We’ve recently learned more about GreenLight Metals (GLM) and its exploration plans for the Bend copper/gold deposit in Taylor County and the Reef gold deposit in Marathon County by its subsidiary GreenLight Wisconsin. GLM also announced it will go public and trade stock on the Toronoto Venture Exchange. GLM was a private company up until now though it had raised funds by selling stock to private buyers.
GLM now plans to fund exploration drilling at Bend to take place as early as this late April or early May and at Reef within the next year. It needs to drill extensively at both sites to prove whether or not both metallic sulfide deposits are economic to be developed into mines. The drilling program is forecast to take 3-5 years.
Mining investment is risky especially when it comes to small and marginal deposits such as these. Reef is a very small series of gold deposits that two companies have explored but declined to develop it. Bend is a copper/gold deposit of gold and copper along with minor amounts lead, silver, arsenic and manganese – all of which are metals (including copper) of concern for ground and surface waters. Several companies have explored at Bend but also declined to attempt developing a full mine. The use of cyanide is likely necessary to separate the gold from the ore of both deposits if developed.
Gold mining is simply unnecessary – 90% is for jewelry alone. Copper isn’t truly a “critical” mineral simply due to a recent Executive Order from President Trump though this designation could bring subsidies or tax breaks for domestic production. Tariffs by the Trump administration threaten ties with trading partners leading to market uncertainty and volatility. Tariffs drive up copper prices for exports and for imports adding to more uncertainty for the markets for marginal deposits.
Multiple mining companies far larger than GLM have looked at these deposits and declined on developing them. GLM’s business model depends on investors unaware of its dependence on developing small and marginally economic minerals in WI. The shaky economics for Bend and Reef alone mean they’re unlikely to be advanced on their own. GLM’s model depends on discovering even more deposits in WI – something that dozens of bigger companies with stronger funding for exploration have failed to do since the 1970’s.
In the meantime, we will continue to oppose efforts to develop metallic sulfide deposits in WI due to the land and habitat destruction and risks to air, lakes, rivers and streams from mining wastes. Metallic sulfide mining is inherently and permanently destructive and unsustainable.