The Abitibi Greenstone Belt
The Abitibi Greenstone Belt is an established gold mining district (comparable to Nevada’s Carlin trend) having produced over 100 mines and 180 million ounces of gold and more than 50 million ounces from the Cadillac Larder Fault Zone, from operations that include Lake Shore Gold’s Timmins West, the Kirkland Lake Gold complex and Goldcorp’s Porcupine. The Abitibi Greenstone area is also known for robust acquisition and takeover activity. In 2015, Oban Mining (OBM: TSX), with a market cap of north of $60 million, acquired five juniors in the region and has taken out several more to date. Oban is focused on a clear strategy of consolidation in the Abitibi and plans to become an intermediate producer within the near future. Its mandate is to drill test targets rapidly and advance or divest the rest. Oban is well financed with approximately $73 million in cash, cash equivalents and marketable securities.
Gold Lakes’ properties are located in the center of existing junior mining companies (see map to the right)<