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Red Lake

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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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December fire at Red Lake Mine raises red flags about lithium batteries – by Len Gillis (Northern Ontarion Business – May 13, 2019)

https://www.northernontariobusiness.com/

Underground blaze prompts call for new procedures to store, charge batteries for tools

Red flags have been raised about the possibility of lithium ion tool batteries catching fire in industrial settings, such as mines. Newmont Goldcorp’s Red Lake Gold Mines reported that an underground fire took place Dec. 6 when three workers went to get their tools on the 4400 level storage area.

“When the workers arrived, they smelled smoke,” said mine rescuer Loye Halteman at a recent safety conference in Sudbury.

One of the workers was sent back to a refuge station to notify security to “stench the mine,” thus releasing stench gas, a foul-smelling gas used to alert miners of impending danger.

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Pure Gold revives a past producer in the Red Lake camp – by Lindsay Kelly (Northern Ontario Business – April 25, 2019)

https://www.northernontariobusiness.com/

Mine developer aiming for commercial production at Madsen Mine project in 2020

Six years ago, as board members at Pure Gold Mining were going through a checklist spelling out the ideal attributes of a potential exploration property, they quickly realized the past-producing Red Lake Madsen Mine had it all.

“We wanted to be in a good, stable jurisdiction, we wanted a project that was high-grade, and we wanted access to infrastructure,” said Darin Labrenz, president, CEO and director at Pure Gold. “So, something that we could not only explore, but ultimately build.”

In operation between 1938 and 1974, Madsen is the second largest producer in the Red Lake camp, consecutively producing 2.5 million ounces of gold over 36 years.

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IBM’s Watson takes a deep look at Red Lake: Goldcorp using artificial intelligence analytics to hunt for gold – by Staff (Northern Ontario Business – November 26, 2018)

https://www.northernontariobusiness.com/

IBM’s Watson supercomputer is being employed to help look for gold in northwestern Ontario’s Red Lake mining camp. Goldcorp and the U.S. tech giant have teamed up for an “innovative first” with a new product – IBM Exploration with Watson – that employs artificial intelligence to predict the potential for gold mineralization using exploration data sets from the company’s Red Lake Gold Mines.

A Nov. 26 Goldcorp news release said IBM Exploration with Watson help geologists find key information in a fraction of the time and cost of traditional methods through the use of spatial analytics, machine learning, and predictive models.

“The potential to radically accelerate exploration target identification combined with significantly improved hit rates on economic mineralization has the potential to drive a step-change in the pace of value growth in the industry,” said Todd White, Goldcorp’s executive vice-president and chief operating officer in a Nov. 26 statement.

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McEwen invests in explorer Great Bear – by Mariaan Web (MiningWeekly.com – August 27, 2018)

http://www.miningweekly.com/

Precious metals miner McEwen Mining and its chief owner Rob McEwen will invest a combined C$6-million in Ontario explorer Great Bear Resources, which last week announced a high-grade gold discovery in the Red Lake district.

Rob McEwen has agreed to purchase $4.8-million and McEwen Mining $1.2-million of the TSX-V-listed exploration company’s private placement financing to raise C$10-million. The private placement, announced on Friday, is priced at C$1.45 a unit.

On completion, the two entities will collectively own 18.8% of Great Bear, which Rob McEwen believes could be onto a “significant new gold discovery” in one of Canada’s premier mining camps.

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[Ontario Gold mining history] The Red Lake Marines – by Leslie Roberts (MACLEAN’S Magazine – November 15, 1937)

http://www.macleans.ca/

Freighting that ties up the air lanes with ice and water routes is a big job

BILL COOK, transportation executive at the Red Lake base, said, “If you’re all set, let’s get going.” The mechanic cast off from the dock. The pilot gunned the motor. The ship taxied out into clear water, nosed into the wind, raced over the choppy surface, stepped into the air.

Behind us the town of Red Lake faded toward the northern horizon a town of 900 people who live in virtually the same circumstances of creature comfort as may be found in Aurora or Orillia, excepting the absence of railroads or motor highways. Back in Red Lake, nattily uniformed waitresses were spreading white damask and spotless silver on the tables in the hotel dining room; guests were debating politics and the stock market in deep armchairs in the lobby.

Around the streets youngsters were wondering if this Infantry Paralelasis, or whatever it is, would mean longer holidays, the way it did in Toronto. Their mothers were plugging electric-iron cords into wall sockets, buying steaks down at the shops along the Main Street sidewalk, talking bridge, tennis, plans for the coming badminton season with their neighbors.

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Back to the drawing board: Rubicon outlines its Red Lake exploration program – by Ian Ross (Northern Ontario Business – January 10, 2017)

https://www.northernontariobusiness.com/

New management at Rubicon Minerals promise a more thorough, responsible and transparent approach toward getting its shuttered Phoenix Gold Project back on track. The would-be Red Lake miner provided the details on its exploration plans over the next two years on Jan. 10.

“We have finalized the details of our 18- to 24-month exploration program that will advance our understanding of the F2 Gold Deposit at the Phoenix Gold Project,” said Rubicon president-CEO George Ogilvie in a news release.

Coming out of creditor protection and refinancing, Rubicon is out to restore investor confidence and attempt to shake off its reputation as one of Northern Ontario’s biggest mining blunders.

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Restructuring the shaft of shame: Rubicon Minerals aims to start anew in 2017 – by Staff (Northern Ontario Business – December 20, 2016)

https://www.northernontariobusiness.com/

An Ontario court has approved a restructuring plan to revive a shuttered gold mine development in northwestern Ontario.

Rubicon Minerals was granted a sanction order from the Ontario Superior Court of Justice, Dec. 8, to approve the Toronto-based mine developer’s refinancing and restructuring plan for its Phoenix Gold project near Red Lake. The company sought protection from its creditors on Oct. 20. Ernst & Young was appointed as the monitor.

A majority of the affected creditors had earlier voted to approve the plan on Dec. 2. Rubicon announced Dec. 20 that the restructuring process was complete and that the company has been notified by the TSX that its common shares will remain listed on the TSX under the symbol RMX. Rubicon shares will resume trading on Dec. 22.

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