Drilling at the Janice Lake copper deposit occurred in the summer of 2020. (submitted photo/Rick Mazur)

By Derek Cornet

mining exploration

Copper deposit north of La Ronge peaks interest of Rio Tinto

Nov 23, 2020 | 5:42 PM

The Janice Lake copper deposit, located about 200 kilometers north of La Ronge, has peaked the interest of mining giant Rio Tinto Exploration Canada Inc.

Rio Tinto signed an option agreement with Forum Energy Metals Corporation worth up to $30 million and spent this past summer drilling in the area. Forum Energy President and CEO Rick Mazur explained Rio Tinto can earn 51 per cent of the deposit by spending $10 million and they can earn 80 per cent, in total, by spending $30 million. So far, they’ve spent almost $4 million.

“We think, and Rio Tinto thinks, it has significant size potential to be an economic deposit otherwise we wouldn’t be spending our money up there,” he said. “Where the mineralization occurs lends itself to probably open pit mining methods. Mineralization occurs on [the] surface and is fairly shallow.”

Forum Energy acquired the property in 2018 from Transition Metals Corporation, but copper was first discovered in the area back in 1969. Over the years, Mazur explained Saskatchewan has been overlooked in its potential for copper, nickel and other base metals. He noted traditionally interest has been on gold deposits in the La Ronge area or uranium in the Far North.

Mazur also mentioned the opening of a mine can take up to 10 years from an initial discovery to a mine becoming a reality. Before that can take place, he said further study needs to occur.

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Janice Lake Copper Project (CNW Group/Transition Metals Corp.)

“We haven’t made a discovery yet,” Mazur said. “Indications are very good. A lot more drilling needs to be done before we can say we made a discovery. Things look very, very good. Once enough drilling has been done to alienate the size of the copper mineralization and all the economic parameters to extract it profitably, then from that point, it would be a five to 10-year exercise.”

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derek.cornet@jpbg.ca

Twitter: @saskjourno