West High Yield resources (WHY.V) is a company with the objective to bring into production one of the world’s largest, greenest deposits of high-grade magnesium. The Record Ridge magnesium deposit is located 10 kilometers southwest of Rossland, British Columbia has approximately 10.6 million tonnes of contained magnesium based on an independently produced preliminary economic assessment technical report.
The company is in the process of obtaining its mining permit, with an application already submitted. A key meeting occurred on June 27 2023, where the provincial mining development review committee (MDRC) in Rossland unveiled the technical review process for the WHY project. Representatives from the government, technical experts, and groups representing first nations and indigenous peoples participated in the meeting. The meeting was overseen by British Columbia’s Ministry of Energy, Mines, and Low Carbon Innovation, and it marked the initiation of the MDRC’s technical review of WHY’s permit application process.
Today the Company provided an update on the progress of its permit application and announced that it has submitted its amended permit application for its Record Ridge Industrial Mineral Mine to the British Columbia Ministry of Energy, Mines and Low Carbon Innovation and BC Ministry of Environment and Climate Change Strategy.
Feedback from public open house meetings on May 17 and May 18, 2023 in the Rossland, British Columbia community located approximately ten kilometers from the proposed Project site in the Lower Columbia/Old Glory Area B Kootenay Region led to amendments to the permit application. These Amendments were presented and discussed at a meeting with the British Columbia Mines Development Review Committee that took place in Rossland on June 27, 2023, and were well received by Project stakeholders in attendance.
The Amendments in the Amended Application include:
- substituting or augmenting the use of explosives with mechanized equipment for ore extraction for the Project;
- implementing enclosed environments for crushing equipment to effectively manage dust and noise; and
- exploring the option with the British Columbia Ministry of Transportation and Infrastructure of utilizing a trucking route along Highway 22 to North Port, Washington, rather than passing through the City of Rossland.
These positive changes to the Project will be implemented with the utmost consideration for the environment, the community and all associated stakeholders. While these changes have taken longer than initially expected, mitigation strategies incorporated into the Amended Application have made it stronger on all fronts.
The Osoyoos Indian Band conducted an independent review of the Amended Application and has demonstrated a strong commitment to working with West High Yield in the protection of the environment and mutual economic interests.
West High Yield eagerly anticipates the next phase of the MDRC technical review process and is awaiting feedback from the MDRC members in a timely manner.
For more info on the core story, be sure to check out Chris Parry’s latest breakdown on West High Yield Resources.
The stock is ranging at a major support zone. The support zone at $0.22. There was a scare that the stock was going to breakdown below on October 4th 2023, but instead, the buyers stepped in and forced a close above $0.22 with a nice large green candle. Now, the stock continues to range just above this support. A range tends to show the exhaustion of a downtrend and potentially, the beginning stages of a new trend. Bulls should watch for a break above $0.26 to confirm a range breakout.
