If all goes according to plan, there could be gold production again courtesy of Con Mine.
Gold Terra, a Canadian mineral exploration company, is looking to see if it can reopen the mine, which operated in Yellowknife between 1938 and 2003. It produced more than five million ounces of gold during that time and was more than 6,000 ft. deep.
Gerald Panneton, the company's CEO, said there are still a number of hurdles to get over before they can begin mining again, mainly raising money from investors.
Ideally, Panneton said the company would like to have $10 million a year.
"The feedback (from potential investors), they like the style of our project," he said, explaining that they're looking for high-grade gold. "So far, on the Con Mine, we've outlined more than 500,000 ounces, and that's near surface, of gold."
One ounce of gold at the moment is worth about $2,600, said Panneton, quite the leap from what it was worth when the mine closed.
Panneton explained his company's been involved in this particular project since 2013.
While 500,000 ounces might seem like a lot, Panneton explained there's a threshold he still has to prove he can meet if he's to keep this project alive, which is two million ounces.
"If you produce two million ounces at 150,000 ounces a year, you need about 12 to 14 years," he estimated. "But I believe personally that if you built a mine again in Yellowknife for gold, at say 2,000 tonnes per day, 150,000 ounces per year, there's enough potential to keep this mine running for many, many years to come."
There's another quota Panneton's trying to hit and that's staffing. He's targeting 100 per cent Northern employment.
"There's a lot of mining experience in town, there are a lot of experienced people that have been working on different projects in the territories," said Panneton. "We don't need to bring jobs from the outside, they can all be served here."
A release sent to SA国际影视传媒 explains the new site would be 800 square kilometres around Yellowknife, including much of the former Con Mine site.
Panneton said refurbishing the old mine would be much easier on the environment than building a new site altogether.
"It's like you have a parking lot for parking cars, so why would you build another one next to it?" he asked rhetorically. "It's the same thing for the mine."
Panneton did say they would be disturbing the land somewhat, but their goal is to minimize any environmental impact. He also wasn't able to quantify just how much disturbing would occur, but stressed that it would be minimal as opposed to new construction.
Panneton also said he has spoken to the GNWT about their project, noting they're very supportive, and while he believes a business model should avoid government subsidies, there are some exceptions.
"For example, for green power, if there is a way we can work all together to get more green power in Yellowknife, then we should all work together," he said.
Panneton said the company would be an open listener to what the Yellowknives Dene First Nation (YKDFN) would like to discuss as the mine sits within its territory. YKDFN was not able to return a request for comment in time for publication, but Yellowknifer will provide an update when they do.
