Monday, September 27, 2021

The Gold Rush Is Finally Over

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Lynn Letang
Lynn Letang
Lynn Letang is a reporter for Business News Ledger. After graduating from college, Lynn got an internship at NPR and worked as a reporter and producer. Lynn has also worked as a reporter for ESPN. Lynn covers business and community news, issues and stories for Business News Ledger.

Goldcorp’s Chairman’s comments on the future of gold production are provoking reactions in the region. In a statement to the Financial Post on Wednesday, Ian Telfer says the world has now reached the peak in terms of discovering this precious metal and expects it to decline over time.

The main argument developed by Ian Telfer is that the main gold deposits that we know have all been discovered.

While some actors in the mining world share his opinion, others believe that we have not yet explored all territories.

The executive director of the Quebec Mineral Exploration Association (QMEA), Valérie Fillion, disagrees.

“When I hear things like that, I think that in Quebec, we know about 20% of the potential of Quebec’s subsoil. It has not been exploited in depth, she says. If you want to discover world-class deposits, you have to go explore. ”

More nuanced Monarques Gold Corporation

The President and CEO of Monarques Gold Corporation, Jean-Marc Lacoste, shares part of Ian Telfer’s view.

He pointed out that the gold resources are indeed limited, but that it is still possible to discover new deposits.

At the moment, we are really at the top or the summit level.

Jean-Marc Lacoste, President and Chief Executive Officer of Monarques Gold Corporation
“To give you an image, all the gold mined on Earth as well as the gold we know can completely enter two Olympic pools. It is not a lot of gold on the planet, if we consider that the human being mine for several years, “he says.

“We have never explored the shallows of the ocean, there is hope on that side. But for the moment, from what we know, from what we have known, gold is only diminishing in terms of content, which proves to us that the largest deposits have been mined and more and more we are going to lower grade deposits because we have eliminated our sources of supply, “he adds.

Still demand, according to Falco Resources
Falco Resources President Luc Lessard says there is still demand for this precious metal.

However, new discoveries will only be possible if investors put their hands in their pockets.

There are still discoveries to be made. You have to think outside the box.

Luc Lessard, CEO of Falco Resources
“There will be large discoveries, there will be qualified discoveries of intermediate level, but we must remember that the most beautiful discoveries, it is the past,” said Luc Lessard.

According to Luc Lessard, the prospects are good for Abitibi-Témiscamingue, since there are huge territories to explore in the north.

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