This article was provided by the Ontario Mining Association (OMA), an organization that was established in 1920 to represent the mining industry of the province.
While the price of gold has slid recently, this doesn’t mean that precious metals explorers and developers have been operating in a holding pattern waiting for a price rebound. Companies have been making adjustments, striving to control costs, advancing projects and building reserves. They know vagaries of gold price movements can be volatile both in going up and tumbling down.
The second quarter of 2013 saw a 13% decrease in average gold prices to US$1,414 per ounce. This marks the largest quarterly decline in gold prices since 1980. During that period, Harte Gold continued to advance its Sugar Zone property, located near White River 60 kilometres east of the Hemlo gold belt, towards becoming a producing mine.
The company was able to announce recently significant progress made on its Sugar Zone property during the second quarter of 2013. “The goal of Harte Gold’s optimization efforts is to generate project efficiencies, accelerate project timelines and low both up-front and overall project costs,” said Stephen G. Roman, President and Chief Operating Officer of Harte Gold. “The Sugar Zone deposit is a high grade gold deposit with significant potential along strike and at depth.”
Mineral exploration drill results indicate the Sugar Zone has an indicated resource of 275,000 ounces with a further 131,300 ounces of gold inferred. Bulk sampling is scheduled to be completed in early 2015.
The Ontario Ministry of Natural Resources has completed its environmental assessment of the advanced exploration and bulk sampling program and all permits are in place to proceed with site development work. The Ontario Ministry of Environment has completed its environmental assessment work. The sites closure plan has been approved.
Harte Gold also has in place an agreement to have its bulk sample from the Sugar Zone processed at Richmont Mines’ Island Gold Mill. The company is ready to proceed with construction of an access road connecting the site to provincial highway #631.
The company signed an exploration agreement with the Pic Mobert First Nation in 2011. This provides a framework for cooperation throughout the advanced exploration stage of the property’s development. Once commercial production of gold begins from the property, the company and the First Nation will work to develop an Impact benefit Agreement.
Harte Gold also holds the Stoughton-Abitibi gold property, which is located east of Timmins. For more information on Harte Gold, which is a recent member of the OMA, you can go to its website at www.hartegold.com.
This article is the twenty-first in a series of profiles of OMA member companies and their contributions to the vitality of Ontario’s society and economy.