Goldcorp believes there are more ounces to be had beneath its Dome Mine open pit in Timmins.
In releasing its third-quarter results on Oct. 26, the Toronto-based gold major is mapping out plans to reopen the Dome Mine based on the discovery of a new 5.4-million ounce resource within the 105-year-old Porcupine camp.
Christened as the Dome Century project, Goldcorp said a conceptual study is underway to expand the open-pit mine.
A preliminary analysis indicates there is potential to extend mineralization below the existing pit.
The indicated gold resource is 4.5 million ounces with the inferred source measuring 0.9 million ounces.
In its time between 1997 and 2007, the Dome pit produced 2.7 million ounces and historical gold recoveries were in the 90 per cent range.
Detailed test work will confirm those recovery ranges.
The company said a recent update to the geological model for the pit revealed more gold “as a halo” around the high-grade material which had been previously mined from underground.
The conceptual study for an expanded pit on this zone is expected to be completed in the first quarter of 2017, at which time they’ll likely proceed with a pre-feasibility study.
Goldcorp president-CEO David Garofalo was understandably excited about “the potential to substantially grow gold production” at the Porcupine camp.
"With a portfolio of world class assets on large land packages in prolific mining camps, we have the potential to significantly expand and upgrade our current reserve and resource base in 2017 and beyond," added Paul Harbidge, the company’s senior vice-president of exploration.
At their Red Lake and Porcupine camps, Harbidge said “we are in the process of undertaking generative studies in the districts and re-interpreting the geological information to extend the reserves and resources.
"Since joining in August, I have refined the exploration strategy, strengthened the exploration team, and worked with the site teams in the new decentralized model to ensure we are focused on generating increasing NAV (net asset value) through the drill bit."
In and around Timmins, Goldcorp said underground exploration work continues on two targets – Owl Creek and Hoyle Pond – to “provide additional areas for operational flexibility.”
