INFOGRAPHIC: Red Lake - The high-grade gold capital of the world | MINING.com Mar. 6, 2015, 6:15 AM | PeopleMine Facebook LinkedIn Twitter Email Print In Red Lake, Ontario, some of the world's richest gold deposits can be found. There are places where gold is regularly produced at the astonishing rate of two troy ounces per tonne. Learn about Red Lake's fascinating history, including the famous "Goldcorp Challenge", and the upcoming projects in the area today. Sponsored by Gold Canyon Resources (TSX-V: GCU) Every major gold producing country has an iconic gold producing trend that is synonymous with prosperity. South Africa has the Witwatersrand Basin and the United States has the Carlin Trend in Nevada. While Canada has had many prolific gold producing regions over the years, including many famous gold rushes, lately the gold capital of Canada rests in Red Lake, Ontario. It is here – in some of the world’s richest gold deposits – that the yellow metal is famously produced at the astonishing rate of two troy ounces per tonne. The Geology Like much gold in Ontario and Quebec, deposits are found in a greenstone formation at Red Lake.

Most of the gold production in the district has come from structurally controlled vein-type gold deposits near regional mafic volcanic-sediment contact or ‘breaks’. Major gold camps in the Timmins and Kirkland Lake areas of northeastern Ontario also show a close association with similar breaks. However, Red Lake’s major discovery in 1995 of the High Grade Zone makes it about 50 years “newer” for exploration potential. The History Gold was discovered on the shores of Red Lake by L.B. Howey in 1925. Word spread quickly and the town experienced a sudden surge in economic, industrial, and population growth. People travelled by dog team, on foot, or by open cockpit airplanes to seek their fortune. By 1936, Red Lake’s Howey Bay was the busiest airport in the world, with more flights taking off and landing per hour than any other. Between Howey and the Hasaga Mine next door, a total of 600,000 oz gold was produced. But, it would be later discoveries that would make Red Lake the future capital of high-grade gold. In 1938, the mill started at the Madsen Mine.

It would produce for the next 36 years. In 1948 and 1949 respectively, the Arthur White Mine (later Dickenson and Red Lake) mine and then the Campbell Mine went into production. The Challenge In the 1989, Rob McEwen gained control of an underperforming mine previously known as the Arthur White Mine and then the Dickenson Mine. McEwen, the CEO of Goldcorp, knew the mine could have similar grade and potential to the surrounding mines such as the Campbell Mine. In 1995, the High Grade Zone was discovered. Nine drill holes averaged 9.08 ounces of gold over 7.5 feet, but the company still found the overall geology to be challenging. In 2000 at PDAC, Mr. McEwen launched the “Goldcorp Challenge” and posted decades of geological data on its Red Lake Mine to its corporate website. Geologists, scientists, and engineers from around the world were encouraged to examine the data and submit proposals as to where the next six million ounces of gold would be found. There was a purse of $575,000 USD up for grabs.

It was viewed 475,000 times and 1,400 prospectors from 51 countries registered as participants. Finishing 1st place in the contest: First Prize – US$95,000 – Fractal Graphics and Taylor Wall & Associates Today at Red Lake Since 1925, there have been 28 operating mines and 28 million oz of gold produced at Red Lake. The majority has come from four mines: Red Lake (Dickenson), Campbell, Madsen, and Cochenour. The biggest producing mine in 2014 was Goldcorp’s Red Lake Mine, which produced 414,400 oz. The High Grade Zone is the backbone of the operation, with an average grade of more than two ounces per tonne. There are several current projects of note in the district: Rubicon Minerals: Rubicon’s Phoenix / F2 Deposit is expected to go into production in mid-2015.

It is expected (conservatively) to produce 2.19 million oz with a head grade of 8.1 g/t Au Gold Canyon: Gold Canyon’s Springpole project has 4.41 million oz gold (M&I) and 0.69 million oz gold (Inf.) just to the northeast of Red Lake Goldcorp: Aside from Goldcorp’s operating mines, Goldcorp is currently working on bringing to life the Cochenour / Bruce Channel deposit. Under Red Lake, it has a projected mine life of 20 years and >250,000 oz/yr production. A high speed tram will connect this with the mill. Northern Promise: Home of the world’s richest gold mine braces for coming headwinds | Financial Post Northern Promise: Home of the world’s richest gold mine braces for coming headwinds StumbleUpon Northern Promise is a six-part series that explores the pace and progress of development in Canada’s remote communities. In this second instalment Peter Koven visits the home of the world’s richest gold mine Fifty-four hundred feet below the surface, roughly underneath the local airport, a massive drill is pounding out a path to Red Lake’s latest set of riches.

Workers stand back and protect their ears as the driller carefully targets the sheer rock wall up ahead and begins to break it apart. It is slow and careful work; the horizontal drill makes about 15 to 23 feet of progress per day, sometimes less. But it is closing in on the destination, which will be reached later this year after more than three years of work. Red Lake is the New York Yankees. They might have some down years, but they’re still the Yankees The end result will be a five-kilometre drift connecting Goldcorp Inc.’s existing operations here with the Bruce Channel, a high-grade discovery that will be a flagship of the company’s Red Lake operations for decades to come. The ore from Bruce Channel (or Cochenour) will be hauled back to Goldcorp’s Campbell mill via an underground tram system, which is already running and is being expanded as fast as the drillers up ahead can open up the drift. Related How to make money in gold stocks: Go long and short Bruce Channel is coming onstream at an ideal time for Goldcorp and for Red Lake, as the long-running Campbell mine is winding down and this fits in perfectly to replace it.

For the locals, this is expected; in Northern Ontario’s “Golden Treasure Chest” (as author Michael Barnes described it), an exciting new gold mine always comes along when the tiny community of 5,000 people needs it. There is simply not much concern about the yellow stuff running out, no matter how deep the mines go, or, as seen recently, how much the gold price drops. “The clock keeps moving ahead,” said Mark Vermette, Red Lake’s chief administrative officer and former head of community relations for Goldcorp. More than 70 years after the first mine went into production, Red Lake remains, along with Nevada, one of the very best places in the world for gold mining. Goldcorp’s Red Lake complex is still the richest gold mine on the planet, with grades in its legendary High Grade Zone topping two ounces per tonne of ore. The fabulous grades lead to low cash costs of around US$500 an ounce. And the mining-friendly atmosphere is the envy of every company kicking around Tanzania or Kyrgyzstan. This is the mine that put Goldcorp on the map. Not coincidentally, Goldcorp now has the largest market value of any gold company on earth.

Rob McEwen, the former chief executive who led the discovery of the High Grade Zone, is still revered as a local hero. But Goldcorp is not the only big game in town anymore. To the north, Rubicon Minerals Corp. is developing its high-grade Phoenix project into a $650-million mine. And of course, there are plenty of exploration companies kicking around, drilling down and dreaming big. Yet Ontario seems to have forgotten that this world-renowned place even exists. Virtually all the talk in the province’s mining circles revolves around the dormant Ring of Fire, a middle-of-nowhere exploration site that is years away from generating a penny of revenue. Red Lake is the real economic power that fills government coffers with revenue every year, and local officials wish people would take notice and listen to their concerns. “All you hear is ‘Ring of Fire, Ring of Fire, Ring of Fire.’ This is the Ring of Gold. It’s a living, breathing community,” said Bill Greenway, Red Lake’s economic development officer. While Red Lake is prosperous, it is facing headwinds. Like any gold mining town, the health of Red Lake is outside of the control of the community, or even Canada.

Instead, it depends on the actions of Ben Bernanke, the U.S. Federal Reserve and Wall Street traders, a group that feels about as far removed from Red Lake’s charming small-town Ontario atmosphere as possible. Obviously, those forces have created enormous volatility in the gold market in recent months. Speculation that the Fed is preparing to withdraw monetary stimulus have driven up the U.S. dollar and sent investors running from gold, which is down roughly 20% since the start of the year and 30% since its peak in 2011. There are no obvious signs that the price plunge is having an impact on the town, which is booming. However, officials say that signs of trouble are starting to emerge. Red Lake, which actually consists of five small communities, remains a beacon of prosperity in Northwestern Ontario, a sprawling region that has been ravaged by the decline of the forestry sector. Despite lying 170 kilometres north of the Trans-Canada highway in the absolute middle of nowhere, Red Lake is booming every bit as much as a place like Dryden, Ontario is struggling. It’s Ontario’s Fort McMurray, only smaller and more tourist-friendly.

“Red Lake’s just an amazing story,” said Michael Gravelle, Ontario’s mining minister. A house that would have cost below $30,000 in the 1990s can sell for $180,000 today. Housing is in such short supply that Goldcorp is developing a new subdivision of 54 lots, the biggest home build in the town since the 1970s. Ground is breaking on a new health clinic, and the airport, schools and cultural centre are all top-notch for such a remote area. The hotels are bustling with mining contractors coming in and out of town. The unemployment rate is estimated at around 4%, according to Mr. Greenway, but the real rate is effectively zero as there is a well-paying job for anyone who wants one. Red Lake’s most obvious problems are the ones you’d expect to find in a remote boomtown. Housing is obviously one. Power shortages are a constant concern; the community badly wants a new transmission line from Dryden. It also wants resource revenue sharing on the same terms being discussed for the Ring of Fire.

A commercial area sits mostly empty, with large retailers like Canadian Tire reluctant to set up shop in such an isolated place. That means too much money is spent outside the community. And the labour situation is such that Tim Hortons had to hire people out of Southeast Asia to staff its Red Lake branch. These are not insurmountable issues, but they mask the deeper economic concern, which is all about the tumbling gold price. Looking below the surface, the signs of a mining slowdown are already starting to kick in. In a bear market for metals, the first thing to disappear is the grassroots exploration. There has been a marked slowdown in that activity in the last couple of months, and it is having an impact locally. While many companies claim to be active in Red Lake, most of them are conserving cash instead of drilling. Even Goldcorp has tightened its belt and become much more disciplined with its spending. “We don’t have the diamond drills turning right now. You lose that activity, it affects everyone: hotels, gift stores, gas stations,” Mayor Phil Vinet said. “They’re not engaging the retail sector, and the guy on the street knows it.” The community is not overly concerned as of yet.

They know that the high grade of Red Lake’s ore keeps costs down and shelters them from the worst of a bear market. If prices keep falling and Goldcorp is forced to start shuttering its operations, this would be the last one to go. Additionally, these people are extremely optimistic about the gold market, and play it frequently with their own money. You won’t find a bigger group of gold bulls outside the goldismoney.com discussion forums (and Red Lakers are a lot more sane). But the recent volatility has served as a reminder that relying on a commodity price for your well-being is extremely dangerous, particularly if that commodity is as volatile as gold. Town officials know it. They are eager to position Red Lake for the “post-gold era,” even if it never comes. A couple of years ago, the community developed a sustainability plan to make sure it always has a positive future. It focused on issues like developing a local food strategy and diversifying the economy, noting opportunities in forestry and tourism, both of which have rebounded in recent years. Nobody thought much about these issues decades ago, when the main consideration was digging gold out of the ground until it ran out or was no longer economically viable.

And as the price shot up and down through the years, Red Lake endured some notable periods of boom and bust. The town was ground zero for one of the most colourful gold rushes in history in the mid-1920s, when a group of hearty prospectors descended on it via dog sleds and dodgy sea planes. By 1930, they developed a profitable gold mine in the middle of the bush; by the mid-1930s, Red Lake was the busiest airspace in the entire world. Those frontier roots are very apparent in the town today, where about half the population is made up of descendants of the original prospectors. The mines opened and closed over the following decades, but the key event that set the stage for today’s prosperity was Goldcorp’s discovery of the High Grade Zone in 1995, which was found by drilling far below a long-running mine. The euphoria of that find disappeared quickly, however, as the community was torn apart the following year by a bitter 46-month union strike. It finally ended around the time that the gold market bottomed out, and the good times returned over the last decade.

If gold keeps going down and remains in a prolonged bear market, this community knows from experience what it feels like. And it isn’t pretty. Mr. Greenway estimated that Red Lake’s unemployment rate was at least 60% during those dark days of the 1990s when gold traded below US$300 an ounce and the ill-timed strike added to the misery. If the High Grade Zone was never discovered and gold hadn’t rebounded so strongly, Mr. Vinet wonders what Red Lake would look like today. “We’d be kicking a lot of road apples,” he said. “It would have decimated the mining sector. We would have survived, just in a different form.” So what kind of damage will the current gold bear market do? Will it be limited to a temporary cutback in exploration, or will Wall Street drive gold back down to US$500 an ounce and stop Goldcorp in its tracks? Alternatively, will gold shoot back above US$1,900 and spur the discovery of a few more Bruce Channels? Mr. Vinet’s view is that the people of Red Lake have proven over seven-plus decades in the remote bush that they can withstand anything.

A little volatility in the gold market, as harsh as it may appear for investors, is just not going to change that. “Red Lake is the New York Yankees,” he said. “They might have some down years, but they’re still the Yankees. Mineral Specimen Collecting- Silver and Gold Mineral Specimen Collecting- Silver and Gold -- Posted Tuesday, 16 November 2004 | Digg This Article Alan Leishman 02.11.2004 dalhn@freesurf.ch (Technical Note: The blue underlined hyperlinks in this article are either linked to technical information, or to Google image links, e.g. click below on Pancho Villa for a variety of images of the legendary PV, then select and click any image for further info, or click on Tequila to find out the truth about the gusano worm in the bottle........ END) For the last 20 years, the author has been visiting mines, mineral fairs, and mineral dealers to purchase and self collect minerals from over 40 countries to date.

One of his guiding inspirations was Peter Bancroftï¿½s excellent book Gem and Crystal Treasures which describes Bancroftï¿½s selection of the 100 localities for the worlds best mineral specimens. This essay will describe some of the background and history of famous localities, and the minerals found there. It is anticipated that those readers interested in the Precious Metals, Gold and Silver, and the PM share market, may find interest in these anecdotal tales of mines and minerals, and enjoy the beauty of one of natureï¿½s hidden treasures; --- mineral specimens . --- Note: Gold and Silver are metallic elements. They are also minerals when they occur in pure form in nature, and are then described as native gold and native silver. There are just over 4000 mineral species discovered world wide to date. Incidentally, new minerals are still being discovered today thanks to the advance of science in laboratory analytical techniques, rather than new mining or exploration technology. Minerals tend to be named after localities, new specimen discoverers, famous geologists, mineralogists, or collectors. Take for example Morganite , the Beryl variety coloured pink by traces of manganese.

In the year 1911 New York gemstone expert G.F. Kunz suggested to give Pink Beryl the status and standing of an individual kind of gemstone, and it was named in honour of banker and minerals collector John Pierpont Morgan , thus receiving its current name: Morganite. Silver Sulphides - Acanthite , Stephanite , and the attractive, rare, and sought after, ruby silvers Polybasite , Pyrargyrite . In 1998 the author spent 2 months touring the silver mines in the north of Mexico with the late Walt Bowser as guide. We drove down through Chihuahua , Mapimi, Zacatecas, Guanajuato as far south as Taxco , ( large market for silver artefacts ), and then back to Texas . This is desert country, and all that changes on the road south are the types of cactus, from Yucca to the Joshua tree , with other types remaining ubiquitous like the prickly pear , attractive when in flower. The Agave plant is the base for the notorious Tequila.

It is also Pancho Villa country, a controversial revolutionary, folks hero or bandit, who robbed the silver trains from the mines on occasion in the early 20 th century. ï¿½Senor Waltï¿½ was also received in the mining villages as a hero during our visits, because he distributed second hand clothes, shoes, and other items to the poor mining families, meanwhile filling up his trailer with the mineral specimens we bought from the miners. In Zacatecas we descended the mineshaft to the 100 level at the Veta Grande mine. Here Walt tells the full story of a 1997 tour for those interested in all the mineral details, courtesy of the Canadian RockHound web site. Very sadly Walt passed away in 2003, but he was such a legendary charismatic character that 20 or so of his friends and family including myself got together by email and wrote tributes to him. The results were collated and published in a special commemorative pamphlet edition of Rockhound Notes in June 2003. This was a most moving experience and a novel spontaneous expression of Cyber-grief.

A highlight of the tour was the visit to the famous cave of swords with its massive gypsum crystals up to 2 metres in length seen here with a photo of the author. Mexico mineral specimens from mineral dealers can be seen at the following web sites; JohnBetts , Arkenstone selection , and with the latter showing 3 pages of the above-mentioned silver sulphides from the mines in the areas visited by the author. Native silver specimens are also occasionally found at some of the mines, such as at Batopilas, and the silver is usually in complex forms often described as and resembling wire. Some of the silver mines in Mexico have been operating for over 400 years, and are so rich in silver ore that it is estimated that up to one third of all the silver ever mined in history came from this region. Compare this to average mine lives worldwide usually measured in years or decades, not centuries. Silver is normally mined as a by-product in lead/zinc mines, but in Mexico the ore often consists of a high grade mixture of the silver sulphides described above.

The famous Roebling suspension bridge, 325 metres long, crosses a deep canyon at the Ojuela mine near Mapimi, and remains as a landmark at a mine that still delivers rare and world-class specimens, including Legrandite , and has produced some of the worlds best Adamite specimens. The bridge, the second longest suspension bridge in the world when constructed in 1899, connected the mine with the new town and railway. Penoles operated the mine from 1893 until its closure in 1946. ï¿½Thousands of Penoles miners and a million Tonnes of high grade silver ore passed over the bridge,ï¿½ (Bancroft). The houses that once housed 2000 miners (click here and compare with my photo in 1998!!) are now ruins, and the mine deserted apart from a few visitors like myself. Mexican Opal .At Queretaro , the author visited a fire opal mine and after purchasing a mine run lot, was invited by the owner to self collect some material in the ï¿½open pitï¿½ mine.

Specimen Mining Commercial mines target production volumes, and any extraction of mineral specimens has to be carefully managed to avoid disruption to mining schedules. However a new type of mining solely for mineral specimens for sale to collectors and museums has emerged over the last decade or so. Bryan Lees of Collectors Edge has pioneered new techniques for working disused commercial mines, or other mineral localities to extract mineral specimens undamaged by the mining processes. His most noted success has been at the Sweet Home mine, Alma Colorado, which the author visited in 1995. The Sweet Home was originally a silver mine , but is now famous for the worldï¿½s best Rhodochrosite specimens. Gold is a noble and versatile metal as seen by its properties . It is also rare, gold (Au) is only 0.002 parts per million of the earths crust, compared to iron (Fe) which is 62,200 ppm. Note that gold is more rare by a factor of 40 than silver (Ag) whose abundance is 0.08 ppm. However gold specimens are even more rare.

This is because in the majority of gold mines, the gold is not visible to the naked eye, but finely dispersed in the matrix, which may consist of quartz, sulphides, or other host rocks. Note how gold specimens here from different mines have subtle differences in appearances, occasionally allowing identification of the source mine. Gold was featured at this years Tucson Mineral Show 2004, the worldï¿½s largest mineral fair held annually at Tucson , Arizona . Scroll down here courtesy of Trinity Mineral for some more wonderful photos of gold in various shapes, forms, and sizes, including some world-class specimens from localities described below. Eagles Nest mine, California : Some of the most attractive native gold specimens in fine crystallised form have come from this mine, and have been marketed by Wayne Leicht . Currently this specimen mine operation has started up again and it is hoped good material will soon be on the market again in reasonable quantity. Crystalline native gold on quartz matrix. Eagles Nest Mine Breckenridge , Colorado was settled in 1859 as a gold and silver mining town.

A collection of the distinctive gold specimens mined over the years can now be seen at the Denver museum , including Tomï¿½s Baby, an eight-pound nugget of crystallized gold unearthed in Breckenridge in 1887. Gold specimens in nugget form are also collectorï¿½s favourites, and are often found in alluvial gold fields using metal detectors. Gold, as a noble metal, is relatively chemically inactive. However it does occur rarely in nature in the form of minerals, combined with other elements such as silver, copper, tellurium, lead, and antinomy. Cripple Creek , Colorado is another famous gold mining district, where gold was found in the form of Tellurides . Here the author went on an underground tour at the Mollie Kathleen gold mine. Exploration and discovery of gold in the 19 th century was a chance affair and usually relied on finding visual gold, either in matrix in an outcrop, or in nugget form, or by gold panning in streams and rivers. Any rich discovery was often followed by a gold rush.

South Africa : The first gold rush started at Pilgrims Rest , which was declared a gold field in 1873; soon after digger Alec "Wheelbarrow" Patterson had found gold deposits in Pilgrim's Creek. The Valley proved to be rich in gold and by the end of the year, there where about 1500 diggers working in the area, living in tents in squalid conditions. (His nickname arose from the fact that he arrived at Pilgrims Creek with all his worldly possessions carried in a wheelbarrow.) President Burgers, on hearing of the gold strike, hastily had the Transvaal Mining Laws drafted, (none having existed until then), after a quick study of the Mining Laws of Australia, New Zealand , and California . He then visited the mining camp with some aides, and after some negotiations with the miners and amendments, the new laws were put into place. Access in those days was via Mozambique crossing what is now the Kruger Park . A visit to the cemetery testifies to the low life expectation of the miners. Many, who escaped the dangers of lions and other predators succumbed to malaria or other tropical diseases.

In 2001 the author panned gold during a visit to Pilgrims Rest, and was delighted to see a few tiny flakes at the bottom of the pan, nestling with some other black heavy minerals. This photo shows the author inspecting some antique mining equipment at Pilgrims Rest. South Africa still claims to be the largest gold producer, with ca 40% of the worlds known reserves, and some of the richest and deepest gold mines. North America has experienced many gold rushes, including California from 1848 to 1864 , and the Klondike in 1896 but at Nome the gold was literally found on the beach. ï¿½The coast was icebound for the season, but gold seekers began descending on the tent town in the spring of 1899. During that summer alone, more than two million dollars' worth of gold was taken from the beaches of the booming city of Nome .ï¿½ It is interesting to note that, despite the short duration of these historical gold rushes, several new gold mines are planned to open in Alaska over the next few years. Despite the large quantities of gold mined during these gold rushes, few specimens from that era remain.

In fact the majority of gold specimens in collections today, have been mined in the last 25 years, either in specimen mines, or commercial mines with a policy of saving mineral specimens, and in smaller quantities from amateur gold panning and metal detecting. It is to be hoped that new gold specimens for the collectors market will become available from some of these new mining projects. This essay makes no attempt to cover all the best localities, (historically or more recent), for gold specimens, but for those interested in an in-depth coverage Robert B. Cookï¿½s article in Rocks &Minerals Jan/Feb 2004 is highly recommended. (see link in Further Reading below) Gold exploration has changed radically from those bygone days. Geophysical and geochemical surveys are now used to identify drill targets. Drill programs are used to create Feasibility Studies, followed by permitting, construction and production, normally a 7 year process. The cost of building a new large gold mine runs into several hundred million us$. The days of the Gold Rushes have gone, but Gold fever is now still occasionally seen on the stock markets, when gold drilling results are reported by a mining or exploration company!

One famous mine currently producing gold specimens for collectors is the Red lake mine . David Joyce sells the specimens on behalf of Goldcorp, and kindly agreed for his essay to be reproduced here (an abridged version of the original which appeared in Rocks and Minerals). Introduction In 1989, Goldcorp Inc. took over Dickenson Mines Ltd, a venerable gold mining company that, since 1948, had operated the Arthur White mine in the Red mining camp, located north of Lake Superior Ontario Manitoba border. Robert McEwen, chairman of Goldcorp Inc felt that the adage, ï¿½the best place to look for a new orebody is near an old mineï¿½ had some credence. Was he right!!? Goldcorp initiated an exploration program while the old mine rolled along as a break-even or money losing gold mining operation. During early 1995 while testing Goldcorpï¿½s geological theory, diamond drillers cut across a very high-grade body of mineralization that was soon to become the fabulous ï¿½High-Grade Zone (HGZ)ï¿½.

Diamond drilling continued and the HGZ has proven (at time of writing) to contain more than 1.96 million tons of high-grade ore containing 4.6 million ounces of gold. That is an average grade of 2.35 troy ounces per ton! Most gold mines in the world average well under 0.5 troy ounces per ton. So prolific was the change in fortunes of the mine, that the Arthur White mine was re-named the Red mine. There are other orebodies in the world that, being larger contain more troy ounces of gold. However, to our knowledge, there are no other gold mines that contain the average grade of ore that the Red Lake Mine does. These sorts of orebodies come along only once every several decades, or so. The HGZ changed the economics of the old mine so much that Goldcorp Inc. decided to build a brand new mine around the new orebody in order to optimize its extraction. A new milling complex and offices were built along with a camp to house contract workers. The only significant parts of the original mine that remained in use were the headframe and shaft needed to access the orebody.

Recently, however, Goldcorp has decided to also replace the old shaft and winze with a brand new 7,500 foot single lift, vertical shaft in an effort to speed up the mining of the new orebody and to improve the overall efficiency of the mine. The impact of the discovery of the new orebody on Goldcorp, the Red Lake mine and the surrounding area have been dramatic. With millions of dollars surging into the local economy from the Red Lake Mine and the exploration efforts of other companies hoping to duplicate the feat, the Red Lake area has experienced a surge of prosperity and confidence not felt since the hey-days of gold mine discoveries in the 1940s and 1950s. Now, Goldcorp is cash rich with no debt, and is one of the most profitable mining companies in the world. It became apparent early in the exploration of the orebody that visible native gold would often be encountered. The senior management of Goldorp decided, to their credit, that if specimen-grade native gold was encountered, some of it should be preserved as specimens to serve as a legacy of Goldcorp, the Red Lake mine and the fantastic orebody that produced them. David K.

Joyce was retained to prepare specimens, on site and, then, to market and sell the specimens. Since production commenced, hundreds of beautiful, rich native gold specimens have been recovered and sold to museums, shareholders, collectors and universities around the world. Many mines have zones of high-grade ore that are very profitable to mine. Few have had a zone like the High Grade Zone, however, which is still open at depth and, although smaller in width at depth, appears to be increasing in grade. The property on which the Red Lake mine is located comprises fifty-eight patented mineral claims held by Goldcorp covering approximately 2,348 acres, which, on the west side, share a common boundary with Placer Dome Ltd.ï¿½s Campbell Mine. Goldcorp also holds mineral claims covering approximately 56,125 additional acres of prospective mineral ground in the Red Lake area. Access to the mine is by road and by air, with the closest major cities being Winnipeg Red Lake mine is currently operating at a rate of 550 tons per day of ore. Mining is accomplished using, mostly, a mechanized cut and fill mining method utilizing jumbo drills and 5 cubic yard scoop trams.

At the present time, ore is being mined between the 31 and 37 levels, at a depth of about 4,000 and 5,500 feet below surface. At the time of writing, ore averaging about 2.28 troy ounces of gold per ton is being hoisted to surface. When the new shaft is finished in 2006, production will increase to 1000 tons per day. Red Lake mine uses several techniques to separate gold from the waste rock. One circuit uses centrifugal force and gravity, employing Knelson concentrators and a Diester jig table, respectively to separate coarse gold from the rock. Another circuit employs flotation to float gold rich sulphides to produce a gold-rich sulphide concentrate. Third, a carbon-in-pulp circuit is used to capture the fine gold that is not tied up in sulphides. Much of the concentrates produced by the above methods contain bits of rock and other impurities. The concentrates are refined by smelting where they are melted and the impurities are removed as a slag. The finished products at the mine are dore bars, which are poured molten into molds, after the refining is complete.

Dore is a mixture of gold and silver with some other minor impurities and, at the Red Lake mine, contain, on average, about 87 percent gold and 13 percent silver are poured on-site. The dore bars are sold to refineries who further purify the gold and sell it to end-users, financial institutions and investors. Goldcorp actually does not sell but retains a certain percentage of its gold, in the belief that gold is undervalued. Currently, Goldcorp owns more gold bullion than many governments of the world! Security is very tight at the Red Lake Mine. All people and vehicles enter and leave the mine through a single gate. Security guards are diligent in searching all belongings and vehicles, to ensure that gold is not smuggled out of the mine. All people leaving the mine are required to undergo a search, similar to those undertaken at airports, with subjects selected at random. All briefcases and luggage leaving the mine are searched. occupy much of the ï¿½ Canadian Shield ï¿½ a prolific, Precambrian age geological formation and the home of many of the worldï¿½s greatest mines, past and present.

There are many ï¿½beltsï¿½ of greenstone (highly contorted, Pre-cambrian volcanics and sediments) throughout the Canadian Shield . These greenstone belts have been the geological environments where gold deposits are found such as: Campbell , Hollinger, Dome, Sigma, Kerr Addison, Lakeshore, Macassa, McIntyre, Hemlo, Doyon, Bousquet, Malartic, Camflo, etc., all multi-million ounce producers. Goldcorp's Red Lake mine lies in the eastern part of the Red Lake Greenstone Belt. This belt is made up of an assemblage of ultramafic, mafic and felsic volcanic rocks with a sedimentary sequence. These rocks are cut by a number of felsic and mafic dykes. Styles of Gold Emplacement The two major types of gold mineralization consist of high-grade quartz-carbonate-sulphide mineralization grading 2.35 troy ounces of gold per ton (ï¿½optï¿½) and the lower grade sulphide zones grading 0.37 opt.

To reflect that variation, the zones have been grouped into two categories, the high-grade zones (the ï¿½High-Grade Zoneï¿½) and the sulphide zones (the ï¿½Sulphide Zoneï¿½). Gold Gold is the principal ore mineral at the Red Lake mine and the mineral that is the most interesting to collectors. The gold in the High Grade Zone was largely emplaced as a result of gold-rich, siliceous replacement of carbonate veins and, as well, by injection into volcanic rocks. Large masses of native gold up to many hundreds of troy ounces have been encountered during mining. On occasion, knobs or masses of native gold can be seen protruding from stope backs or walls. These are rich sights to behold! It is from those places, that the most impressive specimens of native gold have been recovered. There appears to have been some subsequent remobilization of native gold into fractures in quartz and carbonates (calcite, ferroan dolomite) and into intensely altered volcanics. Arguably, the best specimens of native gold result when the gold has formed as veinlets in these fractures.

The gold forms more coherent, solid veinlets or ï¿½leavesï¿½in the calcite and quartz than it does in the altered rocks. These veinlets, when exposed, become the ï¿½leavesï¿½ and ï¿½platesï¿½ that we see in the specimens from the Red Lake Mine. A large percentage of the native gold at the mine occurs only as fine fracture fillings or coarse masses in altered volcanic rock that are not suitable as specimens other than as examples of fantastic high grade ore!! On occasion, masses of very coarse gold are encountered in dark gray-black quartz. This type of high-grade is slabbed and sold to lapidaries for use in jewellery. Geologists and others interested in ore textures find the slabbed high-grade specimens interesting, as well. Berthierite and Stibnite The only other species that occur at the mine that are of interest to collectors are stibnite and berthierite. Rich, high grade-gold is, on occasion, associated with metallic black masses of coarse stibnite and berthierite. Crystals of these minerals have not been observed but their association with coarse gold makes for interesting specimens.

Company geologists regularly visit stopes and development headings to gather samples and map local geology and to give direction to miners. The geologists are accustomed to seeing native gold in the HGZ but are constantly on the lookout for the extra-high-grade areas that are occasionally encountered. These extra-high-grade areas are erratically distributed throughout the mine and often run locally in the many hundreds of ounces per ton over distances of tens of feet. These super-rich zones are often the sources of specimen-grade-high-grade that can be prepared to produce the beautiful gold specimens for which the Red Lake Mine is becoming famous. When geologists encounter the super-high-grade areas, they collect any likely looking gold-bearing ore and place it in locked, metal boxes. These boxes are moved to the shaft, taken to surface and stored in the vault. David K. Joyce, periodically visits the mine and works on each individual piece of high grade to, if possible, better expose the beautiful gold leaves, plates and other interesting formations that are enclosed in the matrix rock and vein material.

He ï¿½readsï¿½ the grain of the rock and the directions of gold emplacement and then with a host of tools breaks, chips and chisels away the minerals that cover the gold, in an effort to produce aesthetic specimens that are coveted by collectors, investors and museums around the world. The vault can be a spectacular sight when full of native gold-bearing-hi-grade ore and finished specimens! Interestingly, Goldcorp has retained one specimen in particular which consists of a thick vein of nearly solid gold traversing altered volcanic rock. The specimen is estimated to contain 298 troy ounces of gold! Goldcorp often brings this large specimen to trade shows to tantalize people. Conclusions The Red Lake Mine is, based on the very high average grade of current ore and life-of-mine ore reserves, to our knowledge, the richest gold mine in the world. To its credit, Goldcorp has decided to recover and market beautiful specimens of high grade ore to be sold to museums and collectors around the world, specimens that will serve as a legacy of this orebody.

They will delight collectors, prospectors, museum visitors, and others in the future, as they all marvel at the occurrence of so much gold, in one place, at one time! Acknowledgements The authors would like to thank the management of Goldcorp for the opportunity to be involved with specimen recovery at the Red Lake mine, for permission to publish this article and for its foresight to save excellent gold specimens from the mine. The author would like to thank the following people for assisting or contributing to this article: Bruce Humphrey, chief operating officer; Chis Bradbrook, vice-president corporate Development; Gilles Filion, vice president exploration; Claude Lemasson, mine manager; Tim Twomey, senior geologist; Gabriela Sanchez, assistant to the chairman and Arlene Connolly, graphic artist. We would also like to thank Professor R. Cook for his invaluable review of the manuscript. studies in the Campbell and A.W. White mines in Summary of field work and other activities 1985, Ontario Geological Survey. Miscellaneous paper no. 126, p 193-200.

Parker, J.R., Gold mineralization and wall rock alteration in the Red Lake greenstone belt: a regional perspective; in Summary of Field Work and other Activities, Ontario Geological Survey, Open File Report 6032, p. 22-1-22-28 Sanborn-Barrie, m. Skulski T., Parker, J., and Dube, B. Integrated regional analysis of the Red lake greenstone belt and its mineral deposits, western Superior Province, Ontario; in Current Research 2000-C18; Geological Survey of Canada, 16p. Dube, B., Williamson, K. and Malo, M. Geology of the Goldcorp Inc. High Grade Zone, Red Lake Mine and is also a mining business development consultant. He has worked coast to coast in Canada during his career in the mining industry. He is currently president of the Walker Mineralogical Club and is past Chair of the Toronto Branch of the Canadian Institute of Mining and Metallurgy. Stephen McGibbon is Exploration Manager at Goldcorp's Red Lake Mine. He holds a Bachelor of Science degree from Queen's University and has been active in exploration and mining for 22 years.

Many thanks to David K Joyce for permission to include his co-authored essay on ï¿½The Red Lake mineï¿½. END **Disclaimer** Alan Leishman is not a registered Investment Advisor or a Broker/Dealer. Readers are advised that the information contained herein is issued solely for information purposes and is not constructed as an offer to sell or the solicitation of an offer to buy. The opinions and analysis included herein are based from sources believed to be reliable and in good faith but no representation or warranty, expressed or implied is made as to their accuracy, completeness or correctness. Readers are urged to consult with their own independent financial advisors with respect to any investment. All information contained in this report should be independently verified with the companies mentioned. Copyright Alan Leishman November 2004 © 1995 - 2017 © GoldSeek.com, Gold Seek LLC The content on this site is protected by U.S. and international copyright laws and is the property of GoldSeek.com and/or the providers of the content under license. By "content" we mean any information, mode of expression, or other materials and services found on GoldSeek.com.

This includes editorials, news, our writings, graphics, and any and all other features found on the site. Please contact us for any further information. Live GoldSeek Visitor Map | Disclaimer The views contained here may not represent the views of GoldSeek.com, its affiliates or advertisers. GoldSeek.com makes no representation, warranty or guarantee as to the accuracy or completeness of the information (including news, editorials, prices, statistics, analyses and the like) provided through its service. Any copying, reproduction and/or redistribution of any of the documents, data, content or materials contained on or within this website, without the express written consent of GoldSeek.com, is strictly prohibited. In no event shall GoldSeek.com or its affiliates be liable to any person for any decision made or action taken in reliance upon the information provided herein. Goldcorp: Red Lake Mine | Business Excellence Magazine Goldcorp: Red Lake Mine Golden opportunities Article | 29 March, 2011 - 23:23 Goldcorp’s Red Lake mining complex is one of the world’s richest gold resources. General manager Mike Lalonde talks to Gay Sutton about integrating a portfolio of traditional mines into a single forward looking identity.

A great deal can happen in the mining industry in just eighteen months. That is certainly true for Goldcorp’s Red Lake Gold Mines division in Ontario, Canada. Since we last reviewed the company a year and a half ago, there has been significant progress. The ongoing program of exploration and development across the entire area has been productive, making 2010 a record year, not only in terms of ore mined but also in ounces of gold produced. RLGM poured its 20 millionth ounce on May 20, 2010. “The total daily capacity of our two mills at the Red Lake and Campbell mine sites is about 3000 tons,” said general manager Mike Lalonde “The mills were being under-utilized, so we increased ore production to fill both mills in 2010 and we produced a total of 703,000 ounces by the end of the year.” The majority of this extra tonnage has been obtained by opening up mining operations in the upper Red Lake reserve, an area that had not received much attention since the mid nineties. “The good thing about 2010 production is we didn’t run down our reserves to do it.

Our exploration program for the year has defined a further 1.4 million ounces of gold, so we have actually increased our reserves by around 700,000 ounces after accounting for production and we are in a good position to make further additions in 2011.” In addition to the new upper Red Lake reserve, there are three major elements to the operational portfolio at the Red Lake Complex. The Red Lake Mine itself is one of the world’s richest sources of gold as well as being one of the lowest cost producers, and contains a lucrative high-grade gold deposit known as the High Grade Zone (HGZ) that plunges down diagonally into the rock at an angle of 45 degrees. Lying only one kilometer away is the Campbell Mine, which was acquired from Placer Dome in 2006 and sits over a lower grade deposit. Five and a half kilometers to the North West lies the Bruce Channel Deposit, a promising prospect currently under exploration and development via the old Cochenour Mine shaft. Continuing exploration of the Bruce Channel Deposit has already resulted in outlining an inferred resource of 2.7 million ounces.

“We have several years of exploration to go, and our feeling is that we’ll end up with a minimum of five million ounces here.” Goldcorp is involved in a number of joint ventures in the Red Lake area, and is in the process of extensive reconnaissance soil sampling and short hole drilling across the entire area using its “in house” Regional Exploration Group. One of the significant achievements of 2010, and one that will deliver considerable operational benefits as time goes on, has been to bring the old Red Lake and Campbell Mines together as an integrated mining unit with a single identity. As with all change management initiatives, changing the attitudes and mind sets of the workforce can be quite a challenge. “There had always been quite a bit of rivalry between the two original companies over the years, which has taken quite a while to overcome,” said Lalonde. One of the methods used to unite them into one focused team was to put all employees through two courses, and arrange for attendees to be drawn equally from both locations. One was a safety course and the other was a three day event that drove home the Goldcorp company philosophy and culture.

“By giving this training to the united group everybody received the same message at the same time, and this has been very effective.” An employee relations committee was formed in 2010 with representation from both mines. A single superintendent was also appointed to oversee both operations and manage them as one. Development work at Red Lake has also been helping to support the message of unity. An interconnecting tunnel approximately half a mile in length has been driven between the two mines, reinforcing the shared identity while also improving the ventilation systems underground. “We opened the new tunnel mid-way through last year and it has given us the flexibility to share manpower and equipment between the two locations.” The tunnel also fulfils another important function. The high-grade zone dips down at 45 degrees from Red Lake, and is angling toward the old Campbell mine. The tunnel between the two mines therefore provides an ideal platform for ongoing exploration work. The angled nature of the deposit, however, means that the lower levels are some distance from the main access shaft.

“Our plan is to put in a winze, in other words an internal shaft that doesn’t come to the surface.” This involves excavating a new ramp from the existing mine ramp accessing the HGZ to an area that contains favorable ground conditions, and then to bore the winze using a mechanical raise borer. Work on the new ramp is one-third done and should be completed by the end of the year, and the excavation of the winze will then take a further three to four months. When last we looked at the Red Lake operations, the old Cochenour mine shaft was in the process of being dewatered to provide access to the Bruce Channel deposit. That work is now complete. The old mine head frame has been stripped out and replaced by a modern concrete one that stands roughly 60 meters tall. The monolithic concrete pour took just twelve days to complete. “We’re now in the process of stripping the timbers out of the old rectangular shaft and we’ll shortly begin work enlarging it to 18 feet in diameter. It’s a big task and will take approximately a year and a half to get down to a depth of 3,500 feet.

Once we’ve done that we’ll be able to start developing access ramps from the new shaft to the deposit.” Concurrently with this, the Bruce Channel deposit is also being approached from the Campbell mine some five kilometers away, and engineers are in the process of driving a tunnel between the two locations at a depth of 5,400 feet. If all goes according to plan, both access routes should arrive at the deposit concurrently. As with other projects at Red Lake, the tunnel will perform several financially important roles. Firstly, ore from the deposit can be hauled underground to the mill at the Campbell site, and secondly, it will provide a great drill platform for future exploration. “Those five kilometers are the most prospective ground in the entire Red Lake area,” Lalonde explained, “and contain a number of shallow deposits that were mined in the past that have a very good chance of projecting to depth. The haulage drift will serve as an exploration drift for new deposits and it will also give us the opportunity to diamond drill the lower end of the Bruce Channel deposit concurrently with mining at the upper portion.” Based on the exploration to date, Red Lake Gold Mines looks like it will continue to live up to its reputation as a world class gold producer.

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Before pulling out of the Pebble Mine project last week, Anglo American (AAUKY), one of the world's biggest mining companies, had invested... Goldcorp Consolidates Red Lake Holdings With Gold Eagle Acquisition | Resource Investor Goldcorp Consolidates Red Lake Holdings With Gold Eagle Acquisition By Brenda Bouw July 31, 2008 • Reprints VANCOUVER (CP) -- Canada's second-largest gold producer announced Thursday it had struck a friendly deal to take over Gold Eagle Mines Ltd. (GEA), whose main asset is the Bruce Channel gold discovery adjacent to Goldcorp's Red Lake mine. "The Red Lake mine is such an important part of our company and this acquisition locks into place an important piece of our future," Kevin McArthur, Goldcorp's president and CEO, told a conference call Thursday. The stock-and-cash arrangement is valued at $C1.5 billion, with a maximum of $691 million in cash. The acquisition was announced as Goldcorp reported a second quarter loss and lowered its production estimates for 2008, mainly on shortfalls from the Red Lake operation earlier this year.

The Vancouver-based company also sharply raised its cash costs estimates, as the higher Canadian dollar and inflationary pressures took a toll on its far-flung operations. The company said it expects to produce between 2.3 million to 2.4 million ounces of gold at a total cash cost of less than $300 per ounce in 2008. That is down from 2.6 million at a cash cost of about $250 per ounce. "I want to stress that there is nothing wrong at Red Lake. This is a very solid operation," said McArthur. He said the development is a little behind schedule, but that what the company is doing "will pay big dividends in the very near future." McArthur said Goldcorp had expected that higher performance at its Marlin mine in Guatemala and Los Filos mine in Mexico would offset problems at Red Lake. However, those mines also had issues in the quarter, including human tampering of a power line connected to the Marlin mine. At Los Filos, production was impacted by a ground movement on a portion of the heap leach pad. The company said no leakage of powerful chemicals used in gold leaching has been detected. The company, which reports in U.S.

dollars, said it lost $9.2 million or one cent a share for the three months ended June 30, compared with a net profit of $2.3 million or one cent a share for the same 2007 period. The net loss stemmed from a non-cash foreign exchange loss on the revaluation of future income tax liabilities, Goldcorp said. Revenues increased 19% to $631.7 million from $528.8 million. However, operating expenses increased to $318.9 million from $234.1 million. Gold sales for the quarter rose to 556,200 ounces at a total cash cost of $308 per ounce, compared with 536,900 ounces at a total cash cost of $166 per ounce in 2007. The increase in total cash costs was due to a strengthening Canadian dollar, as well as increased labour and higher consumable costs. Gold production was approximately 10% lower than expected, the company said.

"While we expect improvements in the second half, the delayed gold production, industry-wide cost pressures and a previously reported shortfall in ounces at our Canadian mines have led to a revision of guidance for 2008," McArthur said in the earnings statement. As for its deal with Gold Eagle, Goldcorp said the acquired property is immediately southwest of its past-producing Cochenour-Willans mine and will enable the company to capitalize on its extensive exploration and operations infrastructure and employees in the Red Lake district. "This transaction secures for Goldcorp full control of 8 km of strike length in the heart of the world's richest, high-grade gold district," said McArthur. He said about 200 drill holes have shown an "impressive" gold deposit at Bruce Channel, with potential for expansion.

"Development of this strategically important zone can now move forward with our adjoining assets as a single, comprehensive project, sharing mine infrastructure, ore processing facilities and human talent with Red Lake, thus minimizing capital and operating costs and maximizing long-term shareholder value." The Red Lake mine has operated for over 50 years, and Goldcorp said it plans to sustain the operation "for decades into the future." Under the deal, each common share of Gold Eagle not owned by Goldcorp will be exchanged for $C6.80 in cash and 0.146 of a common share of Goldcorp. The combination has been approved by the boards of both companies and will be voted on by Gold Eagle shareholders at a special meeting. Goldcorp currently owns 4.7% of the outstanding shares of Gold Eagle. Under the deal, Gold Eagle has agreed to pay Goldcorp a termination fee of C$44 million, under certain circumstances. "We believe that Bruce Channel ranks among the very highest quality gold discoveries," said Simon Lawrence, president and chief executive of Gold Eagle. "Goldcorp, with their considerable infrastructure and expertise in the area, are ideally positioned to advance the project in an expedient and capital efficient manner.

For our shareholders this is a very attractive transaction." In Thursday trading on the Toronto Stock Exchange, Goldcorp shares fell $1.19, or 3%, to $38.66, while Gold Eagle stock rose $1.70 to $12.27, a jump of 16% in heavy trading of 24 million shares. (c) The Canadian Press 2008 About the Author stumbleupon Email Comment We learn from chemistry class in high school that gold is a metal that has the symbol of Au and has an atomic number of 79. It is shiny, malleable and soft. It is a highly sought after item and is considered valuable and very precious. It used to be the standard for monetary policies of economists around the world. More than 165 thousand tons have been mined, with half of it being used for jewelry and accessories, others for investments, and around a tenth for industry. It can be found in different parts of the globe, from South Africa and Australia to Russia and Peru. The United States is also a major producer, though China has supplanted them all.

The top ten countries are responsible for more than two thirds of the world’s production output of gold, which totaled 2,700,000 kilograms in the latest calendar year available. So what other areas in the world can gold be found? Here is a list of the top ten gold-producing countries in the world. 1. China – 355,000 kilograms The world’s top consumer of gold is also its top producer. It has held that title since 2007. Most of its production comes from the province of Shandong. The China National Gold Group mines around a fifth of its output. China’s gold holdings stand at 1,054.1 tons, which is equivalent to 1.7 percent of its total foreign reserves. The country still has around 1,900 tons in reserves. China is on pace to break the 2011 figure of 355 tons produced, as it has already mined a total of 249.7 tons as of the second quarter of this year. That reflects a 10 percent increase from the same period last year. 2.

Australia – 270,000 kilograms More than 66 percent of gold mined down under comes from Western Australia, the location of the Golden Mile. It is the largest open pit mine in the country. Gold is one of the country’s top exports, allowing it to raise more than $14 billion each year. Gold reserves in the country are at around 7,400 tons. Australia has holdings of 79.9 tons of gold, equivalent to 9.3 percent of its total foreign reserves. 3. United States – 237,000 kilograms Officially, the United States has the largest gold holdings in the world with 8,133.5 tons, equivalent to 75.4 percent of its total foreign reserves. The country has around 3,000 tons in reserves. Most of the gold mined in the country comes from Nevada, though the reopening of mines in Montana helped in the increase in production numbers. 4. Russia – 200,000 kilograms Being one of the top producers of gold in the world has not stopped Russia from purchasing more from other nations.

As of the third quarter of 2012, the country has already bought 57.6 tons to augment its reserves to 936.7 tons, equivalent to 9.6 percent of its foreign reserves. It still sits on around 5,000 tons of proven reserves, with most of it coming from Siberia and the Far East. 5. South Africa – 190,000 kilograms The country sits on one of the world’s largest gold deposits at 6,000 tons, though production has been hampered by strife in the labor sector. As recent as 2006, South Africa was considered the biggest gold producer in the world. It has since dropped down in the rankings, with production increases abysmal. Still, the country’s holdings of 125 tons of gold are equivalent to 13.4 percent of its total foreign reserves. 6. Peru – 150,000 kilograms The country is the largest producer of gold in Latin America. It has gold reserves of around 2,000 tons.

Its official gold holdings stand at 34.7 tons, or equivalent to 3.2 percent of its total foreign reserves. 7. Canada – 110,000 kilograms The North American’s official gold holdings stand at 3.4 tons, or a mere 0.3 percent of its total foreign currency reserves. The gold reserves waiting to be mined are only 920 tons, the smallest quantity of all the countries in the top ten. Most of Canada’s gold comes from Ontario, where Goldcorp operates the Red Lake gold mine. 8. Ghana – 100,000 kilograms Ghana is the second largest producer of gold in the continent of Africa. It was once known as the Gold Coast because of the abundance of the precious metal in the area. It produced 100 tons of gold in 2011, and it still has around 1,400 tons in reserve. Officially, the Ghanaian government reports that it has 8.7 tons of gold holdings, which are equivalent to 10.2 percent of its total foreign currency reserves. 9.

Indonesia – 100,000 kilograms The country consists of more than 17,000 islands, but most of its gold production comes only from a few areas where the mineral is heavily mined. As a matter of fact, Indonesia is the home of Grasberg, which is the largest gold mine in the world. The 100 tons that it produced is actually a decline from the previous year’s output of 120 tons. The Southeast Asian archipelago still has 3,000 tons of gold reserves. The country’s official gold holdings stand at 73.1 tons, equivalent to 3.6 percent of its total foreign currency reserves. 10. Uzbekistan – 90,000 kilograms It used to be part of the Soviet Union, before the latter collapsed in the early 90s. The country may have been deprived of water resources because of it being landlocked, but it certainly got blessed with tons of this precious metal. Total gold reserves that the country is sitting on are estimated to be around 1,700 tons. These reserves are programmed to last them until 2032 even if no new source is discovered.

The state-owned Navoi Mining and Metallurgical Combinat mine most of its gold, with estimates saying that the company is responsible for up to 80 percent of the country’s production. The main source of its gold is the Murutau mine, which is considered to be the largest open-pit mine in the world today. 39 Shares

Question: The Red Lake Mine, said to produce the richest gold ore in the world is in which country?
Answer: Canada