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Harte Gold Corp’s (TSX: HRT) Sugar zone deposit in northern Ontario will be in commercial production in the second quarter of 2018, chairman and CEO, Stephen Roman, told The Northern Miner’s Canadian Mining Symposium in London.
When Roman took over management of the company at the request of shareholders in 2009, Sugar was known to contain around 200,000 ounces of gold.
But the mining executive, who had sold Gold Eagle Mines the year before to Goldcorp (TSX: G; NYSE:GG) for $1.5 billion, had a hunch that the project, 25 km northeast of White River and 60 km east of the Hemlo area gold mines, held an awful lot more gold than that.
“Their property was fractured at the time so we cleaned up the company, acquired the other 51% of the property, and we’ve been going hard ever since.” So far Harte Gold has defined about half a million ounces of gold in the Sugar zone alone, one of seven zones defined on the 62,000 hectare property.
“Initially nobody paid attention to this asset because it was small,” he said, despite its location within 80-100 km of three operating mines: Barrick Gold’s (TSX: ABX; NYSE: ABX) Hemlo mine, Richmont Mines’ (TSX: RIC; NYSE-MKT: RIC) Island Gold mine, and Wesdome Gold Mines’ (TSX: WDO) Eagle River mine. Goldcorp’s Borden Lake project is also just 100 km away.
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