In development: A major new gold project with synergies to the Red Lake mine.
The Cochenour project is an important part of Goldcorp’s future plans in the Red Lake district, providing sustained, high-quality gold production. First development ore is expected in the fourth quarter of 2014 with first production ore expected in the third quarter of 2014. A study of the overall project was completed that concluded that the center of the Bruce Channel ore body is lower than previously expected, necessitating the deepening of the Cochneour shaft by 245 meters. Following ramp-up to full production, forecast life-of-mine gold production is expected to be between 225,000 - 250,000 ounces per year.
The Cochenour/Bruce Channel deposit is located down-dip from the historic Cochenour mine. To access the resource, the existing Cochenour shaft is being widened, while at the same time a six-kilometre underground drift is under construction that will allow efficient ore hauling from Cochenour to the existing processing facilities at Red Lake's Campbell milling operation. The drift also opens up exploration, at depth, of six kilometres of untested ground in one of the world’s richest gold districts.
The Cochenour-Red Lake haulage drift is advancing and at June 30, 2014 was 96% complete. Once in operation, the haulage drift is expected to handle approximately 1,500 tonnes of ore per day. Exploration drilling during 2014 is focused on the deposit with seven drills on site in the second quarter 2014, and up to nine drills expected by the end of the year. Preliminary results have been consistent with expectations.