Silver Prices Revive Nord's Gowganda Tailings

Nord Precious Metals Mining has announced an updated resource estimate for its Gowganda project in northeastern Ontario, which outlines 2.8 million oz of indicated silver in historical tailings.

The project hosts 1.85 million tonnes grading 47.4 grams silver per tonne, with the estimate covering the Main and South tailings deposits and two smaller outflow areas.

CEO Frank Basa stated that the company intends to put the value in these historical tailings back to work by improving the site, building a recovery business, and using the cash flow it could generate to pursue the next discoveries across their ground.

The increased silver prices are changing the equation for brownfield sites and old mine waste, with spot silver trading around US$64.80 an oz, roughly 50% above year-ago levels.