Red Lake – a cornerstone Evolution asset being restored into a premier Canadian gold mine
The Red Lake operation is located in north-western Ontario and is situated in one of the highest-grade Archean gold camps in Canada.
Since production commenced in 1949, the combined Red Lake Operation has produced more than 25Moz of gold at an average grade in excess of 20g/t.
Red Lake hosts a large Mineral Resource of 11.1Moz and Ore Reserve of 2.9Moz and has the third highest Ore Reserve grade of operating mines in Canada of 6.9g/t gold.1
The operation consists of the Red Lake, Campbell, Cochenour and the recently acquired Bateman mine following the Battle North Gold Corporation acquisition on 19 May 2021.
This transaction has provided the opportunity to expand our footprint in the region and create value by leveraging the infrastructure of the Red Lake and Bateman operations. It also provides the opportunity to build on our track record as a safe and sustainable operator for the long-term benefit of a broad range of stakeholders including the local workforce, regional communities and our Wabauskang and Lac Seul First Nation Partners.
1. These estimates exclude the Bateman Gold Project estimated in accordance with the Canadian NI 43-101 Standards and do not purport to be JORC Code compliant
2. For further details, see the Technical Report (the “Technical Report”) dated January 27, 2021 available under Battle North’s profile at www.sedar.com
Red Lake’s Stage 1 transformation plan to achieve over 200kozpa at an AISC of below US$1,000/oz by 2023 is ahead of schedule.
Stage 2 of the transformation plan is a longer-term gold production aspiration of 300–500kozpa.
The additional processing capacity from the new Bateman Mill will accelerate our ability to achieve our production objectives.
The current mine life is 13 years and is expected to be materially extended. The operation is supported by an experienced and highly skilled workforce largely residing in adjacent towns of Red Lake and Balmertown.
Bateman Gold Project Mineral Resources (excluding Mineral Reserves) are 733koz and Mineral Reserves are 635koz and are estimated in accordance with the Canadian NI 43-101 Standards2. These estimates are anticipated to reduce when estimated in accordance with the JORC Code and are planned to be reported in our annual Mineral Resources and Ore Reserves statement in February 2022.
Red Lake has a very exciting future with outstanding potential to grow the significant resource base.