Orefinders Resources Inc
Orefinders Resources Inc. intends to generate cash flow from its Mirado Projecct while working towards its long term objective of putting it into commercial production. On Aug. 10, its financial position was enhanced when it was able to announce that it has been approved for the Ontario Prospectors Association’s (OPA) Junior Exploration Assistance Program (JEAP). The JEAP program is sponsored by the Northern Ontario Heritage Fund Corporation and the OPA. The JEAP program has committed to provide Orefinders with a grant to return funds to the company of up to 33.3 per cent of approved eligible exploration expenditures at the Mirado Mine Project to a maximum of $100,000.
Explor Resources Inc. has announced that Teck Resources Limited has met its first year commitments under the Earn-in Option agreement for the Timmins Porcupine West Property. Teck completed exploration expenditures of at least $1,500,000 prior to May 1st, 2016. It is currently working on the next phase of its earn-in.
One hurdle to the development of an open pit gold mine near Gogama has been jumped but there are several more facing owner IAMgold Corporation. On April 14, 2016 the Canadian Environmental Assessment Agency gave the green light to the project but IAMgold needs to obtain other federal permits.
Hoyle Pond Extension
The gold mine with the richest ore in the history of the Timmins Mining Camp gets richer every day. A satellite operation to the Hoyle Pond Mine in Hoyle Township called the Hoyle Pond Extension (HPE) is continuing development work in several new zones. Two internal shafts in HPE known as Winze #1 and Winze #2 are accessed by ramp, with Winze #2 being three quarters of a kilometre east of the parent mine. At least one of the several zones discovered in the past few years run under the Kidd Creek Mine Metallurgical Complex and into the adjoining Matheson Township on the east side of Hoyle Township.
Goldcorp Inc. plays a significant economic role in the City of Timmins through its Porcupine Gold Mines (PGM) Group. Porcupine is 100%-owned and consists of four mining operations: Hoyle Pond, Dome, Stockpile, and Hollinger, all of which feed the Dome processing facility.
Alamos Gold Inc
Alamos Gold Inc. expects significant free cash flow growth in 2017, driven by a combination of lower costs and capital spending.
Kirkland Lake Gold
A two-pronged strategy to achieve growth is paying off these days for Kirkland Lake Gold Inc. The strategy is based on acquisitions and a heavy investment in exploration. Through the acquisition of St Andrew Goldfields Ltd. on Jan. 26 the company acquired both established producers and Ontario’s latest gold mine, the Taylor, in the Golden Triangle. The Triangle comprises the historic Timmins, Matheson and Kirkland Lake Mining Camps. KL Gold raised $15 million in July through a non-brokered private placement financing. One of the purposes of the financing is to support an $18 million exploration budget for 2016. KL Gold now has four producing mines, the Macassa in Kirkland Lake and the Holt, Holloway and Taylor in the Timmins-Matheson area. As well, it now has a significant land package in what it calls its East Timmins Holding.
New Detour West gold mine
The life of the Detour Lake Gold Mine, already having the biggest gold reserves in Canada, is being extended by the creation of a new mine beside it. Detour Gold Corporation chief executive officer Paul Martin says the permitting process is underway for Detour West, a second open pit operation on the company’s site located 185 km by road northeast of the Town of Cochrane.
Timmins gold holdings
Tahoe Resources Inc. is making several important, and expensive, moves in the Timmins Gold Camp to achieve its ambition of reaching 250,000 ounces of production by 2020. Among the steps taken are decisions to spend $80 million to deepen the shaft at the Bell Creek Mine from 300 to 1080 metres, to work towards putting former producer Hallnor Mine into production as an open pit operation and to study expanding the Bell Creek 3,600 tonne per day mill to 5,500 tonnes per day. It paid $12.5 million in cash to Goldcorp Inc. for its 2% net smelter return royalty (NSR) related to production at Tahoe’s 100%-owned Bell Creek Mine and ordered accelerated exploration at a number of its local projects.
Exploration turns corner
The Golden Triangle comprising the mining camps of Timmins, Matheson and Kirkland Lake continue to buzz with improvements to some of the Region’s 16 producing mines and companies spending money on 109 exploration projects. The Golden Triangle lies partially in the Timmins Mining District and in the Kirkland Lake Mining District. While 2015 was not the best of years, veteran mining observers say a corner has been turned and the bad times for mining, especially exploration, are behind us. Among the industry’s cheerleaders is Northern Development and Mines Minister Michael Gravelle.