Aquila Resources has received the third of four necessary permits from the Michigan Department of Environmental Quality (MDEQ) for its zinc- and gold-rich Back Forty project. The National Pollutant Discharge Elimination Permit (NPDES Permit) was issued by the MDEQ on April 5, 2017, following a comprehensive public commentary period that ended on November 3, 2016 including a review by the federal Environmental Protection Agency completed on February 24, 2017.
“Aquila is very proud of this milestone achievement given that the NPDES permit satisfies both State and Federal regulators as it pertains to protecting the Menominee River and surrounding watershed,” said Barry Hildred, CEO of Aquila Resources. “We will continue our efforts with the State of Michigan and local communities to demonstrate our commitment to environmental responsibility and sustainable resource development that benefits all stakeholders.”
The NPDES permit regulates the effluent limitations and monitoring requirements of water discharged to the Menominee River during mine operation. The review process and permit decisions were completed in compliance with the provisions of the Federal Water Pollution Control Act, Part 31, Water Resources Protection, of the Natural Resources and Environmental Protection Act, Part 41, Sewerage Systems.
Aquila received its Mining Permit and Air Use permit on December 28, 2016 and is currently working with the MDEQ to finalize the Wetlands Protection Permit expected later this year.
Aquila Resourcesis a development-stage company with strategic assets in the Great Lakes Region. The company’s experienced management team is currently focused on advancing permitting activities for its 100%-owned gold- and zinc-rich Back Forty project in Michigan. This is a volcanogenic massive sulphide (VMS) deposit located along the mineral-rich Penokean Volcanic Belt in Michigan’s Upper Peninsula. In its updated PEA filed in September 2014, Back Forty demonstrated strong economics with a pre-tax NPV of $282 million ($210.8 million after-tax) and a pre-tax IRR of 38.8% (32% after-tax) based on mining 16.1 Mt of Measured, Indicated, and Inferred Resources over the 16-year life of mine, of which 12.5 Mt will be open-pit and 3.6 Mt will be underground.