View all newsletters
Receive our newsletter - data, insights and analysis delivered to you
  1. News
August 6, 2021

Newrange signs deal to acquire past-producing gold mine in Ontario

The company will acquire the Argosy Gold Mine, which produced 101,875oz of gold and 9,788oz of silver.

Newrange Gold has signed a definitive agreement to acquire a past-producing, high-grade gold mine in the Red Lake Mining Division of Ontario, Canada.

Free Report
img

Dig deeper with our mining equipment forecasts

As ore mines ramp up and come on stream, the total number of active surface machines (including trucks, excavators, shovels, loaders, graders and dozers) is forecast to rise from 141,470 in 2020 to 167,367 by 2025. This will be a CAGR of 3.4% from 2020 to 2025. The largest contributor to this growth is expected to be trucks, particularly smaller-sized trucks with shorter lifespans, used extensively in parts of Asia Pacific. Underground mining equipment is similarly expected to see a CAGR of 2.3% in this same time frame, with the number of mining trucks and loaders/LHDs in active underground mines expected to rise to 19,853 by 2025. GlobalData’s extensive mine-site research and equipment models have been used to build a complete view of mobile mining equipment populations globally for trucks, loaders, graders, dozers, excavators and shovels. This report includes informative breakdowns by each major region and key mining country, and also by major commodity. Read GlobalData’s Global Surface and Underground Mining Equipment: Populations & Forecast to 2025 for a complete view of the market, allowing you to best position yourself for the future.
by GlobalData
Enter your details here to receive your free Report.

The property, Argosy Gold Mine, closed in 1952 due to high operating costs.

According to Ontario Ministry of Northern Development and Mines archives, the site produced 101,875oz of gold and 9,788oz of silver at a gold grade of 0.37oz/t (12.7g/t).

All production was from four veins despite 12 being identified and to a depth of 900ft.

The company will seek to discover new veins in the property as Argosy Gold Mine recorded minimal exploration beyond the old workings.

Newrange CEO Robert Archer said: “The acquisition of a past-producing, high-grade mine in an area of active exploration presents a unique opportunity to increase shareholder value.

“The Argosy Mine has seen minimal exploration below the old mine workings and there is excellent potential to extend the mineralisation to depth and to discover new veins elsewhere on the property.

“The Argosy Mine is approximately 10km north-west of the Springpole Deposit being advanced by First Mining Gold and less than a kilometre from our North Birch Project.”

Overall, the site comprises 43 patented claims and 17 mining licences of occupation.

As agreed, Newrange will acquire Cangold, the owner of Argosy Gold Mine and a fully owned subsidiary of Great Panther Mining, to gain a 100% interest in the property.

The acquirer will pay C$100,000 ($79,992) in cash and issue C$650,000 ($519,951) in Newrange shares to Great Panther on closing as consideration. Additionally, Newrange will make another payment of C$250,000 ($199,981) in shares on the first anniversary of closing.

The deal is expected to close within 90 days, subject to the approval of the TSX Venture Exchange.

Related Companies

Free Report
img

Dig deeper with our mining equipment forecasts

As ore mines ramp up and come on stream, the total number of active surface machines (including trucks, excavators, shovels, loaders, graders and dozers) is forecast to rise from 141,470 in 2020 to 167,367 by 2025. This will be a CAGR of 3.4% from 2020 to 2025. The largest contributor to this growth is expected to be trucks, particularly smaller-sized trucks with shorter lifespans, used extensively in parts of Asia Pacific. Underground mining equipment is similarly expected to see a CAGR of 2.3% in this same time frame, with the number of mining trucks and loaders/LHDs in active underground mines expected to rise to 19,853 by 2025. GlobalData’s extensive mine-site research and equipment models have been used to build a complete view of mobile mining equipment populations globally for trucks, loaders, graders, dozers, excavators and shovels. This report includes informative breakdowns by each major region and key mining country, and also by major commodity. Read GlobalData’s Global Surface and Underground Mining Equipment: Populations & Forecast to 2025 for a complete view of the market, allowing you to best position yourself for the future.
by GlobalData
Enter your details here to receive your free Report.

NEWSLETTER Sign up Tick the boxes of the newsletters you would like to receive. The top stories of the day delivered to you every weekday. A weekly roundup of the latest news and analysis, sent every Friday. The mining industry's most comprehensive news and information delivered every month. The mining industry's most comprehensive news and information delivered every month.
I consent to GlobalData UK Limited collecting my details provided via this form in accordance with the Privacy Policy
SUBSCRIBED

THANK YOU

Thank you for subscribing to Mining Technology