New evaluation boosts Detour Lake Mine gold reserves by 38%
A new estimate of gold reserves at Detour Lake Mine is expected to extend the mine's life by 10 years, Agnico Eagle Mines reported in its second quarter results.
"A recently completed technical evaluation shows increased mineral reserves, a more robust mine plan and potential for exploration and production upside," the company said in a statement.
"Among other things, the new technical evaluation lowers the mine plan's risk, extends expected mine life by 10 years to 2052 (and) increases gold reserves by 38 per cent."
That means the company now estimates gold reserves to be roughly 20.4 million ounces, and will allow them to increase production in 2032 to 2042 by 1.8 million ounces.
And exploration of the area indicates there are likely more deposits to be found. The mine is located about 300 kilometres northeast of Timmins.
"The Detour Lake mine continues to have strong exploration upside primarily to the west and at depth, suggesting potential for an underground mine and extensions to the current open pits," the company said.
"The company is assessing the potential for Detour Lake to increase production to one million ounces or more per year. The company expects to have an initial assessment on this potential completed in late 2023."
CTVNews.ca Top Stories
BREAKING Israel attacks Iran, Reuters sources say; drones reported over Isfahan
Israel has attacked Iran, three people familiar with the matter told Reuters, as Iranian state media reported early on Friday that its forces had destroyed drones, days after Iran launched a retaliatory drone strike on Israel.
American millionaire Jonathan Lehrer denied bail after being charged with killing Canadian couple
American millionaire Jonathan Lehrer, one of two men charged in the killings of a Canadian couple in Dominica, has been denied bail.
Nearly half of China's major cities are sinking, researchers say
Nearly half of China's major cities are suffering 'moderate to severe' levels of subsidence, putting millions at risk of flooding especially as sea levels rise.
Prince Harry formally confirms he is now a U.S. resident
Prince Harry, the son of King Charles III and fifth in line to the British throne, has formally confirmed he is now a U.S. resident.
Judge says 'no evidence fully supports' murder case against Umar Zameer as jury starts deliberations
The judge presiding over the trial of a man accused of fatally running over a Toronto police officer is telling jurors the possible verdicts they may reach based on the evidence in the case.
Health Canada to change sperm donor screening rules for men who have sex with men
Health Canada will change its longstanding policy restricting gay and bisexual men from donating to sperm banks in Canada, CTV News has learned. The federal health agency has adopted a revised directive removing the ban on gay, bisexual and other men who have sex with men, effective May 8.
Colin Jost names one celebrity who is great at hosting 'Saturday Night Live'
Colin Jost, who co-anchors Saturday Night Live's 'Weekend Update,' revealed who he thinks is one of the best hosts on the show.
Sports columnist apologizes for 'oafish' comments directed at Caitlin Clark. The controversy isn't over
A male columnist has apologized for a cringeworthy moment during former University of Iowa superstar and college basketball's highest scorer Caitlin Clark's first news conference as an Indiana Fever player.
'Shopaholic' author Sophie Kinsella reveals brain cancer diagnosis
Sophie Kinsella, the best-selling author behind the 'Shopaholic' book series, has revealed that she is receiving treatment for brain cancer.