The Magino gold project, owned by Argonaut Gold, is an open-pit mine located in Ontario, Canada. The project has undergone feasibility studies and an updated technical report, and construction was 80% complete by the end of 2022. The mine achieved its first gold pour in June 2023, with commercial production expected to begin in the third quarter of the same year.
The project is situated in Finan Township, Ontario, approximately 10km southeast of Dubreuilville and 40km northeast of Wawa. It covers a total area of 2,204.5 hectares and consists of patented mining claims, unpatented mining claims, and leased mining claims.
Geologically, the Magino project is located in the Wawa sub-province of the Precambrian Canadian Shield. The gold mineralization occurs in veins within the Webb Lake Granodiorite stock, which contains veins of carbonate, quartz, tourmaline, and pyrite. The mineralized veins are between 2m and 4.5m wide, with a strike length ranging from 25m to 70m.
As of December 2022, the proven and probable mineral reserves at Magino were estimated at 63.3 million tonnes, grading 1.16g/t gold, with contained gold of 2.36 million ounces.
Mining operations at Magino are carried out using conventional open-pit methods, including drilling, blasting, loading, and hauling. The mining fleet consists of hydraulic excavators, a hydraulic shovel for bulk mining of waste areas, and large wheel loaders. The project is being developed in five mining phases, with each phase extending the pit in different directions.
The capital investment for the Magino gold project is estimated at approximately C$980 million. Argonaut Gold sold a 2% net smelter return royalty on the project to Franco-Nevada in October 2022.
With a mining life of 19 years, the Magino gold project is expected to contribute significantly to gold production in the region and provide economic benefits to the local community.