Many geologists and mining experts consider the Canadian province of Québec to be an exceptional region from the standpoint of the potential wealth of its tremendous area of yet unexplored land.
Many geologists and mining experts consider the Canadian province of Québec to be an exceptional region from the standpoint of the potential wealth of its tremendous area of yet unexplored land. In excess of 90 percent of the province’s substratum is made up of Precambrian rock, a geological formation well known for its deposits of gold, iron, copper and nickel.
Quebec hosts approximately 30 mines, 158 exploration projects and 15 primary processing industries, spanning a broad range of over 30 minerals of which the leading ones are gold, iron, titanium, asbestos, copper, zinc and silver. Since the Québec mining industry took off in the 1920′s, it has maintained steady growth and scarcely 40 percent of Québec’s mineral potential is now known.
Regional mining booms were first experienced in the Abitibi-Témiscamingue area, with exploration subsequently carried out in the Matagami, Chibougamau, Saguenay Lac-Saint-Jean, Grand-Nord and Côte-Nord regions.
Overall Investment Climate
In the most recent Fraser Institute’s Survey of Mining Companies, Quebec holds the number two spot in Canadian investment attractiveness rankings, and falls at number eight in worldwide investment rankings.
The survey rates 109 jurisdictions around the world, based on geologic attractiveness for minerals and metals as well as policy attractiveness. With that in mind, aside from the Yukon, Quebec is the only other Canadian jurisdiction that falls into the overall worldwide investment attractiveness.
On that note, below is a list of companies currently mining for gold in Quebec.
Agnico Eagle (TSX:AEM)
Agnico Eagle operates three mines in Quebec, including its 100 percent owned LaRond, Goldex and Lapa mines, and also holds a 50 percent interest in the Canadian Malartic mine. The company is also pursuing an early-to-mid stage project–the Akasaba West project–also in Quebec, which is a gold-copper deposit.
The Akasaba West project is 100 percent owned by the company and holds an estimate mineral reserve of approximately 141,000 ounces of gold, as of December 31, 2015.
In 2015, Agnico set a record for payable gold production of 1,671,340 ounces of gold and expects its 2016 production to range between 1,580,000 and 1,600,000 ounces.
IAMGOLD is Canadian mid-tier mining and exploration company, and has four operating mines, together with joint ventures in Mali. Together, it is expected they will produce between 770,000 and 800,000 ounces of gold in 2016.
In particular, IAMGOLD operates the Westwood Gold Mine on the Doyon property located in northwestern Québec. The Westwood Gold Mine covers 1,925 hectares and consists of 120 titles, one mining lease, one surface lease and three tailing leases.
The company also holds a joint venture in partnership with Toma Gold on the Monster Lake exploration project, located southwest of Chibougamau , Quebec. In 2015, over 11,700 meters of drilling were completed.
Osisko Mining (TSX:OSK)
Osisko Mining is a development-stage gold mining company based in Montreal. The Windfall Lake Gold Project is 100 percent owned by the company, contains 285 individual claims ad covers an area of approximately 12,400 hectares.
The company also has the Marban Block property,located 15 kilometers west of Val-d’Or, Quebec. The three past-producing mines on the property–the Marban, Norlartic and Kierens–produced 590,000 ounces of gold.
Richmont Mines (TSX:RIC)
Richmont Mines is the 100 percent onwer of the Beaufor Mine, which had 302,100 proven and probable reserves as of December 31, 2015. The mine is located 25 kilometers northeast of Val-d’Or, Quebec, and has produced over 500,000 ounces of gold since 1996.
The company also operates the Camflo Mill, which is located near Malartic, Quebec. The mill is a Merrill-Crow conventional mill with circuits for crushing, grinding, gold cyanidation and precipitation using zinc power.
Hecla Mining (NYSE:HL)
In 2013, Hecla Mining acquired Aurizon Mines, and in turn Aurizon’s Casa Berardi mine, an underground gold mine located in Western Quebec. In 2015, 127,891 ounces of gold were produced and it is expected that 145,000 ounces of gold will be produced in 2016.
Wallbridge Mining (TSX:WM)
The company has a diverse portfolio in in gold, copper, nickel and platinum group metals. In August 2016, it was announced that Wallbridge Mining had signed a definitive purchase agreement for the Fenlon Gold mine in Quebec. Wallbridge now owns 100 percent interest in the project. An estimated resource of 91,100 tonnes at 12.97 grams per tonne of gold has been identified, with the bulk of the resource located within the first 150 meters from surface.
Exploration at Fenlon began in November 2016, and sampled 89.30 g/t of gold.
Falco Resources (TSXV:FPC)
Falco Resources’ Horne Project area consists of former producing Horne and Quemont mines, together with the Horne 5 project. As of 2016, the Horne 5 project has an estimate of over 6.6 million gold equivalent ounces.
Historically, the Horne 5 Deposit,which was operated by Noranda Inc from 1926-1976–produced approximately 11.6 million ounces of gold, in addition to 2.5 billion pounds of copper. In 2015, 18 new confirmation drill holes were drilled by the company. Currently, Falco is carrying out a drilling program on the property, results of which will assist the company to produce a feasibility report in 2017.
Knick Exploration (TSXV:KNX)
Knick Exploration is actively exploring its East-West property in Val d’Or, Quebec, and also owns 100 percent interest in the Trecesson Project.
Since 1935, sporadic gold exploration has been one on the East-West property and the Val d’Or mining camp has historical gold production of 18.4 million ounces. Over at the Trecesson project, Knick Exploration completed the first exploration program on the property on June 30, 2011.
This article was originally published on Gold Investing News on August 16, 2010.
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Securities Disclosure: I, Jocelyn Aspa, hold no direct investment interest in any company mentioned in this article.
Editorial Disclosure: Wallbridge Mining and Falco Resources are clients of the Investing News Network. This article is not paid-for content.