Junior mining companies drill near Batchawana Bay to unlock copper and gold potential
The Algoma district, north and east of Sault Ste. Marie, is an often overlooked area when it comes to mineral exploration. But that doesn’t mean its geology and potential isn’t any less prospective than other areas of Northern Ontario.
The district is checkered with mostly copper properties from past producing mines that operated from the turn of the last century straight into the 1960s and 1970s, their operators’ fortunes raising or falling with the commodity prices of the green metal. Other former mines produced small amounts of gold, silver, nickel, zinc and lead.
Like the global economy, copper prices had a volatile year in 2022, currently trading in the range of US$3.8 per pound. But the outlook for the ‘metal of electrification’ is positive.The metal is a key catalyst in the green energy transition, used in rechargeable batteries and electric vehicles, charging stations, wiring, and wind and solar technology applications.
The volume of exploration activity today across Algoma is nowhere near the scale and pace of more established mining camps like Kirkland Lake, Sudbury, Timmins, Red Lake, Thunder Bay and along the north shore of Lake Superior. Much of the field work by junior mining companies is very much at the grassroots stage of exploration.
For the rest of this article: https://www.northernontariobusiness.com/industry-news/mining/the-algoma-district-is-copper-country-6308726