TSX Venture Exchange listed Scandium Canada (TSX-V:SCD) is focused on a busy 12 months ahead after completing 2,854m of diamond drilling on its Crater Lake project in Québec earlier this month (August 2024) has set the stage.
The drilling program had two main objectives. One was completing geomechanical drilling to determine the optimal angles of the slopes of the proposed open pit design for the Prefeasibility Study (PFS). It totalled 1,669m in six holes.
The second objective was to confirm the potential extension of the TG Zone for an additional 250m length.
Currently, the Preliminary Economic Assessment (PEA), originally filed in July 2022, takes into consideration an initial mineralised zone of 350m in length. The focus of the additional drilling was around extending that zone (TG Zone North Lobe).
The company reports that mineralisation is present in all holes. In total, 1,185m in seven holes have been drilled on the southern extension.
Speaking to Mining.com.au ahead the release of the diamond drill results, CEO Guy Bourassa said the resources identified within the TG Zone could provide the market scandium for decades to come.
The zone is open in all directions and its full potential remains to be confirmed. It will be mined as an open pit with an average of about 4m of overburden and a dip of close to 90o.
Scandium Canada will report results of the metallurgical piloting in the near-term with a Prefeasibility Study (PFS) expected to be completed in later next year.
With a 43-101 compliant mineral resource estimate (MRE), the 2022 PEA shows Crater Lake has an after-tax net present value of $1.72 billion (at 10% discount rate) over a life of mine of 25 years.
Total initial capex is expected to be C$870.9 million.
Write to Adam Orlando at Mining.com.au
Images: Scandium Canada
