Silver price surge revives Nord’s Gowganda tailings near Cobalt
The project highlights how higher silver prices are changing the equation for brownfield sites and old mine waste.
Nord Precious Metals Mining has identified 2.8 million ounces of indicated silver in historical tailings at its Gowganda project in northeastern Ontario, as elevated silver prices reignite interest in previously abandoned mining material. The project, which contains 1.85 million tonnes grading 47.4 grams silver per tonne, includes the Main and South tailings deposits, as well as 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 generating cash flow to fund further discoveries. Silver prices, currently around US$64.80 an ounce, are roughly 50% higher than a year ago, prompting a reevaluation of lower-cost surface material and deposits in mining districts.
This resurgence in interest is particularly relevant to the Cobalt-Gowganda district, where silver was first discovered in 1903, sparking a mining rush that helped establish Canadian hard-rock mining. Nord's tailings are located near the old workings in the Gowganda area, about 100 km west of its Cobalt processing facility. The company is currently conducting engineering and permitting work for a mineral recovery permit and has initiated pre-submission consultations with Ontario's Ministry of the Environment, Conservation and Parks.
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