Archive | Red Lake

Rediscovering Red Lake: Historic, high-grade gold camp is seeing intense mining, development and exploration – by Alisha Hiyate (Canadian Mining Journal – March 2021)

https://www.canadianminingjournal.com/

Between Evolution Mining’s investment in the Red Lake mine, Great Bear Resources’ exploration success at Dixie, Pure Gold Mining opening up a second mine in the camp, and Battle North Gold planning a third – Red Lake is seeing renewed interest.

Evolution Mining made its entrance into Red Lake, Ont., only last year, after striking a deal with Newmont for the historic Red Lake gold complex in late 2019. The complex has a long and prolific history, with production of more than 25 million oz. at grades of over 20 g/t gold since the late 1940s.

Once the crown jewel in Goldcorp’s portfolio, the mine suffered from underinvestment and declining grades and resources in recent years. But, in line with its strategy of acquiring assets with long life potential in “well-endowed geological terranes,” Evolution saw the opportunity to turn it into a cornerstone asset, while restoring Red Lake to some of its former glory. Continue Reading →

Australia’s Evolution Mining doubles down on Red Lake; makes $343-million play for Battle North Gold – by Niall McGee (Globe and Mail – March 16, 2021)

https://www.theglobeandmail.com/

Evolution Mining Ltd. is offering $343-million to buy Battle North Gold Corp. in a friendly transaction that would see the Australian miner double down on Ontario’s Red Lake gold district.

Melbourne-based Evolution is offering $2.65 a share in cash for Battle North, a 45-per-cent premium to Friday’s close. Battle North is urging its investors to vote for the deal in a coming shareholder vote, saying the acquisition reduces the execution risk of getting its Bateman gold mine into production.

Toronto-based Battle North has spent the past few years resurrecting an underground gold project with a notorious past. About five years ago, a previous iteration of the company, Rubicon Minerals Corp., rushed the project into production, with only a preliminary engineering study in hand. Continue Reading →

Evolution to acquire Battle North in $343M all-cash deal – by Staff (Canadian Mining Journal – March 15, 2021)

http://www.canadianminingjournal.com/

Australia-based producer Evolution Mining (ASX: EVN) is acquiring Red Lake-focused gold developer Battle North Gold (TSX: BNAU) in a $343-million, $2.65 a share, all-cash deal. The two companies have entered into a definitive arrangement agreement with Evolution agreeing to acquire all of the Battle North shares outstanding.

The $343-million cash offer represents a 46% premium to Battle North’s last close and a 54% premium to the company’s 20-day weighted average price.

According to Battle North president and CEO George Ogilvie, the offer from Evolution offers a premium to shareholders with synergies expected from the combination of Battle North’s Bateman and Evolutions’ Red Lake complex in the Ontario mining district. Continue Reading →

Bosses at Red Lake’s newest mine pleased with operating performance – by Staff (Northern Ontario Business – March 5, 2021)

https://www.northernontariobusiness.com/

Pure Gold Mining ramps toward commercial production while exploration program is on target with high-grade hits

Four months after the first pour gold at Red Lake’s newest mine in December, Pure Gold Mining keeps discovering high-grade gold.

At the same time, the underground mine southwest of the community, is ramping up operations to achieve commercial production status by the middle of this year.

The Vancouver-based mining company, which is 3,700 metres into a 21,000-metre drill program, released early results of high-grade intersects at three targets near the mine. Continue Reading →

A frozen February generates the heat of gold exploration activity at Red Lake – by Staff (Northern Ontario Business – February 16, 2021)

https://www.northernontariobusiness.com/

Drill rigs are turning at multiple gold and metal projects in northwestern Ontario

Sub-zero temperatures and frozen ground provide the perfect setting for some budding northwestern Ontario gold producers and a bevy of exploration companies to make headway on advancing their respective projects in the Red Lake area.

While Battle North Gold is preparing its Bateman Mine Project for the first gold pour in December, the Toronto miner is also kicking off an extensive regional exploration program at Red Lake.

The company is spending $7 million to explore its “string of pearls” targets and fund up to 22,000 metres of drilling in 2021. Continue Reading →

Red Lake renaissance: After a decade of decay, historic Ontario gold district bouncing back – by Niall McGee (Globe and Mail – February 16, 2021)

https://www.theglobeandmail.com/

When Australia’s Evolution Mining Ltd. took over the Red Lake gold mine in Northwestern Ontario in early 2020, it found busted equipment, manually operated mine shafts and demoralized employees. Formerly owned by Vancouver-based Goldcorp Inc., the operation was in a shambles.

“This mine was lost within the Goldcorp portfolio,” Evolution chief executive officer Jake Klein said. “It was a tough place to work. It never met its budget or forecast. It never got allocated capital. Exploration development was starved. It was kind of a spiral of negativity.”

Now the Melbourne-based company is trying to turn the mine around, investing hundreds of millions to mechanize, improve and tweak the operation – and protect hundreds of jobs in the process. Continue Reading →

Battle North Gold ready to start Red Lake mine construction – by Staff (Northern Ontario Business – February 9, 2021)

https://www.northernontariobusiness.com/

Battle North Gold’s board of directors has approved construction plans for this year to bring Red Lake’s next mine back into production.

The Toronto mine developer is targeting the processing of ore, and maybe the first gold pour, at its Bateman gold mine project by the end of this year with the start of commercial production at the end of 2022. The company released a feasibility study last fall, including a construction budget for this year.

The Bateman Gold Project is the former Phoenix Gold mine project, which operated briefly in 2015 under the flag of Rubicon Minerals until the company went into creditor protection, was restructured, with new management re-evaluating the mineral estimate. The company changed its name and that of the mine project last summer. Continue Reading →

Vancouver gold seeker gains ground in Red Lake, Larder Lake – by Staff (Northern Ontario Business – January 19, 2021)

https://www.northernontariobusiness.com/

Trillium Gold Mines acquires more than 12,000 hectares in exploration property

A Vancouver gold explorer on a recent acquisition spree has picked up more property near Red Lake and the Larder Lake area of northeastern Ontario.

Trillium Gold Mines has added 7,939 hectares to its steadily expanding holdings near the northwestern Ontario mining camp, this time in a very prospective area known as the Confederation Lake and Birch-Uchi greenstone belts.

In a Jan. 18 news release, Trillium said it’s cashed up for a 35,000-metre drill program on greenfield property in the Red Lake district that has “exceptional” potential. Continue Reading →

Red Lake gold camp has a new land baron: Trillium Gold seals the deal on full ownership of high-grade gold property – by Staff (Northern Ontario Business – January 4, 2021)

https://www.northernontariobusiness.com/

Vancouver’s Trillium Gold are busy campers in the Red Lake district. The junior explorer has been a whirlwind of activity flying airborne surveys, filing for drill permits, and running drill programs on its Red Lake gold properties.

On New Year’s Eve, the company announced it closed the acquisition of the Newman Todd Project, which, according to Trillium, makes them the largest property holder in the area.

In a cash-and-share deal with Heliostar Metals, Trillium picked up the remaining 16.5 per cent ownership stake in the 198-hectare property. Continue Reading →

Pure Gold becomes Canada’s newest gold producer – by Trish Saywell (Northern Miner – December 31, 2020)

Global mining news

Pure Gold Mining (TSXV: PGM; LSE: PUR; US-OTC: LRTNF) poured its first gold in the final week of 2020 at its PureGold mine in Red Lake, Ontario and the company expects to reach commercial production by the end of the first quarter of 2021.

The company plans to provide full-year guidance for 2021 once the mine reaches commercial production.

“To build a mine at any time requires a complete team effort comprised of dedicated, driven, and focused individuals,” Darin Labrenz, Pure Gold’s president and CEO, stated in a news release. “To do so under the unique challenges of 2020 speaks to the quality and dedication of the entire team.” Continue Reading →

Rob McEwen shares investment strategies at the Global Mining Symposium – by Trish Saywell (Northern Miner – November 11, 2020)

Global mining news

The Northern Miner’s Global Mining Symposium this week featured an interview with Canadian mining entrepreneur Rob McEwen, chief owner and chairman of McEwen Mining (TSX: ; NYSE: MUX).

The legendary investor, perhaps best known for transforming Goldcorp into a global powerhouse and revitalizing the Red Lake gold mine in Ontario, shared his philosophy on everything from how to pick the right companies in which to invest to how unprecedented government spending around the world is creating the next bull market for gold.

“I am convinced that the price of gold is going much higher and owning gold bullion is the safest way for me to protect my capital and the best way to make large capital gains is investing in distressed and overlooked explorers and turnaround situations,” he told Anthony Vaccaro, the Northern Miner’s publisher, during the online conference. Continue Reading →

Evolution Mining sees vast gold potential at Red Lake – by Ian Ross (Northern Ontario Business – September 2, 2020)

https://www.northernontariobusiness.com/

Australian mine operator says new resource estimate and gold prospects should add decades of mine life

The Red Lake Mine complex has plenty more gold to be discovered, said its new Australian owners.

“We have not scratched the surface of Red Lake’s full potential,” said Evolution Mining’s chief operating officer Bob Fulker in a Sept. 1 webcast to Evolution’s investors, about recent discoveries that offer opportunity to dramatically increases production while maintaining a longer mine life.

Senior executives of the Sydney-headquartered mining company talked of the open-ended potential of the three-mine operation and the numerous exploration opportunities to grow the gold base inside their 457-square-kilometre property. Continue Reading →

Battle North Gold (Rubicon Minerals) raises $61M for mine project and exploration – by Staff (Northern Ontario Business – August 27, 2020)

https://www.northernontariobusiness.com/

A Red Lake gold mine development has received a major injection of capital.

Toronto’s Battle North Gold has raised more than $61 million to bring its Bateman Mine project and continue exploration on its extensive property in the northwestern Ontario gold district.

The company announced Aug.27 it’s closed a bought deal financing arrangement through an offering of common shares and flow-through shares to raise $61,368,950 to complete work on the mine development and to expand the gold resource on the property. Continue Reading →

With forest fire contained, Red Lake mine developers resume activity – by Staff (Northern Ontario Business – August 18, 2020)

https://www.northernontariobusiness.com/

Anglogold Ashanti increases new ownership stake in Pure Gold’s Red Lake Mine

Two Red Lake mine builders are back at work with a major forest fire near the northwestern Ontario mining camp now under control.

The Municipality of Red Lake has rescinded the community evacuation order stemming from out-of-control fires south of town.

Vancouver’s Pure Gold Mining reports it is unaffected by the temporary shutdown at its Red Lake Mine site southwest of town. Continue Reading →

Red Lake fire under control, mining activities resume – by Mariaan Webb (MiningWeekly – August 17, 2020)

https://www.miningweekly.com/

The forest fire that had been active in the area south of the town of Red Lake, Ontario, is under control and the evacuation order for the municipality has been rescinded, allowing mining activity to resume.

Gold mine developer Pure Gold, which is developing a mine near Red Lake, reported on Monday that power and access had been restored to site and it was transitioning to a full resumption of mine activities.

Surface and underground inspections also confirmed that there was no damage to infrastructure or equipment at the mine site. The company reported that temporary shutdown had no material impact on its development schedule with first gold pour expected in the fourth quarter. Continue Reading →