Constantia Resources Ltd., which has been conducting an exploration-stage drilling program at the Maggie Copper Molybdenum Project north of Cache Creek since 2011, announced last week that the Maggie project will be going on “care and maintenance” for the time being, with no exploration activities planned for 2016 or 2017 at this time. The community office in Cache Creek will be closed as of July 1.
Poor market conditions were cited as the reason behind the decision. “We’re disappointed in the financial markets, but that’s outside our control,” says Jason Quigley, Executive Vice President of HDI Constantia. “We’re on pause right now and preserving our treasury so that we’re in a position to return when the markets improve.”
He notes that the company will be back this summer to present a watershed report to local councils, First Nations, and the Bonaparte Watershed Stewardship Society. “Going back to 2011 we heard that water was a concern.” Constantia partnered with the Dept. of Fisheries and Oceans (DFO) to study habitat enhancement opportunities in the Bonaparte watershed, and worked with the DFO, the Ministry of the Environment, and the Stewardship Society to collect more than 20 years’-worth of data.
They also received information and input from landowners and First Nations, in order to understand the limiting factors in fish production and identify and rank the enhancement opportunities relative to these factors. “We want to understand what’s currently constraining the fish population and how we can fix that.” The report will contain a ranked list of options regarding how to address the limiting factors.
Under its Local Benefits Policy, Constantia has provided employment to 23 local residents and First Nations, with 50 per cent of the site team comprised of local employees. Some 37 local businesses have provided supplies to the Maggie project, and 75 per cent of supplies and contractors were sourced from the local area. Constantia also provided training opportunities and capacity building for start-up companies, and sponsored local community events and initiatives targeting youth and education.
The company wants to maintain the local relationships it has established, and continue to have some degree of presence in the area. “We value the relationships we’ve built,” says Quigley, “and want to preserve them.”