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
Here's how much more Canadian landlords are asking for now, according to a just-released report
A new report says the average asking rent for a home in Canada in April was up 9.3 per cent compared with a year ago, while a slight month-over-month increase was also recorded for the first time since January.
What is basic income, and how would it impact me?
Parliamentarians are considering a pair of bills aiming to lift people out of poverty through a basic income program, but some fear these types of systems could result in more taxes for Canadians who are already financially struggling.
Canada abstains from Palestinian UN membership vote but supports two-state solution
Canada was one of 25 countries that abstained from a United Nations vote on Palestinian membership that passed with overwhelming support on Friday.
'I may have some nightmares:' Man survives being bitten by 2 sharks in Bahamas
A man who was bitten by two sharks in the Bahamas said Thursday he's 'thankful that I'm here' while sharing his story of survival.
Mexico's president accuses press and volunteer searchers for missing people of 'necrophilia'
The administration of Mexico's president has accused the press and volunteer searchers who look for the bodies of missing people of 'necrophilia,' comments that drew criticism this week.
Rare severe solar storm Friday could bring spectacular aurora light show across Canada
A rare and severe solar storm is expected to bring spectacular displays of the northern lights, also known as aurora borealis, across much of Canada and parts of the United States on Friday night.
Out-of-control wildfire burning near Fort McMurray
As of 9 a.m. on Friday, the wildfire burning 28 kilometres southwest of the northeastern Alberta city was 25 hectares in size.
Magnitude 4.2 earthquake reported off Vancouver Island's west coast
A 4.2-magnitude earthquake was recorded west of Vancouver Island early Friday morning.
WATCH Expecting an interest rate cut in June? Don't bet on it after new jobs data
Canada's labour market rebounded in April, adding more than 90,000 jobs, a staggering number of new positions after four consecutive months of little change.