El Nino Ventures Inc. (TSX: V.ELN, Stock Forum) tabled a positive preliminary economic assessment Wednesday for its Murray Brook zinc-copper-lead-silver project in the Bathurst Mining Camp in New Brunswick.
Highlights include pre-production capital of $261 million, mill throughput of 2 million tonnes per year, and a mine life of 9.5 years, the company said in a press release.
The results of the PEA demonstrate the potential technical and economic viability of establishing a new mine and mill complex on the Murray Brook property, the company said.
However, in an interview, EL Nino CEO Harry Barr said more work is needed to boost metal recoveries, particularly copper and silver.
El Nino and Votorantim Metals Canada Inc. (the project operator) each own 35% of the Murray Brook project. Votorantim Metals is part of the Votorantim Group that was founded in Brazil in 1918.
El Nino rose 17% to 3.5 cents Wednesday, leaving the company with a market cap of $2.6 million, based on 76 million shares outstanding. The 52-week range is 14 cents and 2 cents.