Aquila selling Wisc. mineral rights for $7M
A Canadian company is in the process of purchasing the mineral rights for two Wisconsin deposits rich in gold and copper for $7 million after they were listed for sale in May.
Green Light Metals indicated it would purchase the rights to the Bend and Reef deposits on July 6 from Aquila Resources, according to a press release. According to the company’s business listing online, Green Light is based in Toronto, Ontario, and was founded in April 2020.
No other information about the company is available online, and it does not appear to have a website. James Ward, listed as the CEO of the company, did not return request for an interview Monday.
Aquila first announced the purchase in early June but did not name the buying company. At that time, the purchase price was listed at more than $5.8 million.
The Bend deposit, located within the Chequamegon National Forest, is about 19 miles north of Medford, according to the DNR. It was discovered in 1986 and first drilled in the 1990s. It contains copper, gold and silver, totaling an estimated 4.23 million tons of ore that would be accessed via an underground mine.
Aquila has an exploration license through the federal Bureau of Land Management and was reevaluating the deposit before the sale. The company also has an exploratory license through the DNR, which expired at the end of June.
The Reef deposit is located near the Dells of the Eau Claire, outside Wausau, according to the DNR. The location was first explored in the 1970s and 1980s and is thought to contain gold. If the deposit is developed, it would likely be an open-pit mine.
Since the end of a mining moratorium, residents near the Reef site have pushed back against the idea of mining there, arguing that a mine could pollute the Dells, a county park and natural area known for its views of the Eau Claire River and wooded hiking paths.
Aquila explored the Bend and Reef deposits in 2011 and 2012, but since then no further action has been taken, partially due to a mining moratorium in Wisconsin in place until the state Legislature overturned it in 2017, renewing interest in mining in the state.
Aquila sold the rights to the Bend and Reef deposits to allow more of its resources to go toward the Back Forty project along the Michigan/Wisconsin border near Marinette, which is further along in terms of exploration and permitting.
While the Back Forty project has faced several setbacks over the last year, the company is continuing with the permitting process for the 83-acre pit mine. The life of the mine is estimated to be seven years, and it would produce thousands of pounds of zinc, gold, copper, lead and silver. An onsite processing mill would crush and refine the minerals and ores using flotation, separation and cyanide.