Spring Valley Gold Project in Nevada Receives Federal Approval, Marking First U.S. Greenlight for a Domestic Gold Mine in Over a Decade

The U.S. Bureau of Land Management (BLM) has granted federal approval for the Spring Valley gold project in Nevada, marking the first domestic gold mining development to receive such authorization in more than a decade. The project, being advanced by Solidus Resources, a wholly owned subsidiary of privately held Waterton Mining, is poised to become the largest independent gold mining operation in the United States.

The approval, issued through a Record of Decision (ROD), concludes a permitting process that began in 2018 following extensive exploration and a pre-feasibility study. This regulatory milestone authorizes Solidus Resources to proceed with development activities at the site located in Pershing County within Nevada’s historic Spring Valley mining district.

Spring Valley’s mining history dates back to 1868, with previous production including gold, silver, lead, mercury, copper, antimony, and pinite. Modern exploration efforts began in 1996 when Kennecott Minerals Company targeted the source of gold found in the area’s placer deposits. The project subsequently passed through the hands of several mining companies, including Echo Bay, Midway Gold, and Barrick Gold.

Solidus Resources acquired the project in 2015 and initiated a comprehensive exploration program that included drilling 232 holes along with metallurgical testing, geotechnical assessments, hydrological modeling, and economic evaluations. These efforts culminated in the 2018 pre-feasibility study that formed the basis for the BLM permitting application.

Earlier this year, Solidus published a feasibility study outlining the scale and economics of the project. The study envisions a heap-leach gold mine with an operational life exceeding 10 years and average annual production of more than 300,000 ounces of gold. During the first five years, production is expected to average 348,000 ounces annually.

The economics appear robust, with all-in sustaining costs projected at $1,103 per ounce of gold. The project carries an after-tax net present value of $1.5 billion (assuming a 5% discount rate) and an internal rate of return of 36%. Initial capital expenditures are estimated at $823 million, with a projected payback period of two years.

These financial projections are based on gold price assumptions of $2,400 per ounce in 2028 and $2,200 per ounce from 2029 onward, reflecting industry consensus forecasts. Current gold prices have been trading near record highs above $2,400 per ounce in recent months, bolstering the project’s economic outlook.

The feasibility study incorporates a substantial resource base of 4.4 million ounces of gold in total mineral resources, with an additional 600,000 ounces in the indicated and inferred categories. These estimates used a gold price of $1,700 per ounce and a cut-off grade of 0.004 ounces per ton.

The operation is designed as a conventional open-pit, heap-leach mine utilizing established methods for processing large-scale, low-grade gold deposits. The project will include ore crushing, stacking, leaching, and gold recovery facilities, along with supporting infrastructure such as water supply systems and haul roads.

The BLM’s approval follows a comprehensive environmental review under the National Environmental Policy Act, including public consultation and coordination with various regulatory agencies. While this federal approval represents a significant milestone, the project must still secure various state-level permits before full-scale construction can begin, including water use permits and air quality certifications overseen by Nevada state agencies.

Spring Valley’s approval comes at a strategic time for the U.S. mining sector, which has seen renewed interest in domestic mineral production amid global supply chain uncertainties and growing demand for critical resources. The development aligns with broader U.S. resource policies aimed at reducing reliance on imported metals and encouraging domestic mining investments.

Once operational, Spring Valley will rank among the leading U.S. gold producers in terms of annual output. Its development is expected to deliver significant economic benefits to Pershing County and surrounding regions through job creation and increased demand for local goods and services.

With federal approval secured, Solidus Resources is expected to begin construction planning and finalize procurement for key infrastructure components, though the company has not yet announced a definitive construction timeline or projected date for first production. In the interim, the firm will continue working with local stakeholders and regulatory authorities to complete outstanding state-level requirements and ensure compliance with environmental and operational standards.