A Past Producer with Unfinished Work
Contact Lake operated between 1995 and 1998 under Cameco, producing approximately 190,000 ounces of gold at an average grade of 6.16 g/t with strong recoveries.
The mine was not shut down due to geological limitations, but rather as a result of declining gold prices, which were around US $300 per ounce at the time. Gold was not a core focus for Cameco, whose primary business is uranium, and as prices weakened, the operation was ultimately deprioritized.
What was left behind is a system that was only partially explored and selectively mined.
Historical operations focused on two primary zones, BK 1 and BK 2. However, mineralization extends beyond these areas. The BK 3 zone, located beneath the lake, as well as deeper extensions below the historical workings, were never fully developed.
Internal work, including a Cameco report, identified unmined stopes and extensions at depth. Gold mineralization has been traced along approximately 850 metres of strike within a broader 1.2 kilometre trend, with visible gold commonly observed throughout the system.
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