Hemlo Mining tables resource update for Ontario gold mine
Hemlo Mining Corp. [HMMC-TSXV, HMMCF-OTCQX] has announced an updated mineral resource estimate for its Ontario gold mine, saying it represents an important milestone toward a comprehensive mineral resource and mineral reserve update targeted for the second half of 2027.
The company said the updated estimate for the Hemlo Gold Mine incorporates an incremental 30,188 metres and 34,640 assays drilled across 245 holes since the last estimate was released in 2025, and includes updated metal price assumptions.
According to the latest estimate, measured and indicated resources stand at 96.9 million tonnes at 1.55 g/t or 4.8 million ounces, marking a 34% increase from the previous estimate. Inferred resources now stand at 12.1 million tonnes of grade 2.22 g/t gold or 900,000 ounces, an increase of 39% from the earlier estimate.
Inferred resources include 635,000 tonnes of 3.43 g/t gold or 70,000 ounces from the newly identified “A Zone” that extends from surface to 120 metres depth and offers significant exploration potential, the company said. Meanwhile, the company continues to highlight areas of resource growth (E-Zone, and Horizon Zone to the west, B-Zone Deep at depth, South Rim to the South, and A-Zone to the East).
Hemlo Gold shares advanced on the news, rising 2.9% or 16 cents to $5.65. The shares trade in a 52-week range of $8.05 and $3.63.
“These results reflect the success of recent drilling, enhanced geological interpretation, and the application of lower-cut-off grades, which have defined larger, more continuous mining areas,’’ said Hemlo Mining President and CEO Jason Kosec. “With nearly 5.0 million ounces in the measured and indicated category and a 130,000-metre drill program underway, we are encouraged by the multiple near-mine growth opportunities across the camp,’’ he said. The company said 45,000 metres has already been completed.
Back in February, 2026, Hemlo announced the successful completion of the first gold pour at its Hemlo Gold Mine since acquiring the operation from Barrick Mining Corp. [ABX-TSX, B-NYSE] on November 26, 2025.
Hemlo Mining, (previously Carcetti Capital Corp.) acquired the Hemlo Gold Mine from Barrick for an aggregate consideration of US$1.1 billion. The fabled mine is located 35 kilometres east of Marathon, Ont., and has produced approximately 25 million ounces of gold from both underground and open pit operations since production began in 1985.
The company is looking to establish itself as a leading Canadian mid-tier growth-focused gold producer, with an immediate focus on maximizing the value of the Hemlo mine’s infrastructure, while unlocking new opportunities via an aggressive brownfields exploration program.
The infrastructure includes a 10,000 tonne-per-day mill, a modern underground complex accessed via shaft and ramp system, with 6,000 tonne-per day hoisting capacity plus additional ramp haulage.