Exploration companies are active again in the Hemlo gold district of northern Ontario, working at a slower and steadier pace than their predecessors did in the early 1980s.
About 85-90% of the greenstone terrain around the Hemlo deposits has been staked, the highest proportion since the original staking rush. Large blocks have been assembled by Hemlo Gold (TSE) and Viceroy Resource Corporation (TSE), and Barrick Gold (TSE) has optioned the large land package it acquired in the Lac Minerals takeover to Placer Dome (TSE).
Other majors with land positions in the camp include Royal Oak Mines (TSE), Teck (TSE) and the Canadian unit of Homestake Mining (NYSE).
Much of the land staked by juniors during the early 1980s has become open for staking in recent years, as assessment credits from earlier exploration work dried up. The ground has since been restaked by the majors and by a small number of junior companies, prospecting syndicates and individuals. The smaller participants have been very aggressive in approaching the majors, and their success in vending and optioning has created momentum in the market for mineral properties.
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