Gold Companies Handsomely Rewarded at Forefront of Canada's Next Gold Rush - Seite 2

But, the gold bull market seems to also be rewarding the larger mining giants too.

Since March 13^th (the day the United States officially declared a national emergency), Barrick Gold Corporation has seen its share price rise 108% through July 24.

Osisko Mining (TSX:OSK) (OTC:OBNNF) is up 122%, McEwen Mining Inc. (NYSE:MUX) (TSX:MUX) is up 110%, and IAMGOLD Corporation (NYSE:IAG) (TSX:IMG) is up 160%—all in that same time frame.

Ontario

First Energy Metals Ltd. (FE.CN) (ASKDF.PK) opened July by announcing the completion of its first round of exploratory fieldwork at the Scramble Mine gold property in Northwestern Ontario. The work included prospecting to locate historical mineralization areas, carry out channel and grab surface sampling, mapping historical gold mineralization veins and structures, and developing a detailed Phase 2 exploration work plan. The initial field observations confirmed the location of historical underground workings, mineralized quartz veins, and the host rock in shear zone. In addition, First Energy is pleased to announce that after successful completion of the fieldwork program, two separate permits with the Ministry of Energy, Northern Development, and mines were filed for trenching, blasting, bulk sampling, and diamond drilling. 

A second round of exploration results are expected in the future from the Scramble Mine property.

The Detour Lake open pit mine, which is owned and operated by Kirkland Lake Gold (NYSE:KL) (TSX:KL), has been in operation since 2012 and is the second-largest gold producing mine in Canada. Detour Lake has a mine life of 22 years with an average production of 659,000 ounces of gold per year. Last year, the mine poured its 5 millionth ounce and achieved a production of 601,566 ounces. Kirkland Lake Gold also owns the Macassa Mine and the Holt Complex in Ontario.

A new gold mine is coming to northern Ontario, after IAMGOLD Corporation  announced it was proceeding with the $1.3 billion Cote Gold mine, with partners Sumitomo Metal Mining. This project is expected to generate more than 1,000 jobs during 32 months of construction, and 450 operations jobs once the facility opens during the second half of 2023. Cote has a mine life that's estimated at 18 years. IAMGOLD holds a 70% interest in the Gogama-area mine, and successfully secured the support of the Northern Ontario community, including its First Nation Partners.