NEW YORK, Oct. 15, 2020 /PRNewswire/ -- 2019 saw a huge increase in mining activity in the Canadian province of Ontario, and with 2020 being the year of precious metals, it looks as if the Ontario mining boom is just getting started. This year, with gold and silver prices seeing a massive rise in response to a declining global economy, Ontario's resurgence as a mining jurisdiction is accelerating. The Fraser Institute ranks Ontario among the best mining jurisdictions in the world. The province offers a strong workforce, industry-friendly regulatory policy and world-class mineral wealth. Junior miners are flocking to the province, establishing new mining projects and bringing past producers back online. Ontario is attracting companies like Graycliff Exploration Ltd. (CSE: GRAY) (FSE: GE0), New Gold (NYSE: NGD) (TSX: NGD), IAMGOLD Corp (NYSE: IAG) (TSX: IMG), Argonaut Gold Inc. (OTCPK: ARNGF) (TSX: AR), and First Mining Gold Corp. (OTCQX: FFMGF) (TSX: FF).
Graycliff Exploration Commences Exploration at Its Shakespeare Gold Project
In late September, Graycliff Exploration Ltd. (CSE: GRAY) (FSE: GE0) commenced exploration on the company's 517 hectare Shakespeare Gold Project about 80 kilometers west of Sudbury, Ontario. The Shakespeare property is located on the prolific Canadian Shield at the intersect between the Archean, Southern, and Superior geological provinces. The property was last mined between 1903 and 1907, producing 2,959 oz of gold during that run. Over the century since the mine's closure, the mineral potential of this property has remained well-known in the mining industry, but low resource prices and other economic factors have kept the industry from returning for further exploration. Now, however, Graycliff Exploration has a golden opportunity to bring mining exploration back to Shakespeare amid the best gold market in years.
Graycliff's 2020 Exploration Program at the Shakespeare Gold Project began on September 28. The 2,000-meter drilling program will also include geophysical surveys to highlight drill targets, line cutting, and prospect mapping of all historical trenches, and historical data compilation and analysis.
"Our thesis for Shakespeare includes that there is a much larger gold system at depth below the previously mined areas and trending for a significant distance across the property to the northeast," Graycliff President and CEO James Macintosh said in the company's news release. "This exploration program will provide our areas of focus for more in-depth exploration to better define what we have."
Graycliff announced on September 25 that the company had received a $530,000 non-brokered private placement primarily from one strategic investor. Graycliff intends to put these funds to work primarily on exploration at the Shakespeare Project.
Mining Companies Flock to Ontario
Graycliff isn't the only one getting in on the action in Ontario. In April, New Gold (TSX: NGD) (NYSEAMERICAN: NGD) began the process of bringing its Rainy River gold mine in Ontario back online after operations were suspended to comply with coronavirus guidelines. Rainy River is located near the border with Minnesota, about 65 kilometers northwest of Fort Frances. Rainy River has been operating since 2017 and the mine produced 257,000 ounces of gold in 2019.
The Ontario provincial government announced in September that it is supporting the construction of IAMGOLD Corp's (TSX: IMG) (NYSE: IAG) new Côté Gold Mine in Northern Ontario. The Ontario government sees the project as an opportunity to drive long-term economic growth in the province, projecting that it will generate more than C$5 billion in wages and add C$10 billion to Ontario's GDP.
Also in September, announced that the company had sold its Ana Paula project in Mexico in order to focus on its Magino gold project in Ontario. Magino is located 14 kilometers outside of Dubreuilville and 195 kilometers north of Sault Ste. Marie, and has produced 114,319 ounces of gold at 4.43 grams per tonne throughout its sporadic production history, which began after WW1.
First Mining Gold Corp. (TSX: FF) (OTC: FFMGF) has been focused on the exploration and development of its Springpole property since its acquisition in 2015. In September, the company announced that it is on track to deliver its pre-feasibility study on the property within the first quarter of 2021. The Springpole property is located approximately 110 kilometers northeast of the town of Red Lake, Ontario, and, according to a 2017 preliminary economic assessment, contains 4.7 million oz. of gold and 24.2 million oz. of silver.
As the gold and silver run drives on, Ontario makes a strong case to be a premier mining destination. Companies like Graycliff Exploration are flocking to the province to set up operations and take advantage of this prosperous region.
For more information about Graycliff Exploration (CSE: GRAY) (FSE: GE0), click here.
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