Kinross Gold ( NYSE: KGC ) says the first mineral resource for its $1B Great Bear project in Ontario shows potential to be a world class asset .
The miner said Great Bear's open-pit indicated mineral resource shows 3.3M metric tons grading 2.6 grams g/t for 2.7M oz contained metal, while the total open-pit and underground inferred resource is 20M tons grading 3.5 grams gold for 2.3M oz contained metal.
Kinross ( KGC ) said it has drilled more than 250 km in exploration holes in addition to ~300 km drilled by previous owners, with the results showing the LP Fault zone is expected to host a long-life, high-grade, open-pit and underground mine.
Kinross ( KGC ) said it is targeting first gold in 2029, although production could start in 2028 if permits are obtained rapidly; a preliminary economic assessment is due next year.
The Great Bear project may cost $1B to develop in capital costs, in line with similar projects in the Canadian north, with an all-in sustaining cost "well below" $1K/oz, President and CEO J. Paul Rollinson said.
Kinross Gold ( KGC ) is a "go-to investment... thanks to its low breakeven prices, healthy balance sheet and terrific valuation," Leo Nelissen writes in an analysis published recently on Seeking Alpha .
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Kinross Gold says Great Bear could host multi-decade high grade mining complex