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
NEW After hearing thousands of last words, this hospital chaplain has advice for the living
Hospital chaplain J.S. Park opens up about death, grief and hearing thousands of last words, and shares his advice for the living.
Some Canadian families will receive up to $620 per child today
More money will land in the pockets of some Canadian families on Friday for the latest Canada Child Benefit installment.
BREAKING Iran fires at apparent Israeli attack drones near Isfahan air base and nuclear site
An apparent Israeli drone attack on Iran saw troops fire air defences at a major air base and a nuclear site early Friday morning near the central city of Isfahan, an assault coming in retaliation for Tehran's unprecedented drone-and-missile assault on the country.
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.
Ottawa to force banks to call carbon rebate a carbon rebate in direct deposits
Canadian banks that refuse to identify the carbon rebate by name when doing direct deposits are forcing the government to change the law to make them do it, says Environment Minister Steven Guilbeault.
Ontario woman loses $15,000 to fake Walmart job scam
A woman who recently moved to Canada from India was searching for a job when she got caught in an online job scam and lost $15,000.
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.
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.
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.