Hoyle Pond Extension
Really newest & richest Timmins mine
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.
While Hoyle Pond owner Goldcorp Inc. has not released any information on what is happening with the Hoyle Pond Extension under that name, one of two junior mining companies that sold property to Goldcorp has issued statements that provide many of the details. Goldcorp did say it completed its Hoyle Pond Deep Project at a cost of $194 million in April. It is expected to spend many millions more over the next few years on it. (A million dollar deal with two junior mining companies, International Explorers and Prospectors Inc. and Matamec Exploration Inc. saw each receive $500,000 for 75 mining claims within 10 km east of the producing Hoyle Pond Gold and Bell Creek Mines. Hoyle Pond, owned by Goldcorp, has the richest gold ore in the history of Timmins, eclipsing even the mighty Hollinger, Dome and McIntyre Mines.
Goldcorp has assembled numerous claims in Hoyle and abutting Matheson Townships for what is basically another mine.) Matamec Explorations Inc. says it sold its interest in the Colbert/Anglo Property and surface rights on 8 claims and received as consideration an amount of C$500,000 and a 1% Net Smelter Return (NSR) Royalty on four properties collectively referred to as the Hoyle-Matheson Royalties (HMR) Property. Matamec has announced the results of a review of the gold potential of the HMR. Based on it, Matamec believes that the mineralized series of gold veins being mined and processed at Goldcorp’s Hoyle Pond Gold Mine trends onto the HMR property. Its press release summarized publicly available information to highlight this conclusion. Matamec says the mineralized structures referred to as TVZ1 and TVZ2 of the Hoyle Pond Gold Mine property have significant potential and are currently in the early prefeasibility stage at Goldcorp.
Their strike appears to be north-east with a dip to the north-west at about 75 to 80 degrees. There is a plunge to the mineralization towards the east that has been drilled by Goldcorp from underground in 2014 and 2015. The plunge of the mineralization averages 55 degrees to the east. The discovery of the TVZ 2 structure shows that the TVZ has multiple mineralized veins in some areas. Similar features are observed on the Mill Creek/Colbert Zone. Available information also indicates to the northeast of the Glencore Metallurgical Complex and within the HMR, the presence of a down dip extension of the Mill Creek/Colbert Zone. This mineralization is hosted near the north contact of the same mafic volcanic package (angular unconformity) hosting some of the Hoyle Pond Gold Mine’s mineralized structures. This angular unconformity has been intercepted by more than 10 drill holes and appears to be continuous over a strike of at least 350 metres and a depth of at least 650 metres. It is open on both sides and also at depth.
Goldcorp granted a 1% NSR royalty to Matamec: in respect of the leased mining rights located in Hoyle Township east of the Hoyle Pond Gold Mine. The NSR royalty on the leased rights shall be payable after the initial 500,000 ounces gold equivalent threshold is met; in respect of the fee simple mining rights located in Hoyle Township, east of the Hoyle Pond Gold Mine; and in respect of the Colbert/Anglo Property mining rights located in Matheson Township, east of the Hoyle Pond Mine, with a right to buy back 0.375% of such NSR royalty for an amount of C$500,000. “Taken together, these results are promising for the Hoyle-Matheson Royalties Property,” said André Gauthier, president and CEO of Matamec. “They reinforce our expectation that the HMR will yield significant gold potential.” International Explorers and Prospectors Inc. is a privately owned company. Its Hoyle Pond royalty also calls for a one per cent NSR after 500,000 oz of gold production. (It is known that there are processing circuits in the Kidd Operations met site that can handle gold and there is room in the design capacity 15,000 tonnes per day Dome mill so it appears there is no need for Goldcorp to build a milling facility.) Bringing a new gold operation into production has meant a boom for local construction and supply and service companies in the Timmins area, as well as provide new mining jobs. As one of the largest employers in the area, Goldcorp is part of the bedrock of the local economy. It spends many millions of dollars annually in the district as it prefers using local supply and service companies.
When Falconbridge bought the Kidd Creek base metal mine and metallurgical site in 1986, it also acquired the producing Hoyle Pond and Owl Creek gold mines. It decided it did not want to be in the gold business and divested itself in 1993 of the two properties. Owl Creek, closed and being demolished, today is owed by another Timmins operator, Tahoe Resources (Lake Shore Gold Mines).