Canada's Barrick Gold (TSX:ABX) (NYSE:GOLD) could close its Golden Sunlight mine in Montana as soon as May, unless the company finds a way to keep the 44-year-old and nearly depleted operation in business.
Barrick is limiting mining to existing areas only, with a final new mill run to process gold ore scheduled in two monthsUnderground development has already ceased, and Barrick is limiting mining to existing areas only, it said. A final new mill run to process gold ore is scheduled in two months.
The gold giant plans to continue underground and surface exploration drilling, with a focus on the southern extension of the Sunlight vein. Barrick will also evaluate the potential to reprocess historic tailings, while conducting hydrological and geochemical studies to support ongoing water treatment and reclamation work.
In the coming months, the company will review the findings from these different work streams and determine the path forward for the operation, at which time a further update will be communicated.
Golden Sunlight currently employs 55 people and also has about 90 contracters.
Proven and probable gold reserves at the mine are estimated at 20,000 ounces, gold resources at 164,000 ounces and inferred gold resources at 84,000 ounces.