Proyectos

Hoyle Pond is an underground gold mine located within the Archean Abitibi Greenstone Belt approximately 20 km northeast of downtown Timmins, Ontario. Underground infrastructure includes two decline ramps and one four compartment shaft; underground production is either trucked or hoisted via winze to a tramming level reporting to the shaft. The mine began operations in 1985 and, since that time, has produced over 4.0 million ounces of gold. During its history, Hoyle Pond has been recognized as being among the highest-grade gold mines in North America with a strong track record for reserve replacement.

Gold mineralization at Hoyle Pond generally occurs as coarse free gold in white to grey-white quartz shear veins with a variable ankerite, tourmaline and pyrite. Mining zones generally consist of northeast-striking, subvertical quartz veins which are folded on a small scale.

Current mining methods at Hoyle Pond are primarily longhole mining with some mechanized cut and fill mining also being used. The mine is currently transitioning to using underhand cut and fill mining in the Lower S Zone below depths of 1900 metres.

Production in 2024 at Hoyle Pond totaled 73,000 ounces with a total of 222k tonnes milled and an average processing grade of 10.8 g/t. The average mining rate was 610 tpd, which compares to a total hoisting capacity at the mine of approximately 2,200 tpd (ore and waste).

Based on existing Mineral Resources and current production rate, the estimated mine life at Hoyle Pond is 10 years, with significant potential existing to both grow production and extend mine life.

Building on Hoyle Pond’s strong track record for exploration success and for replacing resources and reserves, there remain multiple high-potential exploration targets, both near the mine and regionally. Key targets for future drilling include the currently producing S Zone, both to depth and up dip, the XMS Zone and, the NMV2 Zone near the 1350 level of the mine. In addition, the area between Hoyle Pond and the Owl Creek, approximately 2.3 km to the west, has significant exploration prospectivity.

Another significant opportunity involves the TVZ Zone located in the Porcupine Sediments adjacent to Hoyle Pond. The TVZ Zone is a bulk zone of mineralization that has been cross cut from underground on two levels. The Zone is believed to be partially refractory and additional metallurgical test work is required to more fully interpret the mineralization.

Current Mineral Resources include Indicated Mineral Resources of 1,167,000 tonnes at an average grade of 12.90 g/t for 484,000 ounces and Inferred Mineral Resources of 578,000 tonnes at 15.24 g/t for 283,000 ounces.

For a detailed review of Mineral Resources at Hoyle Pond, please see the technical report entitled, “Porcupine Complex, Ontario, Canada, Technical Report on Preliminary Economic Assessment”, with an effective date of January 13, 2025, which is available on this website and at www.sedarplus.ca.