Five Reasons Why Gold Mining is Important in Quebec
– Momentum Public Relations –
- Well Established Geological Potential
Quebec’s geography includes a vast area that is part of the larger Canadian shield. It is the oldest part of the North American crustal plate and contains fossils of bacteria and algae over two billion years old. Many geologists and mining experts consider this area to be an exceptional region geologically. Approximately 90 percent of the substratum is Precambrian rock, a reference to the igneous and metamorphic rock that formed during the Precambrian geological era 500 million years ago. Mineral deposits associated with Precambrian rock have yielded most of the world’s gold and nickel in addition to large quantities of copper, silver, radium, and uranium. Quebec’s gold deposits exist as both mineral and placer form. That means that recreational miners can successfully find small gold deposits in the rivers and streams in reasonable quantities, and larger mining companies are attracted to the area due to significant underground reserves
- New Technologies in Exploration Are Mapping Unexplored Regions
Experts believe that less than 40 percent of Quebec’s mineral potential is currently known. The variety of the terrain coupled with the weather challenges during the winter months has contributed to a limited amount of exploration in the past century. New technologies like multispectral satellite imagery are allowing researchers to collect data on reflection and absorption properties of rock. This data can assist geologists in the mineral mapping of Quebec’s large area of yet unexplored land to identify the potential for significant untouched mineral deposits.
- An Established History of Mining
Unlike some countries or regions of the world, gold mining is not a new thing in Quebec. In 1846, a young girl found a large nugget in the Gilbert River. Gold fever spread like wild fire and prospectors flocked the region looking for the next big discovery. Placer deposits in the area have continued to be quite rich. Mining began to grow in the 1920′s focused primarily on minerals and mineral deposits that were accessible. Regional mining booms first happened in the Abitibi-Temiscamingue area, with exploration subsequently carried out in the Matagami, Chibougamau, Saguenay Lac-Saint-Jean, Grand-Nord and the Côte-Nord regions of the province.
- A Wealth of Experience and Mining Expertise
In some areas of the world, there is plenty of potential, but the knowledge required for a mining industry is embryonic. The existence of viable quantities of rich mineral deposits is never enough, on its own, to catalyze a mining operation. Quebec has experienced miners and mining experts. There are currently over 30 operating mines, more than 150 exploration projects, and 15 primary processing industries. The mines in the province extract more than 25 minerals, including gold, iron, titanium, asbestos, copper, zinc and silver. Quebec’s mining expertise in exploration, development and extraction is supported by a full complement of educational institutions that add to the existing intellectual capital of the industry.
- A Politically Stable Climate
The potential for a mining operation to be overrun by a band of insurgents is not particularly appealing. Some jurisdictions in the world have rich mining opportunities but are politically volatile. They may be subject to civil wars, ever changing rules or endemic corruption. Investors prefer low risk, and Quebec is a low-risk location for mining. While Quebec recently increased some mining taxes, and some mining regulations are under discussion, it remains a place where it possible to have a respectful and productive dialogue with the government. In the Fraser Institute’s Survey of Mining Companies: 2010 Mid-Year Update, Quebec is identified as the third best place in the world for mining investment. The data extracted in the update is a summary of the opinions of mining executives representing 429 mineral exploration and development companies. It evaluated the investment climate of 51 jurisdictions around the world and was conducted following the introduction of new regulatory hurdles and taxation in many jurisdictions.
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