Kinross provided an update on its development plan at the Red Lake, Ontario-based Great Bear project last week, following the completion of the acquisition of Great Bear Resources Ltd. on February 24, 2022.
Click here to view the news release.
“Since the closing of the Great Bear transaction, we have hit the ground running at the project,” said J. Paul Rollinson, President and CEO. “The integration of the asset into our portfolio has advanced quickly and efficiently, and we have retained many of the experienced Great Bear exploration team members based in Red Lake to maintain continuity. We are excited to move ahead with this next phase of drilling and project activities to help realize our vision of a large, long-life mining complex.”
Kinross is planning to declare an initial inferred mineral resource as part of its 2022 year-end results and commence a pre-feasibility study (PFS) in 2023. We also expect to complete approximately 200,000 metres of drilling using approximately 10 drill rigs in 2022, focusing on the LP fault zone, the most significant discovery to date at the project.
To prepare for the planned PFS, Kinross is commencing critical fieldwork including metallurgy, hydrology and geotechnical drilling and test work, as well as permitting baseline studies. Kinross is budgeting approximately US$60 million (C$75 million) for project activities this year.
Kinross has established an experienced, multi-disciplinary project team, which includes former Great Bear employees who have been retained. The Company held a local employee integration event and will leverage the deep knowledge and experience of the team as it moves ahead with the project.
In line with our commitment to responsible mining, Kinross has begun its local community stakeholder engagement program and looks forward to fostering strong relationships with its partners in the Wabauskang and Lac Seul First Nations.