Mineral exploration projects made strong progress in 2020 in our latitudes. Expenditures on exploration and development of mineral deposits increased 6.1% to reach $ 534 million, according to the Association minière du Québec (AMQ). The projects that have most advanced or received the most attention lately have a link with gold.
Whether it is new deposits, the expansion of existing sites or the resumption of activities on abandoned sites, the yellow metal is clearly on a roll.
According to Michel Jébrak, professor emeritus in the Department of Earth and Atmospheric Sciences at the University of Quebec in Montreal (UQAM), the project that has evolved the most this year among junior miners is that of Elmer, owned Azimut Exploration, in Eeyou Istchee Baie-James territory.
“They are looking in places where others are not looking. And the prospects would be more than interesting, ”believes the academic.
PHOTO KARENE-ISABELLE JEAN-BAPTISTE, SPECIAL COLLABORATION
Michel Jébrak, professor emeritus at the Department of Earth and Atmospheric Sciences at UQAM
They found the area with sophisticated database processing. It usually takes a concentration of 4.5 grams of gold per tonne to make it a viable economic zone. Azimut samples give 10 grams per tonne. The company will need money to continue its exploration.
Michel Jébrak, professor emeritus at the Department of Earth and Atmospheric Sciences at UQAM
Rebirths
Another project of interest in Nord-du-Québec is the former gold and copper mine which now belongs to Troilus Gold Corp., a Canadian mining company based in Toronto. This deposit is located in the Frôtet-Evans greenstone belt, north of Chibougamau.
From 1996 to 2010, the site produced over 2 million ounces of gold and nearly 70,000 tonnes of copper. Troilus has owned it since 2017. “With the prices of gold and copper which are high, it gives a lot of value to the deposit,” says Michel Jébrak.
PHOTO PROVIDED BY TROILUS GOLD CORP.
The former Troilus Gold Corp. gold and copper mine, north of Chibougamau
The purchase of a few other nearby sites (including Urban Gold Minerals in May 2021) enabled Troilus Gold Corp. to increase its exploration territory from 47 to 1,420 km2, according to Caroline Arsenault, vice-president, corporate communications.
“We have 150,000 meters drilled to date and it continues at a rate of 7,000 meters per month. We are going to be one of the largest sites in Quebec and the sixth or seventh in Canada, ”she said.
Also in the Chibougamau region, two former gold and copper mining camps are coming back to life: those at Lac Doré (Doré Copper) and Chapais (QC Copper and Gold), which were in operation during the 1960s.
As is the case with Troilus, these two sites are economically viable and they are being relaunched with modern technologies. Again, there is still a lot of drilling and work to be done. There are still tens of millions to invest.
Michel Jébrak, professor emeritus at the Department of Earth and Atmospheric Sciences at UQAM
Other exploration investments
Finally, the Windfall (Minière Osisko), Wasamac (Yamana Gold) and Perron (Amex) gold exploration projects are at various stages of development and would be very promising, believes Michel Jébrak, from UQAM.
According to the Quebec Mining Association, “the active companies that currently operate mines are investing in exploration to extend the life of their sites. This is good news in itself. Since it normally takes 10 to 15 years to develop a mine after the discovery of a new deposit, exploration on existing sites also makes it possible to benefit much more quickly from the economic benefits. ”
In addition, still according to the QMA, “the development of the critical and strategic minerals (MCS) sector, on which the government of Quebec relies heavily to ensure the energy transition and the electrification of transport, will also be interesting to observe. over the next few years ”.