Discovery Completes Acquisition of Porcupine Complex, Emerges as New Canadian-Based Gold Producer
April 16, 2025
- Growing gold production in one of the world’s most prolific mining camps
- Large Mineral Resource base with substantial exploration upside
- A management team with extensive experience working in the Timmins Camp
- Increased financial strength following closing of $575 million financing package
Tony Makuch, Discovery’s CEO, commented: “With the closing of the Porcupine acquisition, Discovery moves forward as a diversified North American precious metals company, combining growing gold production in a highly prolific gold camp in Northern Ontario, Canada, with our Cordero project, one of the world’s largest silver development projects based on reserves and expected production.
“The Porcupine Complex has produced approximately 70 million ounces of gold since 1910. Included in acquired Porcupine assets are:
- Hoyle Pond: One of the North America’s highest grade gold mines with over four million ounces produced since 1987 and an excellent track record for replacing reserves;
- Borden: A relatively new mine at the centre of a 1,000 km2 land position where there is potential to extend the existing mining zones and where there has been very little exploration outside of the current mining area;
- Pamour: An open-pit project that is currently commencing production and has the potential to become much larger through drilling to depth and in multiple directions;
- Dome Mine: One of the pillars of Canada’s gold mining history, where there remains a large mineral resource and substantial exploration upside; and,
- Dome Mill: A large-scale, central processing facility currently operating below capacity levels and with significant growth potential to accommodate increased production.
“Our recently released technical report (the “Report”) estimated average annual production of over 285,000 ounces of gold for the next 10 years, with total production extending to 2046. We expect to improve on the estimates in the Report by investing in the assets to grow production, extend mine life and lower costs at existing operations. We also have a strong commitment to exploration, with there being multiple attractive drill targets at each asset and significant regional exploration potential.
“Looking ahead, our aim is to re-establish Porcupine as a Tier 1 asset in the global gold industry, one that meets the highest operating standards and achieves excellence in all aspects of responsible mining. Our efforts will be supported by a strong balance sheet, with approximately C$240 million ($170 million) having been added to our cash position through our recent financings. As a management team, we know Porcupine well, have a solid understanding of the opportunities that exist, and are looking forward to getting started.”
