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Anglogold Ashanti increases new ownership stake in Pure Gold’s Red Lake Mine
Two Red Lake mine builders are back at work with a major forest fire near the northwestern Ontario mining camp now under control.
The Municipality of Red Lake has rescinded the community evacuation order stemming from out-of-control fires south of town.
Vancouver’s Pure Gold Mining reports it is unaffected by the temporary shutdown at its Red Lake Mine site southwest of town.
The forest fire that had been active in the area south of the town of Red Lake, Ontario, is under control and the evacuation order for the municipality has been rescinded, allowing mining activity to resume.
Gold mine developer Pure Gold, which is developing a mine near Red Lake, reported on Monday that power and access had been restored to site and it was transitioning to a full resumption of mine activities.
Surface and underground inspections also confirmed that there was no damage to infrastructure or equipment at the mine site. The company reported that temporary shutdown had no material impact on its development schedule with first gold pour expected in the fourth quarter.
The Red Lake mining district in Northwestern Ontario is best known for its high-grade gold deposits, with historical production exceeding 30 million ounces of gold, mostly from the iconic Campbell and Red Lake gold mines and ten smaller mines.
A number of factors such as declining gold reserves, global economic instability, and a rise in the price of gold have led to a resurgence in gold exploration. Recent new discoveries in the Red Lake district, with Great Bear Resources (TSXV: GBR) leading the pack, have led to what amounts to another gold rush.
Geology
Commonly referred to as the Campbell-Red Lake gold deposit, the Campbell and Red Lake mines are located in the Red Lake Uchi Subprovince – Superior Province Greenstone Belt, considered to be one of Canada’s largest Archean gold deposits. The bedrock in Red Lake, primarily basalt, was formed 2.85 billion years ago during the early Neoarchean period, and gold has been dated back 2.7 billion years ago during the Uchiyan Phase of the region’s formation.
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Management and shareholders of the former Rubicon Minerals want to put a tarnished past firmly in the rear view mirror.
The Toronto mine developer announced July 7 that it has completed its corporate name change to Battle North Gold, a moniker that management believes is better reflective of its new culture of “perseverance, determination, tenacity and resilience.”
Shareholders backed the name change at the company’s June 22 annual general meeting. “This is the dawn of a new era for Battle North Gold, its shareholders and stakeholders,” said company CEO George Ogilvie in a statement.
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Workers return to project site to resume geotechnical and environmental field work
First Mining Gold has closed a US$22.5-million silver streaming deal with First Majestic Silver to advance its Springpole open-pit gold and silver mine project in northwestern Ontario.
In a July 2 release, the Vancouver developer said most of the proceeds will be used for the project’s prefeasibility study and the ongoing environmental assessment process on the almost 42,000-hectare property.
The project, 110 kilometres northeast of Red Lake, is now in the technical study and permitting stage. At last count, the mine has a projected 12-year operating life.
https://argogold.ca/
Judy Baker is President and CEO of Argo Gold and Delio Tortosa is a geological consultant.
After a 25-year lag in gold exploration in the Uchi Gold Camp, Argo Gold Inc. has been reviving exploration discovery interest in the ‘shadow of the headframe’ south of the historical Uchi Gold Mine with its high-grade Uchi Gold Project in Northwestern Ontario.
During the mid-1930s to the early 1940s, four gold mines were developed by Uchi Mines Ltd. under the direction of Jack Hammel, a well known mine developer in the Red Lake area. The gold mines are in the southeast end of the Birch-Uchi Greenstone Belt, about 100 km east of the prolific Red Lake Greenstone Belt.
Argo Gold’s Uchi Gold Project of 22 square kilometers of 100% owned claims is the highly prospective, yet relatively unexplored ground immediately south and on trend with the historical mines.
Construction of Canada’s next gold mine is rapidly advancing and is now only months away from its first gold pour.
The PureGold Red Lake mine, which dual listed Pure Gold Mining is building in the Red Lake mining district of north-western Ontario, will pour its first gold towards the tail-end of the fourth quarter.
The company is delivering its mine into a rising gold market, with the potential to benefit from a period of margin expansion “unlike any we have seen in years”, president and CEO Darin Labrenz said on Wednesday.
THE CARIBOO, the Yukon, the Porcupine—these fields have been the scenes of epic Canadian gold rushes. In each case the stage setting was colorful, the action dynamic. Each field had its peak year of raw drama. They were spectacular rushes, with an element of madness and frenzy. They belong to history.
And yet in sheer enormity, in point of men involved, money expended, wealth produced and in sight, not one of them could hold a candle to the great gold rush of ’34.
Men still speak of the Cariboo Trail and the Klondyke Trail. There can be no such convenient designation for the scene of this year’s great gold trek unless one refers in a general way to the ‘Trails of ’34. Because the scene is all Canada, and the trails lead to new fields and old. The effort is not concentrated upon a single area. The stage is so wide, so crowded with effects that the term “rush” may seem at first glance a misnomer. And yet from Nova Scotia to British Columbia, across the whole breadth of the Dominion, one of the greatest gold treks of all time is in full swing.
The high-grading racket has its roots deep in the rich mines of northern Canada. The payoff is sometimes in New York, or even Morocco, at the end of a trail of graft, hijacking and murder
ON JUNE 2 thieves blew the vault at the Delnite mine in Ontario’s famous Porcupine camp and carted off three newly poured gold bars worth $74,000. It was the biggest single robbery in Canadian mining history. And it was pulled off in spite of rumors of the coup which had been rampant for six weeks.
No single incident could more strikingly underline the great high-grading racket. The theft and smuggling of high-grade ore and gold cost Canadian mines more than $2 millions each year. It is bizarre, spectacular, cunning thievery marked by graft, hijacking and calculated murder. Its practitioners are masters of the double-cross; news of newly planned thefts often leaks out beforehand.
Its ramifications are international. Stolen Canadian gold usually winds up in the free world market in Paris or is sold privately in Central Europe or the Middle East at $40 an ounce. Three years ago (before Russia flooded the market) the price hit $100.
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Pure Gold Mining hopes to add some longevity to its new Red Lake mine, currently under construction, with an extensive exploration program this year.
The Vancouver company has kicked off a more than 30,000-metre diamond drilling campaign to fill in the gaps of its mine plan, build gold reserves, and expand some new discoveries on its property.
The program of both underground and surface drilling will continue into 2021. The company recently raised more than $27 million in financing for exploration on its 47-square-kilometre holdings, southwest of the town of Red Lake.
Toronto-listed companies First Mining and Treasury Metals on Wednesday unveiled a deal to combine their Ontario projects, creating a district-scale, multimillion-ounce gold opportunity.
The companies will put together their adjacent Goldlund and Goliath projects in a transaction that will see advanced-stage developer Treasury acquire First Mining subsidiary Tamaka Gold. First Mining will be the largest shareholder in Treasury.
The consolidation solidifies the combined asset as one of the largest undeveloped gold assets in Canada, with a consolidated resource base of two-million ounces of gold in the measured and indicated resource categories, and 1.1-million ounces of gold in the inferred resource category.
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Great Bear Resources establishes working relationship with Lac Seul, Wabauskang
Vancouver gold exploration player working in the Red Lake camp signed an exploration agreement with two area First Nation communities.
The agreement involving Great Bear Resources, Wabauskang First Nation and Lac Seul First Nation establishes a formal protocol of how the communities can communicate and engage with the junior mining company on the exploration activities taking place on the communities’ traditional territories.
Great Bear is running a major exploration program on one of the most coveted properties in the Red Lake mining district. Its Dixie Project, 25 kilometres south of town, covers more than 9,100 hectares of claims extending for more than 22 kilometres. In the last two years, numerous high-grade gold discoveries have been made.
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A Red Lake mine builder is pondering a name change. Shareholders of Rubicon Minerals will be asked to consider a new name for the company letterhead – Battle North Gold Corporation – at the June 22 annual general meeting.
The name of the proposed mine could also change from the Phoenix Gold Project to the Bateman Gold Project, the township where the development is located.
In a May 19 release, Rubicon said the name change provides a “fresh perspective” on the accomplishments made in over last three and a half years.
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Evolution Mining enters northwest gold camp with plans to boost production, lower operating costs, spend like mad on exploration
Evolution Mining, a leading Australian gold producer, is making a big-splash entry into Canada by acquiring the Red Lake Gold Complex from Newmont Goldcorp in a cash deal worth US$475 million. The Sydney and Perth-headquartered gold miner made the announcement on Nov. 26, Australian time.
The news release included details of a three-year “turnaround” plan to “reinvigorate” the northwestern Ontario gold camp by reducing operating costs, increasing production, and extending mine life.
According to the terms of the transaction, Evolution will pay Newmont Goldcorp US$375 million at close, plus an additional US$100 million contingent on a new resource discovery.
Sale further optimizes world-class portfolio while improving financial flexibility
DENVER — Newmont Goldcorp Corporation (NYSE: NEM, TSX: NGT) (Newmont or the Company) has continued to streamline its asset base by entering into a binding agreement to sell the Red Lake complex in Ontario, Canada to Evolution Mining Limited (Evolution). Upon closing of the transaction, expected in the first quarter of 2020, Newmont will receive $375 million in cash and contingent payments of up to an additional $100 million tied to new resource discoveries.
“This transaction both strengthens our balance sheet and provides ongoing exposure to new discoveries at Red Lake,” said Tom Palmer, President and Chief Executive Officer. “Evolution is a highly respected and responsible gold producer who is committed to the success of Red Lake and who we believe will prove a great partner for surrounding communities and stakeholders.”
Under terms of the $100 million contingent payment, Evolution will pay Newmont $20 million for each one million ounces of new gold resources added to the existing Red Lake resource base over a fifteen year period. The contingent payment is applicable to the first five million ounces of new resources.
