The Detour Lake mine, in Ontario, has the potential to be a one-million-ounce-a-year-or-more operation, Canada-based gold miner Agnico Eagle reports.
The company recently completed a technical evaluation for the mine, which it acquired early this year, demonstrating increased reserves, a more robust mine plan and potential for exploration and production upside.
The new mine plan extends Detour Lake’s mine life by ten years to 2052, increases its gold reserves by 38%, or 5.6-million ounces to 20.4-million ounces, and increases recovered gold by 38%.
The Detour Lake mine has strong exploration upside, Agnico states, noting that it has potential for an underground mine and extensions to the current openpits. The company is evaluating additional scenarios to increase mill throughput beyond 28-million tonnes a year after 2025.
Agnico believes Detour Lake has the potential to produce one-million ounces a year and will complete an assessment on this potential by late next year.
The Detour Lake mine is estimated to contain proven mineral reserves of 77.59-million tonnes grading 1.12 g/t gold for about 2.8-million ounces of gold and probable mineral reserves of 757.5-million tonnes grading 0.72 g/t gold for 17.6-million ounces of gold.
Proven and probable reserves total 20.4-million ounces (835.1-million tonnes at 0.76 g/t gold), which is a 38% increase from the December 31, 2021 mineral reserve estimate net of the first quarter of 2022 depletion.
Detour Lake’s combined measured and indicated mineral resources totalled 14.2-million ounces of gold (590.1-million tonnes grading 0.75 g/t gold) at March 31.