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.
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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 West High Yield provided an update on its progress of its permit application for the Record Ridge Industrial Mineral Mine. The Company participated in the next step of the Application by meeting with the Mine Development Review Committee committee on December 6, 2023. At this meeting, the Company provided MDRS with an update and answered questions regarding the Amended Permit Application and a corresponding socio-economic report thereon. The MDRC committee chair, after having received the Company’s submissions at the December 8, 2023 meeting, requested that the MDRC provide technical comments to the Company relative to the Amended Permit Application by January 15, 2024.
The Company, in conjunction with its consultants, will address the comments it receives from the MDRC before its next scheduled meeting with the MDRC set for February 14, 2024. The Company anticipates further feedback and details at this February 14, 2024 meeting pertaining to the next steps in the technical review process of the Amended Permit Application.
The Company continues to plan for RRIM mine site construction development and mining during 2024.
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 support in Fall of 2023, but instead, the buyers stepped in and forced a close above $0.22 . 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.
