REPUBLIC, Wash. — A north Washington town may hold a gold deposit worth more than $3 billion.
Canadian mining company Calibre Mining Corp reported finding a high-value gold deposit on company-owned land called "The Golden Eagle". The town of Republic, Wash. sits only three miles away.
"The first phase of this drill program confirms a robust mineral system with consistent gold grades over broad widths," said Darren Hall, President and Chief Executive Officer of Calibre.
Calibre conducted an initial drill and estimated a 2 million-ounce deposit might be underground. In current market value, an ounce of gold is worth more than $1,800, and the deposit's estimated value could come out to more than $3 billion before extraction costs.
"Golden Eagle is a meaningful contributor to the Company’s overall mineral resource estimate with 2.0 million ounces in Measured and Indicated Mineral Resource, adding positively to our organic growth strategy," Hall said.
Republic is a historic mining town, but its last gold mine, Kinross' Buckhorn, closed in 2017. Its most active years were from 1898 to 1947, with the Mountain Lion Mine. According to Calibre, the Republic area has produced about 4 million ounces of gold over the past 130 years.
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