New gold rush as massive mining operation looks to – Business News
California might be on the verge of its largest gold rush in generations.
Canadian mining company Lode Gold Resources Inc. introduced Monday that it has launched engineering research on the historic Fremont Gold Mine in Mariposa County, the newest transfer towards reviving a legendary Mother Lode operation that might be sitting on more than $8 billion price of buried treasure.
The company is pitching the project as a modern-day treasure hunt.
A historic gold mine doubtlessly price billions is one step nearer to restarting operations in Mariposa County. LODE GOLD
Mining stays closely regulated and notoriously dangerous, however the meteoric rise in gold costs has sparked renewed pleasure. yosemite.com
The sprawling website spans more than 3,000 acres of privately owned land and mineral rights and consists of two present mine shafts, roughly 23 kilometers of underground tunnels and more than 43,000 meters of drilling accomplished by a long time of exploration.
Lode Gold estimates the deposit nonetheless accommodates an inferred 1,978,568 ounces of gold — price roughly $8.21 billion — primarily based on July 2026 costs.
According to an investor presentation, solely about 8% of the mine’s gold has ever been extracted, that means an estimated 92% stays locked beneath the Sierra Nevada foothills.
The company additionally says one other 156,000 ounces of gold lie exterior its present mineral useful resource estimate, hinting the historic mine might maintain even more treasured metallic than at present accounted for.
Lode Gold estimates the deposit nonetheless accommodates an inferred 1,978,568 ounces of gold — price roughly $8.21 billion. LODE GOLD
“The initiation of engineering technical study marks the next stage of technical advancement at Fremont [Gold Mine],” Wendy T. Chan, CEO and director of Lode Gold, stated.
“The objective is to establish a clear technical baseline, identify priority work programs, and support upcoming PFS, engineering, mine planning, and economic studies for the upcoming mine plan development.”The Fremont Mine first opened during California’s Gold Rush earlier than operations have been halted in 1942.
According to company supplies, earlier operators mined ore averaging 10.7 grams of gold per ton when the valuable metallic offered for under $35 an ounce, a fraction of right this moment’s hovering costs.
Gold costs topped $4,000 an ounce in late June. Getty Images
Lode Gold has not introduced when miners might return underground however says manufacturing is predicted to resume within the “near-term.”
The project is an element of a broader mining resurgence throughout California’s historic Mother Lode, the place high gold costs are respiration new life into long-idle deposits.
“We are the gold mining capital of all California; here was the biggest hit across the entire state. In fact, it’s coming back a little,” Mariposa County Supervisor Jennifer Kiser informed ABC.
Local supporters say years of exploration have erased doubts about what nonetheless lies beneath.
“They did a lot of core testing and magnetic residence, all kinds of fancy stuff to prove yes there’s enough gold here,” Randy Bolt of the Mariposa Gem and Mineral Club informed ABC.
The Fremont project isn’t alone.
Aerial view of a mining operation facility in Mariposa County.
Blue Moon Metals introduced in 2025 that it had obtained federal approval to mine zinc, gold, silver and copper close by, estimating its project accommodates 436 million kilos of zinc and 54 million kilos of copper.
Mining stays closely regulated and notoriously dangerous, however the meteoric rise in gold costs has sparked renewed pleasure.
“With the price of gold almost hitting $5,000 an ounce just this year it’s just brought renewed interest,” Bolt stated.
For residents of the historic Gold Rush city, the renewed scramble isn’t nearly placing it wealthy.
“It’s just making it come alive again. The town is just full of people, and we want more people here. We want people to raise their families here and enjoy the community,” Jacob Hawley of the Mariposa Chamber informed ABC.
