Renegade Golds’s (formerly Pacton Gold) flagship Red Lake Project is located with the Red Lake Mining District. The Red Lake Mining District is located in western Ontario and is the home to numerous gold mines including the Campbell, Dickenson, and Madsen mines*. Since the discovery of gold in the early 20th century, the Red Lake District has produced over 30 million troy ounces of gold (https://digigeodata.com/area/red-lake/). The mines in the Red Lake District are hosted in an Archean greenstone belt.
The Red Lake district is the focus of significant efforts to redevelop its principal historical high-grade gold mining operations. Evolution Mining Limited acquired the Red Lake mining complex from Newmont Mining Corp. earlier in 20201, and has committed to a three-year, US$100M investment phase to restore the multi-million ounce gold project to production2. Also this year, Pure Gold Mining Inc. announced it is on schedule for an initial gold pour in Q4 20203 to begin underground production from the Madsen Gold Project, which is poised to become a top-ranked global gold producer. Against this background of historic asset re-development, Great Bear Resources has made a significant high-grade gold discovery on its Dixie property at the heart of the Red Lake camp4.
EMX’s Frontline Portfolio of the Duchess, Red Lake, Tilly, and Gullrock Lake claim interests form an integral part of Renegade Gold’s flagship Red Lake Project (Figure 1). The Red Lake Project includes the direct extension of Great Bear’s LP Fault and the parallel Madsen Dixie Fault that cross directly over portions of EMX’s Tilly and Red Lake property interests. Additionally, the Gullrock Lake property includes the Red Lake mine trend, interpreted to project directly from Evolution Mining’s Campbell, Red Lake and Cochenour mines. High-priority geological, geophysical and “AI” targets, as detailed by Renegade Gold5, occur on all of the properties EMX purchased from Frontline and for which EMX retains NSR royalty interests.
* The nearby deposits provide geologic context for EMX’s Project, but this is not necessarily indicative that the Project hosts similar tonnages or grades of mineralization
1 See Evolution Mining news release dated April 1, 2020.
2 See Evolution Mining news release dated August 13, 2020 and “Red-Lake-fact-sheet-FY20_LR.pdf”.
3 See Pure Gold news release dated June 24, 2020.
4 See Great Bear news release dated October 7, 2020.
5 See Pacton Gold news release dated June 24, 2020.