Interestingly some of the world’s most-profitable largescale

open-pit mines are producing gold at much lower

grades than Borden Lake (which would be an open-pit bulktonnage

operation). And this potential mine would likely

have a leg up on many others since it has the potential to

initially produce at much higher grades. One of the most

important things to come out of this updated resource study

was the definition of a 1.9m-oz core high-grade zone, which

includes 1.5m ozs in the indicated category grading


1.5 g/t.

In looking at Borden Lake I can’t help but compare it to

the large Hammond Reef deposit in western Ontario.

Hammond Reef was discovered and advanced by former

Zeal favorite Brett Resources. And this deposit was so desirable

that Canadian gold giant Osisko Mining acquired it in

2010 for C$372m (at the time Hammond Reef held resources

of 6.7m ozs, all in the inferred category). Interestingly

Osisko has since grown HR’s resources to 11m ozs

(still inferred), with the average grade being


0.6 g/t. Though

this grade is low, Osisko obviously finds it desirable. So

much so that it is now moving forward with development