Gold Rush Revival in Northern Ontario as Prices Reach Record High

High gold prices have triggered a new wave of exploration in northern Ontario as mining companies revisit historic mines that were previously considered uneconomical. The price of gold has surged to over $4,300 US per ounce, more than double its value in 2024.

Gary Clark, director of the Ontario Prospectors Association, notes that many past projects are now economically viable due to the increased gold prices. 'We're revisiting a whole pile of projects that in the past had been low, we thought were low grade, and now they're actually, you know, economic potentially,' he said.

Inventus Mining is one company re-examining the former Golden Rose Mine northeast of Sudbury, which operated from 1937 to 1941 and again from 1987 to 1988. The company plans to drill samples around the mine in November and hopes to start production by 2028.

CEO Wesley Whymark believes that the Pardo project, a nearby property owned by Inventus Mining, has potential to create 30-50 jobs as production gets started. If the project develops into a 3,000-5,000 tonne-per-day mine and Golden Rose becomes a 1,500-2,000 tonne-per-day underground operation, they could see roughly 400-600 direct long-term jobs between the two operations.