Imperial tables B.C. Block Cave mine update, plus Q3 production
Imperial Metals Corp. (III-TSX) has released an update on the advancement of the definitive feasibility study for the Red Chris Block Cave mine, as well as production from the Red Chris and Mount Polley mines for the 2026 third quarter.
Imperial is a Vancouver-based exploration, development and operating company with a portfolio of B.C. mines that includes Mount Polley (100%), the Huckleberry mine (100%), and the Red Chris mine 30%. Newmont Corp. [NEM-NYSE] holds a 70% stake in the Red Chris mine, which is located 80 kilometres south of Dease Lake in northwest B.C.
The Red Chris Block Cave project is a large-scale copper-gold opportunity located in B.C.’s Golden Triangle area. The project is designed to mine the porphyry copper-gold system beneath the existing open pit and includes an underground block cave mine, expansion of existing processing facilities and upgrades to site infrastructure, unlocking higher-grade mineralization at depth. The feasibility study is nearing completion, subject to review and governance oversight with a full funds investment decision now expected in early 2027.
Advancement of the feasibility study now reflects a more complete view of the investment requirements, schedule, and production profile. On a 100% basis, the first phase of the project is expected to produce 3.0 million ounces of gold and more than 1.8 million pounds of copper, over its initial 13-year cave life.
Subject to approval by the Red Chirs Joint Venture, construction of Red Chris Block Cave is expected to commence in 2027, with first production targeted for 2033. The project is expected to ramp up to an average between 275,000 and 325,000 ounces of gold annually, and between 145 and 187 million pounds of copper per year between 2035 and 2040.
The Red Chris mine has the potential for up to 70 years of mine life, Imperial Metals said in a press release. Meanwhile, as the feasibility study nears completion, the project has already achieved several key milestones, including the receipt of amended regulatory approvals from the province of British Columbia in June 2026 that enable the transition from open pit mining to block caving. The total estimated development capital for the project incorporating the $500 million grant from the Government of Canada for the development of critical minerals projects will be released by Imperial following completion of a NI 43-101-compliant technical report prepared for Imperial based on the feasibility study completed by Newmont.
Meanwhile, Imperial’s third quarter consolidated production from its 30% share of Red Chris and 100% of Mount Polley is 8.53 million pounds of copper and 11,648 ounces of gold. Imperial anticipates the consolidated metal production for Mount Polley and Red Chris will achieve guidance of 79-87 million pounds of copper and 87,500 to 96,500 ounces of gold for 2026. Imperial shares were unchanged Friday at $6.94. The shares trade in a 52-week range of $14.01 and $5.78.