TRI has recently completed the first of at least two planned 1,500 metre exploratory diamond drillholes at its Hemlo West property (see map below). Drill cores have been delivered to Activation Laboratories Ltd. (Actlabs) for analysis and the Company is now awaiting results.

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After 30+ years of continuous operations, the combined production from Hemlo mines now exceeds 22 million ounces of gold. Barrick Gold Corporation (the largest operator in the area) reported on its website that it produced 223,000 oz. Au in 2020 at Hemlo and expects to produce 200,000 to 220,000 oz. Au. in 2021.

Barrick’s Hemlo property consists of the Williams (underground and open pit), Golden Giant and David Bell mines as well as undeveloped properties to the North, East and West.  Williams underground mine is the only mine currently active. In terms of its Hemlo reserves and resources, Barrick has reported that it has Proven & Probable reserves of 1.5m oz Au, Inferred Resources of 900,000 oz. Au and Measured & Indicated resources of 3.3m oz. Au (inclusive of reserves).

Presentations delivered at its Investor Day 2020 on November 20^th by Rob Krcmarov, EVP, Exploration and Growth and Catherine Raw, COO, North America, highlighted Barrick’s focus on areas to the west of its Williams Mines, which is within 1,100 metres of TRI’s Hemlo West property.  In its presentations, Barrick also reported that “planned drilling has potential to add resources to extend mine life out past-2030”.  This information was re-confirmed in Barrick’s Q4 and Full Year 2020 Results Presentation delivered February 2021 (see slides 20-21 of the presentation and listen at 18:25 – 19:45 of the webcast).

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