Archive | Red Lake

Red Lake District: Home to High-Grade Gold Deposits and Great Bear Resources, a Gold Rush Catalyst (The Deep Dive – July 12, 2020)

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The Red Lake mining district in Northwestern Ontario is best known for its high-grade gold deposits, with historical production exceeding 30 million ounces of gold, mostly from the iconic Campbell and Red Lake gold mines and ten smaller mines.

A number of factors such as declining gold reserves, global economic instability, and a rise in the price of gold have led to a resurgence in gold exploration. Recent new discoveries in the Red Lake district, with Great Bear Resources (TSXV: GBR) leading the pack, have led to what amounts to another gold rush.

Geology

Commonly referred to as the Campbell-Red Lake gold deposit, the Campbell and Red Lake mines are located in the Red Lake Uchi Subprovince – Superior Province Greenstone Belt, considered to be one of Canada’s largest Archean gold deposits. The bedrock in Red Lake, primarily basalt, was formed 2.85 billion years ago during the early Neoarchean period, and gold has been dated back 2.7 billion years ago during the Uchiyan Phase of the region’s formation. Continue Reading →

Red Lake mine developer kicks dirt on the past: Rubicon Minerals finalizes name change to Battle North Gold – by Staff (Northern Ontario Business – July 8, 2020)

https://www.northernontariobusiness.com/

Management and shareholders of the former Rubicon Minerals want to put a tarnished past firmly in the rear view mirror.

The Toronto mine developer announced July 7 that it has completed its corporate name change to Battle North Gold, a moniker that management believes is better reflective of its new culture of “perseverance, determination, tenacity and resilience.”

Shareholders backed the name change at the company’s June 22 annual general meeting. “This is the dawn of a new era for Battle North Gold, its shareholders and stakeholders,” said company CEO George Ogilvie in a statement. Continue Reading →

First Mining closes streaming deal on northwest mine project – by Staff (Northern Ontario Business – July 3, 2020)

https://www.northernontariobusiness.com/

Workers return to project site to resume geotechnical and environmental field work

First Mining Gold has closed a US$22.5-million silver streaming deal with First Majestic Silver to advance its Springpole open-pit gold and silver mine project in northwestern Ontario.

In a July 2 release, the Vancouver developer said most of the proceeds will be used for the project’s prefeasibility study and the ongoing environmental assessment process on the almost 42,000-hectare property.

The project, 110 kilometres northeast of Red Lake, is now in the technical study and permitting stage. At last count, the mine has a projected 12-year operating life. Continue Reading →

Argo Gold: Reviving an old Gold Mining Camp – by Judy Baker and Deio Tortosa (Ontario Prospector – Fall 2019)

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Judy Baker is President and CEO of Argo Gold and Delio Tortosa is a geological consultant.

After a 25-year lag in gold exploration in the Uchi Gold Camp, Argo Gold Inc. has been reviving exploration discovery interest in the ‘shadow of the headframe’ south of the historical Uchi Gold Mine with its high-grade Uchi Gold Project in Northwestern Ontario.

During the mid-1930s to the early 1940s, four gold mines were developed by Uchi Mines Ltd. under the direction of Jack Hammel, a well known mine developer in the Red Lake area. The gold mines are in the southeast end of the Birch-Uchi Greenstone Belt, about 100 km east of the prolific Red Lake Greenstone Belt.

Argo Gold’s Uchi Gold Project of 22 square kilometers of 100% owned claims is the highly prospective, yet relatively unexplored ground immediately south and on trend with the historical mines. Continue Reading →

Ontario’s next gold mine ‘perfectly timed’ – by Mariaan Webb (MiningWeekly.com – June 25, 2020)

https://www.miningweekly.com/

Construction of Canada’s next gold mine is rapidly advancing and is now only months away from its first gold pour.

The PureGold Red Lake mine, which dual listed Pure Gold Mining is building in the Red Lake mining district of north-western Ontario, will pour its first gold towards the tail-end of the fourth quarter.

The company is delivering its mine into a rising gold market, with the potential to benefit from a period of margin expansion “unlike any we have seen in years”, president and CEO Darin Labrenz said on Wednesday. Continue Reading →

[Canadian Gold Mining/Exploration During Depression] The Trails of `34 – by Leslie McFarlane (MACLEAN’S Magazine – September 15, 1934)

https://archive.macleans.ca/

THE CARIBOO, the Yukon, the Porcupine—these fields have been the scenes of epic Canadian gold rushes. In each case the stage setting was colorful, the action dynamic. Each field had its peak year of raw drama. They were spectacular rushes, with an element of madness and frenzy. They belong to history.

And yet in sheer enormity, in point of men involved, money expended, wealth produced and in sight, not one of them could hold a candle to the great gold rush of ’34.

Men still speak of the Cariboo Trail and the Klondyke Trail. There can be no such convenient designation for the scene of this year’s great gold trek unless one refers in a general way to the ‘Trails of ’34. Because the scene is all Canada, and the trails lead to new fields and old. The effort is not concentrated upon a single area. The stage is so wide, so crowded with effects that the term “rush” may seem at first glance a misnomer. And yet from Nova Scotia to British Columbia, across the whole breadth of the Dominion, one of the greatest gold treks of all time is in full swing. Continue Reading →

How Gold Thieves Get Away With Millions – by Don Delaplante (MACLEAN”S Magazine – July 15, 1950)

https://archive.macleans.ca/

The high-grading racket has its roots deep in the rich mines of northern Canada. The payoff is sometimes in New York, or even Morocco, at the end of a trail of graft, hijacking and murder

ON JUNE 2 thieves blew the vault at the Delnite mine in Ontario’s famous Porcupine camp and carted off three newly poured gold bars worth $74,000. It was the biggest single robbery in Canadian mining history. And it was pulled off in spite of rumors of the coup which had been rampant for six weeks.

No single incident could more strikingly underline the great high-grading racket. The theft and smuggling of high-grade ore and gold cost Canadian mines more than $2 millions each year. It is bizarre, spectacular, cunning thievery marked by graft, hijacking and calculated murder. Its practitioners are masters of the double-cross; news of newly planned thefts often leaks out beforehand.

Its ramifications are international. Stolen Canadian gold usually winds up in the free world market in Paris or is sold privately in Central Europe or the Middle East at $40 an ounce. Three years ago (before Russia flooded the market) the price hit $100. Continue Reading →

Pure Gold Mining kicks off 30,000-metre drilling program in Red Lake – by Staff (Northern Ontario Business – June 5, 2020)

https://www.northernontariobusiness.com/

Pure Gold Mining hopes to add some longevity to its new Red Lake mine, currently under construction, with an extensive exploration program this year.

The Vancouver company has kicked off a more than 30,000-metre diamond drilling campaign to fill in the gaps of its mine plan, build gold reserves, and expand some new discoveries on its property.

The program of both underground and surface drilling will continue into 2021. The company recently raised more than $27 million in financing for exploration on its 47-square-kilometre holdings, southwest of the town of Red Lake. Continue Reading →

Ontario consolidation creates district-scale project – by Mariaan Webb (MiningWeekly.com – June 4, 2020)

https://www.miningweekly.com/

Toronto-listed companies First Mining and Treasury Metals on Wednesday unveiled a deal to combine their Ontario projects, creating a district-scale, multimillion-ounce gold opportunity.

The companies will put together their adjacent Goldlund and Goliath projects in a transaction that will see advanced-stage developer Treasury acquire First Mining subsidiary Tamaka Gold. First Mining will be the largest shareholder in Treasury.

The consolidation solidifies the combined asset as one of the largest undeveloped gold assets in Canada, with a consolidated resource base of two-million ounces of gold in the measured and indicated resource categories, and 1.1-million ounces of gold in the inferred resource category. Continue Reading →

Red Lake gold discoverer inks exploration agreement with First Nations – by Staff (Northern Ontario Business – May 26, 2020)

https://www.northernontariobusiness.com/

Great Bear Resources establishes working relationship with Lac Seul, Wabauskang

Vancouver gold exploration player working in the Red Lake camp signed an exploration agreement with two area First Nation communities.

The agreement involving Great Bear Resources, Wabauskang First Nation and Lac Seul First Nation establishes a formal protocol of how the communities can communicate and engage with the junior mining company on the exploration activities taking place on the communities’ traditional territories.

Great Bear is running a major exploration program on one of the most coveted properties in the Red Lake mining district. Its Dixie Project, 25 kilometres south of town, covers more than 9,100 hectares of claims extending for more than 22 kilometres. In the last two years, numerous high-grade gold discoveries have been made. Continue Reading →

Rubicon Minerals seeks to bury a dubious past: Red Lake mine developer suggests name change at upcoming shareholders meeting – by Staff (Northern Ontario Business – May 19, 2020)

https://www.northernontariobusiness.com/

A Red Lake mine builder is pondering a name change. Shareholders of Rubicon Minerals will be asked to consider a new name for the company letterhead – Battle North Gold Corporation – at the June 22 annual general meeting.

The name of the proposed mine could also change from the Phoenix Gold Project to the Bateman Gold Project, the township where the development is located.

In a May 19 release, Rubicon said the name change provides a “fresh perspective” on the accomplishments made in over last three and a half years. Continue Reading →

Australians make a $475-million splash in Red Lake – Staff (Northern Ontario Business – November 26, 2019)

https://www.northernontariobusiness.com/

Evolution Mining enters northwest gold camp with plans to boost production, lower operating costs, spend like mad on exploration

Evolution Mining, a leading Australian gold producer, is making a big-splash entry into Canada by acquiring the Red Lake Gold Complex from Newmont Goldcorp in a cash deal worth US$475 million. The Sydney and Perth-headquartered gold miner made the announcement on Nov. 26, Australian time.

The news release included details of a three-year “turnaround” plan to “reinvigorate” the northwestern Ontario gold camp by reducing operating costs, increasing production, and extending mine life.

According to the terms of the transaction, Evolution will pay Newmont Goldcorp US$375 million at close, plus an additional US$100 million contingent on a new resource discovery. Continue Reading →

NEWS RELEASE: Newmont Goldcorp Successfully Reaches Agreement to Sell Red Lake — $375 Million in Cash Plus Up To $100 Million in Contingent Payments (November 25, 2019)

Sale further optimizes world-class portfolio while improving financial flexibility

DENVER — Newmont Goldcorp Corporation (NYSE: NEM, TSX: NGT) (Newmont or the Company) has continued to streamline its asset base by entering into a binding agreement to sell the Red Lake complex in Ontario, Canada to Evolution Mining Limited (Evolution). Upon closing of the transaction, expected in the first quarter of 2020, Newmont will receive $375 million in cash and contingent payments of up to an additional $100 million tied to new resource discoveries.

“This transaction both strengthens our balance sheet and provides ongoing exposure to new discoveries at Red Lake,” said Tom Palmer, President and Chief Executive Officer. “Evolution is a highly respected and responsible gold producer who is committed to the success of Red Lake and who we believe will prove a great partner for surrounding communities and stakeholders.”

Under terms of the $100 million contingent payment, Evolution will pay Newmont $20 million for each one million ounces of new gold resources added to the existing Red Lake resource base over a fifteen year period. The contingent payment is applicable to the first five million ounces of new resources. Continue Reading →

The Red Lake resurgence: Miners and explorers seek ever more gold from this busy Ontario district – by Greg Klein (Resource Clips – September 16, 2019)

http://resourceclips.com/

A new gold producer on the way, attention-grabbing assays from a well-financed junior and high hopes for the price of gold—could that in any way explain the current excitement at Red Lake? A region that’s produced 30 million ounces since its first rush in 1926 still has more gold to mine and, explorers believe, more mines to find.

Just as Newmont Goldcorp TSX:NGT was considering the sale of its Red Lake operations, Pure Gold Mining TSXV:PGM began building Madsen Red Lake, billed as Canada’s highest-grade gold development project. But, as far as juniors are concerned, the district’s biggest newsmaker has been Great Bear Resources’ (TSXV:GBR) Dixie Lake property.

While focused on British Columbia’s Golden Triangle in 2017, Great Bear optioned Dixie from Newmont, also getting decades of data from over 160 historic holes. Given the succession of companies that drilled and departed, the data might have seemed more encumbrance than encouragement. Continue Reading →

Canada’s Pure Gold starts trading in London – by Cecilia Jamasmie (Mining.com – May 20, 2019)

http://www.mining.com/

Canada’s Pure Gold Mining (TSX-V: PGM) has begun trading on the main market of the London Stock Exchange under the ticker PUR, in a move aimed at lifting the company’s international profile ahead of its transition to producer from developer.

The Vancouver-based miner, which is advancing a high-grade gold project in Ontario, believes a dual listing will give it access to a much broader pool of international capital, at a time when junior miners in Canada are having a hard time competing with the booming cannabis sector.

Interest in the emerging business, which spiked after Canada legalized the recreational use of cannabis in October, has been sucking investment capital away from the mining sector, and hitting juniors hardest, a recent study by BDO shows. Continue Reading →