Gold mining in the Great White North is serious business. Canada’s biggest mining total was more than 175 tonnes of annual gold production recorded in 2019. And that’s why it’s one of the top gold-producing countries—the fifth-largest global producer of gold, to be exact. They continue to produce the world’s gold supply while keeping the country well-stocked for finance and direct physical use of this precious metal.
To better understand Canada’s vast gold resources, let’s look at the facts and numbers that make their history and portfolio of gold.
Canada’s History of Gold
Canada is golden. Large repositories of gold exist in premium mining spots, including Newfoundland mining deposits. Its vast reserves guarantee it meets the demands for local and global trading. Its portfolio of aurum-related mining and sourcing is both impressive and lucrative.
Canada’s first gold discovery was in 1823 when miners discovered it in the Rivière Chaudière in the Eastern Quebec regions. Two prominent gold rushes in history were also in Canada. Canada went big with the 1858 Cariboo Gold Rush and the 1898 Klondike Gold Rush. These two key events proved that Canada had two more aces up its sleeve. It had enough gold to fuel industry, finance, and massive trading in these towns.
These early gold rush discoveries went on in the early 1900s across Ontario and Quebec, as more gold kept getting discovered. From 1929 to 1941, Canada increased its gold mining activities to cover some of its World War II spending.
One of the last big gold deposits discovered was the Hemlo gold deposit in Northern Ontario in 1981, followed by other small deposit discoveries.
Areas Rich in Gold Deposits
Aside from Canada’s Newfoundland, the Canadian Shield contain gold hotspots that bear massive gold ores and deposits. It is a vast land of 7.7 billion square kilometres with several gold-mining production companies actively mining today.
Ontario and Quebec hold the second-largest local deposits, which supply more than 75 percent of Canada’s total gold production. Other regions also supply gold, specifically in Nunavut and British Columbia, with a 16 percent share. On the other hand, Manitoba, Nova Scotia, Saskatchewan, Yukon, Newfoundland, and Labrador produce 7 percent of the total share.
Canada has further committed to gold exploration and mine hunting to uncover other caches. In 2019, the US Geological Survey’s estimated that Canada has over 50,000 tonnes of gold reserves.
Where Gold Goes
Gold’s uses in different industries are very specific. First is its dominant presence in many currencies, luxury watches, and jewelry. 50 percent of global supplies for these products come from Canada. Second is gold’s presence in technology, and Canada produces 7.5 percent of global gold circuitry.
Physical gold is at 29.2 percent, while other types of gold use account for 15 percent. Besides these biggest market demands, it is also used mainly in aerospace heat radiation, satellite parts, solar panels, and building insulation technology.
Canada is heavy with gold. The country has numerous gold hotspots all throughout its territories. All of these sites are still active, with much gold yet to be extracted. Meanwhile, further expansion is set to reveal other god deposits.
Newfoundland Gold is a network of mindful environmental gold companiesthat believes in responsible gold production, holding global ESG or Environmental, Social, and Governance safety standards.