PATTEN, Maine — A Canadian mining company with its sights set on exploring Pickett Mountain for copper, lead, silver and gold deposits has filed a zoning application with the Land Use Planning Commission to rezone roughly 197 acres for the project.
The commission announced Monday that it had received a zoning petition from Wolfden Mt. Chase, LLC, to rezone land in T6 R6 WELS, near Mt. Chase, to build an underground metallic mineral mine, as well as buildings associated with that mine.
It would rezone the land from general management to a planned development area.
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The zoning petition is subject to review by the commission under its
Chapter 12 rules. Chapter 12 requires a public hearing to be held by the commission before a final decision on the petition.
The petition is the first step in a multi-agency process to review the merits of this proposal.
Credit: Gabor Degre | BDN
Wolfden Resources acquired the Pickett Mountain lands in 2017 and later that year began drilling core samples aimed at confirming drilling tests from the late 1970s and early 1980s, when volcanic deposits of copper, lead, silver and gold were found by other companies who never pursued a mine.
On Nov. 16, 2017, Wolfden Resources purchased a 6,871-acre parcel of timberlands north of Patten for
$8.5 million with the goal of developing a mine for copper, zinc or other valuable metal minerals. Pickett Mountain is one of the highest-grade polymetallic projects in North America, according to Wolfden.
Wolfden Resources also announced in a Jan. 15 press release that it has secured up to $4.5 million in funding for its exploration projects by selling-forward timber from Pickett Mountain.
Under the terms of a five-year stumpage agreement with H.C Haynes of Winn, the company will receive $3 million in U.S. dollars upon closing and an additional $1.5 million between the fourth and fifth anniversary of the agreement. Haynes has the right to harvest $5 million worth of timber from the property over a five-year period.
In addition, Haynes granted Wolfden an option to earn a 100 percent interest in the mineral rights of the property that adjoins Pickett Mountain, as well as long-term road access rights for the current forest road used reach the Pickett Mountain deposit.