The emerging Wawa gold camp may be adding another mine. A positive feasibility study released by Toronto’s Argonaut Gold expects its Magino gold project in northeastern Ontario to produce nearly two million ounces of gold over the course of a 17-year mine life.
The company outlined the economics and production for an open-pit mine when it released a feasibility study for the advanced stage gold project, Nov. 8.
The 2,204-hectare property, a former underground gold mine, is located 40 kilometres northeast of Wawa and 14 kilometres southeast of Dubreuilville. The project is close to Richmont’s Island Gold mine.
Plans call for the mine to average 150,000 ounces of gold for the first five years of production. The Magino deposit has a measured and indicated gold resource of 4.1-million ounces. The company said the environmental permitting process is underway after filing its impact paperwork to the federal and provincial governments last January.
Argonaut provided no date on when construction of the pit will start but the company expects to receive final environmental assessment and mine closure plan approvals sometime during 2018. This will allow the company to apply for and receive permits to begin construction of all major infrastructure.
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