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Braveheart Announces Delay to Preliminary Economic Assessment at Bull River Mine
Calgary, Alberta--(Newsfile Corp. - July 13, 2022) - Braveheart Resources Inc. (TSXV: BHT) (O...
About this update from Canadian Critical Minerals Inc
[{"type":"text","content":"Braveheart Announces Delay to Preliminary Economic Assessment at Bull River MineCalgary, Alberta--(Newsfile Corp. - July 13, 2022) - Braveheart Resources Inc. (TSXV: BHT) (OTCQB: RIINF) (FSE: 2ZR) (\"Braveheart\" or the \"Company\") hereby announces that the Preliminary Economic Assessment (\"PEA\") for its 100% owned Bull River Mine, near Cranbrook, B.C. has been suspended pending an improvement in metal prices.The Company originally announced commencement of the PEA on February 9, 2022, with an expected completion within 120 days. When Braveheart originally commissioned the study, the price of copper was US$4.50 per lb. Since that time, the price of copper has declined to US$3.35 per lb. The Company continues to exercise discipline in any of its cash spending. As a result, the financing of any technical study, not specifically related to the permit application to restart the Bull River Mine project, has been put on hold.The Bull River Mine is fully developed and dewatered with 21,000 metres of underground developments in terms of ramps, raises and drifting on mineralized structures on seven levels. The surface infrastructure includes a 700 tonne per day conventional mill with adjoining crushing facilities as well as offices and mine maintenance facilities. The property is connected to grid power and there is year-round access to the site by paved and all-weather roads.Ian Berzins, President and CEO, commented, \"We look forward to completing a PEA study on the Bull River project, but this will not occur before the third quarter of 2022 and may be further delayed if commodity prices remain under pressure. Delay of this study will not impact on Braveheart's current discussions with the Ministry of Energy, Mines and Low Carbon Innovation (\"EMLI\"), the Ministry of Environment and Climate Change Strategy and the Environmental Assessment Office (\"EAO\") of British Columbia regarding its permit application to begin processing existing mineralized stockpiled material on surface at the mine and then resume underground mining operations.\" About Braveheart Resources Inc.Braveheart is a mining company primarily focused on two near-term copper production assets in Canada. Braveheart's main asset is the 100% owned Bull River Mine project (>135MM lbs of copper) near Cranbrook, British Columbia which has a Mineral Resource containing c...