Northern Ont. gold mine expansion to double lifespan, nearly triple mineral reserves
Alamos Gold has broken ground on the expansion of one of its two northern Ontario mines Monday it says will more than double the life of the mine and nearly triple its mineral reserves and resources.
Island Gold Mine's third expansion in Dubreuilville will increase production and lower costs, officials said in a news release.
"When we first acquired the Island Gold Mine we were aware of its potential. It had 1.8 million ounces of mineral reserves and resources and through exploration investment we have increased this high-grade deposit to 5.1 million ounces of mineral reserves and resources," John McCluskey, president and CEO of Alamos Gold, said in a news release.
"This mine will be an economic engine for this region for years to come, and positively impact the closest town of Dubreuilville and surrounding communities."
The mining company said the construction phase of the expansion will see the number of jobs double to 1,200 with the completion of the shaft expected to be completed by 2025.
"The Island Gold expansion will help to strengthen the Algoma economy and is the latest in a series of recent success stories in Ontario's mining sector—successes that our government is proud to support. The project will bring good-paying jobs and prosperity throughout the region including northern and Indigenous communities," Ontario Minister of Northern Development, Mines, Natural Resources and Forestry Greg Rickford said.
Alamos will benefit from the recently announced electricity price reduction the Ontario government is giving the northern industrial sector.
"Our government has reduced electricity prices for large industrial customers like Alamos Gold by 15 per cent through our Comprehensive Electricity Plan," said Ontario Energy Minister Todd Smith, who is the MPP for Bay of Quinte.
A study on the Phase 3 expansion published in July 2020 outlined a 16-year mine life and will see production increase from 1,200 tonnes per day (tpd) to 2,000 tpd.
"This is expected to drive production approximately 70 per cent higher to average 236,000 ounces of gold per year at significantly lower costs," Alamos Gold said.
"The addition of a shaft connected to low-carbon intensity grid power in Ontario will support higher mining rates with a smaller mobile fleet of haul trucks resulting in significantly lower diesel consumption. This is expected to drive a 35 per cent reduction in greenhouse gas emissions over the Phase 3 mine life."
Alamos Gold owns another northern Ontario mine, Young-Davidson near Matachewan, and the Mulatos Mine in Sonora State, Mexico.
CTVNews.ca Top Stories
What to know about avian influenza in dairy cows and the risk to humans
Why is H5N1, or bird flu, a concern, how does it spread, and is there a vaccine? Here are the answers to some frequently asked questions about avian influenza.
'I was scared': Ontario man's car repossessed after missing two repair loan payments
An Ontario man who took out a loan to pay for auto repairs said his car was repossessed after he missed two payments.
opinion The special relationship between King Charles and the Princess of Wales
Royal commentator Afua Hagan writes that when King Charles recently admitted Catherine to the Order of the Companions of Honour, it not only made history, but it reinforced the strong bond between the King and his beloved daughter-in-law.
New Norad commander calls Canada's defence policy update 'very encouraging'
American troops will be spending more time training in the Far North, the new commander of Norad says, a strategy that fits 'hand-in-glove' with Canada's renewed focus on Arctic defence.
$70M Lotto Max winners kept prize a secret from family for 2 months
During a special winner celebration near their hometown, Doug and Enid shared the story of how they discovered they were holding a Lotto Max ticket worth $70 million and how they kept this huge secret for so long.
Are Canadians getting sick from expired food?
A new survey by Dalhousie University's Agri-Food Analytics Lab asked Canadians about their food consumption habits amid rising prices.
Documents reveal Ottawa's efforts to get Loblaw, Walmart on board with grocery code
It was evident to the federal government as early as last fall that Loblaw and Walmart might be holdouts to the grocery code of conduct, jeopardizing the project's success.
Charlie Woods, son of Tiger, shoots 81 in U.S. Open qualifier
Charlie Woods failed to advance in a U.S. Open local qualifying event Thursday, shooting a 9-over 81 at Legacy Golf & Tennis Club.
Improve balance and build core strength with this exercise
When it comes to cardiovascular fitness, you may tend to focus on activities that move you forward, such as walking, running and cycling.