A gold developer from Toronto has obtained a provincial permit to extract gold from old mine tailings and move forward with cleanup at the Hollinger mine site in Timmins, thanks to new rules introduced last year that simplify the application process.
STLLR Gold has received the first Recovery of Minerals permit in Ontario, which they describe as a significant achievement in a news release.
The vice president of sustainability and regulatory affairs, Meghan Shannon, mentioned that the permit allows the company to conduct more technical and environmental work that will ultimately enable them to reprocess historic mine tailings. The firm also plans to restore the site for the city of Timmins in the coming years.
Tailings are waste rock that Shannon noted were placed on the surface of the historic Hollinger mine site back in the early 1900s.
She stated that the area covers about 200 hectares and holds around 60 million tonnes of tailings.
The company estimates, based on preliminary work, that there could be about 413,000 ounces of gold resources within this waste rock, according to Shannon.
The current price of gold is sitting around $5,000 US per ounce, which Shannon said makes this project financially worthwhile.
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Rising Gold Prices Play a Role
<p"Years ago, gold prices were very different than they are today," she explained. "Given today's current gold prices, there are other companies looking at remediating and reprocessing these legacy sites in the province. They've become much more attractive because they are economically viable." The minister of energy and mines, Stephen Lecce, added his thoughts on STLLR Gold’s news release regarding the permit. “The Hollinger Tailings Project shows how we can recover valuable minerals, remediate a century-old tailings facility, and create good-paying jobs in Timmins and across the North – all at the same time. By moving faster and smarter, Ontario will strengthen our economy and remain at the forefront of innovation and responsible resource development for generations to come.” The mayor of Timmins, Michelle Boileau, is also expressing her support for speeding up remediation efforts. “The recent provincial authorization allowing further work at Hollinger reflects real momentum towards long-term remediation and cleanup,” said Boileau in a news release. “These efforts help address legacy environmental impacts while reinforcing strong partnerships between the Province, the City of Timmins, and STLLR Gold.”Source link
