Spring Valley gold project in Nevada. Image from Solidus Resources.
Waterton Mining announced this week that its subsidiary Solidus Resources has received the record of decision (ROD) from the US Bureau of Land Management (BLM) approving its Spring Valley project in Nevada.
The BLM decision marks the first US federal approval of a domestic gold mine project in over a decade, the company said, adding that Spring Valley will be the largest independent gold mine in the country.
Solidus, which is 100% owned by the privately-held Waterton, is focused on advancing its gold deposit containing 3.8 million oz. in mineral reserves through permitting, construction and into operations. The project is located in Pershing County, within the Spring Valley district.
The Spring Valley mining district was discovered in 1868 and had previously produced gold, silver, lead, mercury, copper, antimony and pinite.
Modern exploration at Spring Valley began in 1996 by Kennecott Minerals Company, which searched for the source of gold in the Spring Valley placer deposits, according to the company’s website. Subsequent programs were carried out by Echo Bay, Midway and Barrick.
In 2015, Solidus continued with additional exploration and study-related activities, which included completion of 232 holes, metallurgical testwork campaigns, geotechnical and hydrological modeling, as well as a pre-feasibility study in 2018, when it began the permitting process.
2025 feasibility study
Earlier this year, the company released a feasibility study outlining a 10-plus-year heap-leach gold mine averaging over 300,000 ounces of production annually, including 348,000 ounces over the first five years.
The project is highlighted by all-in sustaining costs of $1,103/oz. gold, an after-tax net present value (at 5% discount) of $1.5 billion and a 36% internal rate of return. Its initial capital cost was pegged at $823 million, with a payback period of two years. The project economics were based on a consensus gold price of $2,400/oz. in 2028 and $2,200/oz. from 2029 onwards.
The Spring Valley feasibility incorporated the latest resource estimate (inclusive of reserves) of 4.4 million oz. gold and 600,000 oz. gold in the indicated and inferred categories, respectively, calculated using a gold price of $1,700/oz. and cut-off grade 0.004 oz/ton.
“The Spring Valley project will be Nevada’s next long-life heap leach gold mine,” Waterton CEO Isser Elishis said in a news release. “The significance of this project will be far-reaching, boosting domestic non-fuel mineral production, creating thousands of high-paying jobs, increasing both local wages and tax revenues significantly, and enhancing US mining competitiveness.”
In May, Solidus received a letter of interest from the Export-Import Bank of the United States (EXIM) regarding the potential financing of up to $835,000 for the Spring Valley project. The funding is being considered under EXIM’s Make More in America initiative, as well as the bank’s China and Transformational Exports Program.
Elishis said the project “supports the onshoring of strategic mineral production, encouraging US-based sourcing of mining technology, and boosting exports of American-manufactured equipment and services.”
