The Greenstone gold project is located approximately 275 km northeast of the city of Thunder Bay and 4 km south of the town of Geraldton, Ontario and is owned jointly by Equinox Gold Corp. (60%) and Orion Mine Finance (40%). This development stage project is centered on the historic Hardrock Gold Mine and consolidates four historic underground gold mines into one giant open pit mine development. Current open pit reserves total 135.3 Mt at 1.27 g/t containing 5.54 Moz of gold, based on a cut-off grade of 0.35 g/t.
A Feasibility Study was released in December 2020 outlining the design of an open-pit mine producing more than 5 Moz over an initial 14-year mine life. Mining of the Hardrock main pit will occur in five main phases preceded by a starter pit. The open pit generates 689.6 Mt of overburden and waste rock (inclusive of historic tailings and underground backfill) for an average life-of-mine strip ratio of 5.1:1.
Full-scale construction of a 27,000 tonnes-per-day leach/carbon-in-pulp processing facility began at the project in October 2021. It is expected that gold production during the first five years will average more than 400,000 oz gold per year, with life-of-mine production averaging more than 360,000 oz gold per year. The project is anticipated to operate with all-in sustaining costs in the lowest industry quartile. First gold pour is currently targeted for the first half of 2024.
The project is located on the traditional territories of four First Nations—the Animbiigoo Zaagi’igan Anishinaabek, the Aroland First Nation, the Ginoogaming First Nation and the Long Lake #58 First Nation—and is home to the citizens of the Métis Nation of Ontario. The Indigenous partners have been involved with the project from the beginning. Long-term relationship agreements are in place which cover a range of commitments and shared responsibilities associated with environmental management, the use of traditional knowledge and heritage resources, employment and training, business and contracting opportunities, and financial participation.