Estimated $3 billion gold deposit found in North Washington

[Chuck in WA]

Estimated $3 billion gold deposit found in North Washington

In current market value, an ounce of gold is worth more than $1,800 and the estimated deposit's value could come out to more than $3 billion before extraction costs.

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[firebird]

With all the environmental regulations and other government bullshit, it'll cost almost as much just to mine it out of the ground. Gold mining isn't profitable enough in the US anymore.

 

[southfork]

With all the environmental regulations and other government bullshit, it'll cost almost as much just to mine it out of the ground. Gold mining isn't profitable enough in the US anymore.

The big boys are still making big profits. https://www.mining-technology.com/projects/carlin/

 

[oneguy]

Co. I work with (hard rock gold miners) employs 55 folks and they are still very busy.....

 

[Clay Diggins]

The U.S. is consistently the third or fourth largest gold miner in the world. It's usually voted by mining companies as the best country in the world to mine in.
The U.S. produces on average more than 460,000 pounds of gold a year. Mining of all forms is alive and well in the United States.

I can name several places in the U.S. that have never been mined but contain more than 3 billion dollars in gold. The problem is mining at a profit is not possible in those locations and probably never will be. That's nothing to do with mining regulation it's about the nature of the gold deposit not being profitable.

 

[tamrock]

I use to do business with Echo Bay Curlew in that area back in the late 80s and early 90s.

 

[Blackfoot58]

The U.S. is consistently the third or fourth largest gold miner in the world. It's usually voted by mining companies as the best country in the world to mine in.
The U.S. produces on average more than 460,000 pounds of gold a year. Mining of all forms is alive and well in the United States.

I can name several places in the U.S. that have never been mined but contain more than 3 billion dollars in gold. The problem is mining at a profit is not possible in those locations and probably never will be. That's nothing to do with mining regulation it's about the nature of the gold deposit not being profitable.

Yes, the same with oil. I know folks who own land in Oklahoma. It has oil under it, but too costly to extract. They are told, maybe someday, IF new cheaper methods are invented. Metals have similar cost prohibiting issues

 

[tamrock]

The big boys are still making big profits. https://www.mining-technology.com/projects/carlin/

They've been steady since the early 1980s in Northern Nevada. Back then they were making a profit on $12. a ton ore. Once I was waiting to visit a contractor and watching them load 250 ton haul trucks in the pit, as I waited for the guy I was to meet, one empty truck was waiting as one was being loaded and I timed them off my watch and it was like an average of 40 to 45 seconds to load each haul truck with 3 giant scoops of the big shovel. There was an empty haul truck always there ready to back under that shovel. That was around the time many of the mines were just starting to go underground, because that's the type of product I dealt with.

 

[oneguy]

Adding to my post above.... The Co. is also acquiring lots more ground so they don't seem too worried about the future of gold and remain very positive? Talking with one of the geo's last season I asked him... "what's it take about 5 yrs to get permitted?" His answer was "oh no, about a year".