(Kitco News) – Northern Quebec is one of the most prolific gold regions in the world; it is home to the Abitibi Greenstone Belt, which has produced 180 million ounces of gold during the last century.
The Val d’Or/Abitibi region is also home to Canada’s largest gold mine: Malartic, which is run by Agnico Eagle Mines (NYSE: AEM, TSX: AEM) and Yamana Gold (NYSE; AUY, TSX: YRI). However, junior explorers working in the area are demonstrating that miners have just literally scratched the surface and the region’s potential is limitless.
Since the 1920’s the region has been home to about 100 different mines; at the same time, about 300 gold deposits have been identified in the area. “There is no doubt. This is mining country,” said Philippe Cloutier, president and CEO of Cartier Resources (TSX.V: ECR), just one of the junior explores breathing new life into existing mining camps. “The mines in Northern Quebec shut down because of economics not because they ran out of ounces.”
Cartier is currently revitalizing its Chimo Mine project. The underground mine produced 379,000 ounces of gold between 1964 and 1997. The mine shaft is 920 meters deep and Cloutier said that the company’s exploration program over the last few years shows that there mineral potential below the initial deposit.
“This mine is alive and kicking at depth,” he said. “Because of the infrastructure already in place, these are easing ounces of gold.” Osisko Mining (TSX: OSK) is another company that is highlighting the region’s unlimited potential. At its Windfall project, located 200 km northeast of Val d’Or Osisko is embarking on an aggressive exploration program, drilling 1 million meters within the project.
For the rest of this article and terrific video interview: https://www.kitco.com/commentaries/mining/2019-08-15/Junior-Explorers-Just-Scratching-the-Surface-In-Northern-Quebec-s-Abitibi-Gold-Belt.html