High gold prices are driving a new gold rush in northern Ontario as mining companies revisit historic mines in the hope they can once again be profitable.
“We’re revisiting a whole pile of projects that in the past had been low, we thought were low grade, and now they’re actually, you know, economic potentially,” said Gary Clark, the director of the Ontario Prospectors Association.
The price of gold hit a record high of $5,589 US per ounce in January and has since dropped to $4,300 US per ounce. Current prices, however, are still more than double what they were in 2024.
Clark said one of the best places to discover new mineral deposits is near past mines.
In northern Ontario, projects like Equinox Gold’s Greenstone Gold Mines near Geraldton and Cadillac Mines Corporation’s Kerr-Addison project, east of Kirkland Lake, are located near historic gold mines.
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