Black Bear Minerals (ASX:BKB) has released a scoping study for the near-surface epithermal mineralisation at its Independence project in Lander County, Nevada. The preliminary assessment outlines a conventional, low-capital open-pit heap-leach operation underpinned by a portion of the project's mineral resource estimate.

Nevada ranks among the world's top gold-producing jurisdictions, hosting major mining operations across the Carlin and Cortez trends, and is widely regarded for its established mining infrastructure and permitting framework.

The study projects a post-tax net present value at a 5% discount rate of approximately A$511 million, an internal rate of return of 64%, and a capital payback period of 1.4 years.

Key operational metrics include a production target of 31.9 million tonnes grading 0.30 grams per tonne gold and 6.09 grams per tonne silver. The mine plan estimates recovered production of 250,000 ounces of gold and up to 1.77 million ounces of silver over a 9.7-year mine life, with a strip ratio of 1.20 to one.

The proposed operation would process 9,000 tonnes per day through a two-stage crushing circuit, heap leaching, and a Merrill-Crowe recovery plant. Heap leaching is a widely used processing method for near-surface, lower-grade gold deposits, typically offering lower operating costs compared to conventional milling circuits.

Black Bear Managing Director Dennis Lindgren said the scoping study establishes a compelling financial case for advancing the Independence project.

"Importantly, these outcomes utilise only a portion of the current MRE and exclude both the substantially larger current epithermal resource and the high-grade skarn resource," Mr Lindgren told shareholders.

"This provides a strong foundation… as we incorporate the current resource, advance technical studies, and assess opportunities to enhance scale and value."

The economic evaluation and production target incorporated 419,600 ounces of gold equivalent, representing a portion of the current epithermal mineral resource. This comprises 73% indicated resources and 27% inferred resources. The deeper high-grade skarn mineral resource and the wider expanded epithermal resource were excluded from the FY27 financial model.

As a scoping study, the assessment represents the earliest stage of economic evaluation for a mining project and carries a corresponding level of technical and economic uncertainty. Inferred resources, which comprise 27% of the material included in the production target, are by definition subject to lower confidence in tonnage and grade estimates.

Black Bear plans to update the scoping study in future phases to incorporate the full resource inventory, alongside further infill drilling and metallurgical test work, the management team said.

BKB shares opened at approximately 48.5 cents.