Kinross Gold looking to turn Great Bear into a great Hemlo-like mine by 2029

In February 2022, Kinross acquired Great Bear Resources Ltd. and its flagship Dixie project in the prolific Red Lake district.
A year later, Kinross announced its initial mineral resource estimate for the project. The world-class project is the centerpiece of Kinross’s development portfolio and has excellent potential to become a top-tier deposit that could support a large, long-life mine complex and bolster Kinross’ long-term production outlook. Drilling has increased the resource-estimate by nearly 50% since Kinross took over.
Kinross’ drilling and exploration focus for 2024 is to expand the mineralized zones LP, Hinge and Limb, define deep mineralization, continue exploration along strike, and identify new targets around the property. The comprehensive exploration and development program will support Kinross’ vision of a quality, high-grade, open-pit mine and a longer-term, sizeable underground mine.

 

 

The Great Bear project is located on the traditional territories of the Wabauskang and Lac Seul First Nations. Kinross intends to make positive and lasting impact to benefit partners and all local communities through job creation, local investment and strong environmental stewardship.
Kinross is working with First Nations partners in a number of areas, including comprehensive baseline studies, site planning, future procurement, training and other opportunities. The Kinross team meets on a regular basis with stakeholders, engaging in a way that respects traditions and builds strong relationships. It is important for us to continue to meet. “At our Great Bear project in northwestern Ontario, Canada, I have prioritized opportunities to sit down with the Chiefs of the Wabauskang and Lac Seul First Nations to update them on our operations, hear feedback and take project input from them directly. For me this direct engagement is critical to our success as a company and helps to build collaborative, trusting relationships that can anticipate changing needs,” said CEO J. Paul Rollinson in the company’s 2023 Sustainability report.
The company is also progressing studies and permitting for an advanced exploration program that would establish an underground decline to obtain a bulk sample and allow for more efficient exploration of deeper areas of the LP Fault, along with the nearby Hinge and Limb gold zones.
Kinross has mines in multiple jurisdictions around the world. “We have had a strong start to the year and are well positioned to meet our annual guidance,” said Rollinson in the company’s quarterly report to shareholders. “Our portfolio of mines performed well, driven by strong operational performance, disciplined cost management and higher gold prices. The company delivered a 20% increase in margins to $1,088 per ounce sold, which is approximately double the percentage increase in the gold price over the same period. As a result, free cash flow more than tripled over Q1 2023.”
With a strong sustained gold price, Kinross will continue to prioritize its financial discipline and operational excellence. They are focusing on maintaining margins and cost profile, prudent capital allocation and debt reduction.
“Our development projects are all proceeding as planned. At Great Bear, we made excellent progress on our 2024 drilling campaign, which continued to successfully target extensions of the resource at depth, and we remain on track to release a preliminary economic assessment (PEA) in the second half of the year. At Round Mountain, Phase S and Phase X are advancing well. We are also looking forward to first production at Manh Choh early in the third quarter. At Tasiast, our solar power plant is complete and generating power at full capacity.”
“Kinross’ commitment to sustainability is deeply rooted in our values and culture, and we are proud of our consistent high rankings in our industry.”

Join Ian Russell, Great Bear Site Manager at the CEN CAN Expo on September 12th as he will present  Kinross – Great Bear: Building NW Ontario’s next World Class Gold Mine as part of the Projects in the Pipeline Conference. The day is packed with excitement as the conference will feature 15 speakers, panel discussions and question periods. 

Register today for Tickets which includes a trade show and conference pass with breakfast networking and lunch included. Tickets are limited. Visit https://virtex.cencanexpo.ca/expoactivity/activitypage/type/expoactivity_pipeline to get yours today. For multiple tickets please call 705-264-2251.

 

Tags: Northern Ontario / New Projects / Gold / All Articles