Constantia Resources Ltd. is expecting to move one of possibly three drilling units onto its property near 16 Mile by the end of this month.
“It’s good news from our perspective,” said Myke Clark, Sr. Manager - Stakeholder Affairs. “We’ve nailed down financing and are ready to move full steam ahead with the development,” he told Cache Creek Council on Monday.
Constantia has been working in the area for the past two years after buying up several pieces of property in the area, including the old Ferguson farm.
Now that financing is in place, the Vancouver-based company has finalized a drill contract that is expected to start before the end of September and they will be opening an office in Cache Creek in the old Napa building next to Chanors on the highway.
The area has historical mineral development, including involvement from Bethlehem Copper, which abandoned the site in the early 1970s.
Clark said Phase 1 will involve drilling for core samples. Some of the drill holes will twin existing ones, and some will be to a depth of 1,000 metres. He told Council that they would not be drilling in the hills.
Constantia will conduct exploration for the next three years to determine what is in the ground. They hope to add up to two more drill rigs to the site over th next few months, using labourers from the local area.
The company is looking for copper and molybdenum, and hopes that exploration will eventually lead to a new mine in the area.
“We’re proceeding with an overabundance of caution,” said Clark. “We hope to show people good environmental practices.”
He assured Council that they would take every precaution to protect the nearby Bonaparte River and area groundwater. He said they’ve also made commitments to nearby residents that they won’t be any overnight drilling.
He added that even though the company hope the exploration will lead toa mine, it can take 20 years to do the exploration and get finances and permits in place.