https://www.northernontariobusiness.com/
Alamos Gold supersizes its expansion plans for Island Gold, forecasts 18 year mine life
The Island Gold Mine outside Dubreuilville is poised to become one of Canada’s most prolific and profitable mines for decades to come.
Over the next four years, Alamos Gold’s underground operation will get larger in scale, mine at a higher rate, deliver more ounces, and become one of the industry’s lowest cost producers over a longer mine life.
(Kitco News) – People have been pulling gold out of Canada’s Yukon Territory for 125 years. Yet, mining executives say that the jurisdiction’s full potential remains untapped as companies continue expanding their precious metal resources and finding new significant green-field discoveries.
“The beauty of the Yukon is that even with its long history, it is still very much underexplored,” said Heather Burrell, President and Managing Director at Archer Cathro, an independent geological consulting firm. The company has been a prominent explorer in the Yukon for the last five decades and has made significant discoveries, including the Coffee project, which was initially bought by Goldcorp and is now owned by Newmont.
Canada’s Kinross Gold (TSX: K) (NYSE: KGC) expects to declare an initial mineral resource for its recently acquired Great Bear gold project in Red Lake, Ontario, as part of its 2022 year-end results, it said in an update.
The gold miner, which paid $1.8 billion in cash and shares for Great Bear in a deal that closed in late February, said the estimate is predominantly in the inferred resource category, with some indicated resources.
The decision over the weekend to ban the purchase of newly mined and refined gold from Russia is the latest effort by the United States, Britain and their allies to notch up the wave of sanctions concentrated on Russia in response to its four-month-old invasion of Ukraine.
The announcement, made as President Biden and other leaders from the Group of 7 nations gathered for meetings this week in Germany, builds on steps already taken to cut off Russia from the international financial system, deprive it of additional revenues that are helping fund its war in Ukraine and punish President Vladimir V. Putin of Russia and wealthy business executives in his circle.
https://www.cbc.ca/news/canada/north/
Goose mine could be open by 2025 in territory’s Kitikmeot region
By 2025, Nunavut’s Kitikmeot region could see a new gold mine enter into production, Sabina Gold and Silver Corp.’s Goose gold mine. The company has been working toward opening a mine in its Back River project for at least a decade.
Sabina plans to make the decision soon about advancing its project to production, said company vice-president Nicole Hoeller. “We wanted to have our financing in place before,” Hoeller said.
Gold, clean-energy metals and even salt offer the promise of a bright future
Canada’s Atlantic region is experiencing a mining exploration rush the likes of which has not been seen in the area since the 1990s boom that followed the discovery of the nickel-bearing deposit at Newfoundland’s Voisey’s Bay. Once again, Newfoundland and Labrador is leading the way with more than 100,000 mineral claims staked in 2021 – the second largest annual claims total in the province’s history after 1995.
This time, the majority of exploration companies descending on the provinces of Newfoundland and Labrador, Nova Scotia and New Brunswick are looking for gold instead of nickel. A handful of others, however, are not setting their sights on the precious metal but on critical minerals and metals that are vital for decarbonization of modern technologies.
https://www.canadianminingjournal.com/
1911 Gold (TSXV: AUMB; OTC: AUMBF) has begun tailings reprocessing operations at the True North complex at Bissett, Man., where it expects to process between 170,000 and 190,000 tonnes of historical tailings this year to recover approximately 3,500 to 4,000 oz. of gold.
Early in 2022, the company completed a sampling program to characterize the grade, thickness, grain-size and moisture content of the tailings in the targeted resource blocks to quantify the expected gold recovery.
https://www.cbc.ca/news/canada/thunder-bay/
Annual Prospectors and Developers Association of Canada Conference wraps up in Toronto today
Miners and First Nations from northwestern Ontario helped lead a discussion at a major mining conference this week about First Nations’ consent in mining projects.
The chiefs of Long Lake #58 and Animbiigoo Zaagi’igan Anishinaabek joined representatives of Greenstone Gold Mines on a panel at the annual Prospectors and Developers Association of Canada (PDAC) conference. It began Monday and wraps up Wednesday in Toronto, to be followed by an online component at the end of the month.
https://www.theglobeandmail.com/
Kinross Gold Corp. is selling its Russian mines for US$340-million – half the previously negotiated price – after Moscow imposed limits on the size of the sale. In March, Kinross suspended operations at its two properties in Siberia in response to Russia’s invasion of Ukraine.
In April, Canada’s third-largest gold producer announced it would sell the mines to Highland Gold Mining Ltd. for US$680-million, with US$100-million up front and the remainder to be paid over five years.
Canada’s Marathon Gold (TSX: MOZ) is one step closer to having its proposed Valentine open-pit gold mine in central Newfoundland fully permitted as it has received the mining leases for the project.
The province’s leases cover the development of the Marathon and Leprechaun deposits and have a term of 20 years.
Toronto-headquartered Barrick Gold Corp. is once again facing accusations that its high-altitude Veladero mine in Argentina is releasing toxins into the local water supply — after similar incidents years ago spurred the country to pass legislation and forced the mine to temporarily close.
Located in the Argentinian Andes, Veladero is operated by Barrick but it is jointly owned on a 50-50 basis with China’s Shandong Gold. The mine has faced criticism related to toxic spills in water dating back to at least 2015.
Drop in Gold Fields stock leading analysts to question the deal
Gold Fields Ltd. chief executive Chris Griffith called his purchase of Yamana Gold Inc. the “optimum solution” to support his new business strategy. Investors aren’t so sure. Gold Fields shares dropped 23 per cent after Griffith announced his proposed $6.7 billion acquisition of Toronto-based Yamana last week, putting management on the defensive.
Griffith, who was appointed CEO of Gold Fields a year ago and has been leading mining companies since 2008, insisted that investors and analysts have failed to grasp that none of the typical reasons given for industry mergers apply to this deal.
https://www.miningnewsnorth.com/
Recently, the Environmental Protection Agency, citing section 404(c) of the Clean Water Act, announced its intention to prohibit the use of the Bristol Bay watershed for discharging dredged or fill material from the Pebble Project. Both of our Senators issued statements giving qualified support for the proposed decision.
Senator Murkowski, however, took the position that she has “never supported a blanket, preemptive approach for any project” recognizing “that this could be used as a precedent to target resource development projects across our state.”
Canadian miner’s situation shows that it’s easier to announce plans to leave a pariah state than actually exit
Toronto-based Kinross Gold Corp., which said in early March that it was quitting Russia, is still running its Kupol gold mining complex — which means it will likely generate tens of millions of dollars in tax revenue and other payments for Vladimir Putin’s regime.
Kinross’ situation shows that it’s easier to announce plans to leave an international pariah state than it is to actually vacate smoothly. Earlier this week, the company disclosed that it paid US$195 million to the Russian government for the 2021 tax year in the form of taxes, royalties and fees.
RIO DE JANEIRO (AP) — Peru has descended into one of the worst political crises in its history and protection of its Amazon rainforest is failing, according to a report published on Thursday. Peru is home to the second-largest portion of the Amazon rainforest after Brazil. The country had pledged to stop deforestation by 2021.
The South American country has been immersed in political turbulence since 2016. Corruption scandals and disputes between the executive and legislative branches of government have led to intense turnover – four presidents in five years. Peru’s current President, leftist outsider Pedro Castillo, has already survived two impeachment attempts since he took office in July 2021.
