Renabie yielded 1.1 million oz. at a bit less than break-even

The Renabie mine, perched on a height of land separating the Atlantic watershed (via the Great Lakes) and the Arctic watershed about 200 km west of Timmins, Ont., proved to be a demarcation point for its two owners. When it was reactivated in 1981, American Barrick Resources (TSE) was a lowly junior with a big agenda and an unlikely gold mining visionary at the helm called Peter Munk, a developer of South Pacific resorts and an earlier hi-fi venture that came to grief. International Corona Resources was a junior as well, with a disputed claim to Hemlo. Ned Goodman, geologist and financial whiz, was running the show after promoter Murray Pezim relinquished control. Both Barrick and Corona have gone on to bigger and better things.

But Renabie was not a money-maker for the two partners. “It was a bit less than a break-even mine,” Gil Leathley, Corona’s senior vice-president of operations, told The Northern Miner.

While it cost only $3.5 million to revive the dormant mine and surface plant in 1981, the partners later spent another $16 million and more doing development work at depth. “It was a challenge, a very difficult mine,” Leathley said.

The mine was first discovered just before the Second World War by a poacher stalking game in the Chapleau Crown Game Preserve near Renabie Lake, some 80 km northeast of Wawa, Ont. It has had three distinct development-mining phases — the first (1941-1946) when the shallow No. 1 shaft was sunk, the second (1947-1970) when No. 2 shaft was sunk to 3,375 ft. below surface and the third (1981-1991) when No. 3 shaft, a winze, provided access at depth. Diamond drilling in 1990 revealed that the main orebody, steadily decreasing in size since the 3,620-ft. level, vanished by the 4050 level. The current mine manager, Brian Eyres, was able steadily to increase production over the past few years through a bonus plan for all workers — they had rejected unionization last year by a 70% vote — awards for the breaking of production and safety records, and sheer infectious “can-do” attitude.

Renabie produced approximately 1.1 million oz. gold.