A Toronto junior explorer has eyes on putting a former Kirkland Lake-area gold mine back into production.
Orefinders Resources are crunching the numbers on a new resource calculation around a high-grade gold zone they discovered within the former Mirado open-pit mine, and are starting a preliminary economic assessment (PEA) to consider restarting mining operations.
The property, located 35 kilometres southeast of Kirkland Lake, contains three former mines, including the Mirado. Gold was first mined on the property in the 1940s followed by number of companies who subsequently explored, drilled and mined over the years, the last being Golden Shield Resource in the mid-1980s.
Much of the Mirado South Zone was pre-stripped and an open pit was mined to a depth of 30 metres. The material was removed from the pit and stockpiled on the property. Last year, Orefinders dug into those stockpiles, crushed, and shipped it to Quebec for processing. More than 1,400 ounces of gold was recovered, presenting the company with a revenue generating opportunity.
In March 16 news release, Orefinders said the PEA will contemplate whether a high-grade near-surface gold resource in its South Zone of the open pit can be potentially put into production.
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