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
B.C. tenants evicted for landlord's use after refusing large rent increase to take over neighbouring suite
Ashley Dickey and her mother rented part of the same Coquitlam duplex in three different decades under three different landlords.
Mountain guide dies after falling into a crevasse in Banff National Park
A man who fell into a crevasse while leading a backcountry ski group deep in the Canadian Rockies has died.
Expert warns of food consumption habits amid rising prices
A new survey by Dalhousie University's Agri-Food Analytics Lab asked Canadians about their food consumption habits amid rising prices.
MPP Sarah Jama asked to leave Ontario legislature for wearing keffiyeh
MPP Sarah Jama was asked to leave the Legislative Assembly of Ontario by House Speaker Ted Arnott on Thursday for wearing a keffiyeh, a garment which has been banned at Queen’s Park.
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.
Ex-tabloid publisher testifies he scooped up possibly damaging tales to shield his old friend Trump
As Donald Trump was running for president in 2016, his old friend at the National Enquirer was scooping up potentially damaging stories about the candidate and paying out tens of thousands of dollars to keep them from the public eye.
Here's why provinces aren't following Saskatchewan's lead on the carbon tax home heating fight
After Prime Minister Justin Trudeau said the federal government would still send Canada Carbon Rebate cheques to Saskatchewan residents, despite Saskatchewan Premier Scott Moe's decision to stop collecting the carbon tax on natural gas or home heating, questions were raised about whether other provinces would follow suit. CTV News reached out across the country and here's what we found out.
Montreal actress calls Weinstein ruling 'discouraging' but not surprising
A Montreal actress, who has previously detailed incidents she had with disgraced Hollywood producer Harvey Weinstein, says a New York Court of Appeals decision overturning his 2020 rape conviction is 'discouraging' but not surprising.
Caleb Williams, Jayden Daniels and Drake Maye make it four NFL drafts with quarterbacks going 1-3
Caleb Williams is heading to the Windy City, aiming to become the franchise quarterback Chicago has sought for decades.