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$3 billion gold deposit bringing hope to remote Washington town

In current market value, an ounce of gold is worth more than $1,800, and the estimated deposit's value could come out to more than $3 billion before extraction costs

REPUBLIC, Wash. — In a place where the amount of wildlife seems to match the population, Mayor Elbert Koontz says there's one thing the city of Republic, Washington, needs more of.

The history of gold mining has a hold on the city.

"When I first came in '88, we had Hecla mine, and it was producing. The people were making good money," Koontz said.

Over the years, the cost of mining and scarcity of gold forced Hecla and other mines to close, leaving Republic's literal rich history underground.

"We have been rated the coldest county in the state of Washington, Ferry County," Koontz said. "We have been rated the poorest."

But now, there's a chance history will repeat itself.

"And now, we have $3 billion worth of gold three miles out of town," Koontz said.

Calibre Mine released findings of exploratory drilling in the foothills of Republic, saying two million ounces of gold is sitting in the Golden Eagle Mine.

"For us, it would be a boom," Koontz said. "I mean, the town would grow and prosper, and you would have some really good-paying jobs."

A glimpse of the town's golden years is now on the horizon once again. But, some in town aren't sure about the prospect.

"I'm a bit of a pessimist at heart," Republic resident Sean French said. "We're a nice little small community, and it comes with it the worry that a lot of people might try to move up here just to try and get some gold."

Calibre Mines says 4 million ounces of gold have come out of this mining region over the past 130 years. The last operating mine in the area closed in 2017.

But rekindling that history of mining won't be easy.

The company will need to secure permits. Mayor Koontz says the existing mine itself would need a lot of work to get up and running again. But, no matter what the future holds, the news of gold is again taking hold in town.

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