining well past 2040.
Global energy transition is boosting the market for nickel
The Thompson Mine Expansion is a two-phase project. The announcement represents Phase 1 and includes critical infrastructure such as new ventilation raises and fans, increased backfill capacity and additional power distribution. The changes are forecast to improve current production by 30%.
“This is the largest single investment we have made in our Thompson operations in the past two decades,” said Mark Travers, Executive Vice-President for Base Metals with Vale. “It is significant news for our employees, for the Thompson community and for the Province of Manitoba.
“The global movement to electric vehicles, renewable energies and carbon reduction has shone a welcome spotlight on nickel – positioning the metal we mine as a key contributor to a greener future and boosting world demand. We are proud that Thompson can be part of that future and part of the low carbon solution.”
Vale continues drilling program at Manitoba
Coupled with today’s announcement, Vale is continuing an extensive drilling program to further define known orebodies and search for new mineralization.
“This $150mn investment is just one part of our ambitious Thompson turnaround story. It is an indicator of our confidence in a long future for the Thompson operations,” added Dino Otranto, Chief Operating Officer for Vale’s North Atlantic Base Metals operations.
“Active collaboration between our design team, technical services, USW Local 6166, and our entire Thompson workforce has delivered a safe, efficient and fit-for-purpose plan that will enable us to extract the Thompson nickel resources for many years to come.”
The Thompson orebody was first discovered in 1956 by Vale (then known as Inco) following the adoption of new exploration technology and the largest exploration program to-date in the company’s history. Mining of the Thompson orebody began in 1961.
“We see the lighting of a path forward to a sustainable and prosperous future for Vale Base Metals in Manitoba,” said Gary Annett, General Manager of Vale’s Manitoba Operations.