RED LAKE — First Mining Gold has reworked the economics and the design of what its proposed Springpole open-pit gold mine and silver mine project will look like in the Red Lake area of Northwestern Ontario.
The Vancouver mine developer decided to redo its prefeasibility study (PFS) from four years ago and paint a new picture of its advanced stage project that’s close to finishing out the environmental assessment (EA) project.
Located 110 kilometres northeast of Red Lake, Springpole has the size and scale to be one of Canada’s largest open-pit gold mines.
With an estimated 9.4-year mine life, Springpole is tabbed to produce 330,000 ounces annually for the first five years before levelling off at 281,000 ounces for its remaining operational life. Total gold production is expected to be 2.6 million ounces.
Springpole contains an indicated resource of 4.8 million ounces at 0.78 grams per tonne and 28 million ounces of silver at 4.6 grams per tonne. The company insists that resource is likely to grow as there are satellite deposits across its 70,000-hectare property.
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