Mining company opens office here

SHAREHOLDERS of a mining and exploration company that’s ready to set-up-shop in Terrace have approved a merger.

SHAREHOLDERS of a mining and exploration company that’s ready to set-up-shop in Terrace have approved a merger.

Dolly Varden Silver Ltd.’s shareholders approved a merger between it and Twin Glacier Resources Ltd.  Nov. 15. The deal is expected to close this month  subject to being approved for listing on the TSX Venture Exchange.

To date, Dolly Varden Silver Ltd. has raised $10 million privately and began exploration in the upper Kitsault Valley area this July.

While the Toronto Stock Exchange application is pending, the company is setting up an office, storage facility and research base in town.

The chosen location is 4926 Greig Ave., a location awaiting final zone amendment approval to suit industrial purposes instead of commercial.

“I like Terrace because it’s got good logistics,” said Dolly Varden Silver Ltd. director Paul McGuigan, who said the area has a strong base of industrial suppliers and local skilled tradesmen, and  also access to Dolly Varden Ltd.’s property.

The 9,374 hectares of property are near Alice Arm, and mineral tenures were purchased earlier this year, said McGuigan in an e-mail.

The area was once home to an active silver mine that produced 20 million ounces of silver between 1919 and 1959.

Remaining resource estimates from that time show 5.7 million ounces of silver are probably and another 8.5 million ounces are possible, he said. Prospects for gold and base metals are also good, said McGuigan.

“We’re planning to drill and to explore and prove up additional reserves sufficient to go into production,” he said, adding it will take about two years to assess that potential.

“About one half of our local hires were Nisga’a in 2011,” said McGuigan. “We are looking forward to increasing our good relationship with the Nisga’a community.”

Editor’s note: This article was updated December 7, 2011. It initially read 4926 Greig Ave. was awaiting re-zoning, when in fact it is awaiting an amendment to current commercial zoning.

To clarify, while the amendment will enable business of a more industrial nature, this involves the storage of rock specimens, a research facility and office space, all of which can occur by adding an allowable use for that property.

 

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Just Posted

No injuries reported following propane leak in Terrace

Hwy 16 closed off, businesses evacuated as emergency crews responded

Coastal GasLink stresses pipeline ‘on a schedule’ as B.C. appoints liaison for Wet’suwet’en

670-kilometre pipeline is schedule to be completed by end of 2023

River Kings dethrone Rampage to reclaim first place in CIHL standings

Terrace is heading to Rupert rivals Jan. 31 in what will be a pivotal match for first place

COLUMN | Creating a “community of practice” inspires

Art Matters by columnist Sarah Zimmerman

Hockey puck with nails found at Terrace Sportsplex Arena

City believes it has already caused $4,000 of damage

VIDEO: Canada’s first presumptive case of coronavirus officially confirmed

Both patient and wife arrived on a China Southern Airlines flight after having been to Wuhan

Swapping grape varieties can help winemakers adapt to climate change: UBC study

Report says 56% of wine-grape-growing regions would be lost if global climate warms by 2 C

Alberta premier wants feds to approve Teck mine for benefit of First Nations

Kenney: ‘Surely [reconciliation] means saying yes to economic development for First Nations people’

Police search for man who went missing from Vernon hotel

Jay Rosenberger, 38, was last seen Friday

NDP suggests easing secondary housing rules for B.C. farmland

Lana Popham proposes guest homes not just for relatives

After four sexual assaults in the same B.C. park, RCMP ask women not to walk alone

Four sexual assaults took place in Glen Park over two months

BC Place lights up in purple and yellow to honour Kobe Bryant

Kobe Bryant, his 13-year-old daughter and seven others were killed in a helicopter crash

Whistleblower says Iranian-Americans questioned at Peace Arch crossing were targeted

Immigration lawyer says response from Customs Border Protection is a ‘total cover up’

Most Read