Panther Metals initiates tailings sampling programme at Winston
Panther Metals () has commenced a tailings sampling programme at the Winston project, located on the historic Winston Lake mine in Ontario.
The aim is to assess the potential of reprocessing historical mine tailings produced when Winston Lake was operational from 1988 to 1998.
During that period the mine produced approximately 3.3 million tonnes of ore, yielding zinc, copper, silver, and gold. Based on historic recoveries from mining activities in the 1980s and 1990s, it is believed that a significant quantity of valuable material remains in the tailing storage facility.
A 2021 study estimated that re-starting operations at Winston could generate nearly C$1 billioin in revenue, and annual EBITDA of nearly C$70 million.
Early analysis suggests that successful reprocessing could nearly double the known resource at the Winston project, further enhancing value and extending operational cashflow.
It would also advance environmental cleanup through the removal or treatment of legacy materials.
"This tailings sampling programme is the first step in adding significant value to the Winston project,” said Darren Hazelwood, chief executive of Panther Metals.
“Based on the historical mine processing recoveries, we believe there is a strong opportunity that the metal contained on the mine tailings could nearly double the known resource base at Winston - while also addressing legacy environmental impacts. This presents a rare opportunity to deliver both economic and environmental returns."
View from Vox
The recent acquisition of Winston looks to have been a transformative deal for Panther, and now the company is setting about building the value there. There’s lots of potential ways to do this, and tailings is an obvious place to start. The enhancement of what’s already a significant metals inventory can only be value-accretive, especially now that the market is at last waking up to the effects of years of underinvestment in mining and exploration
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