Hemlo Mining (TSX: HMMC) has released an updated mineral resource estimate for its flagship Hemlo gold mine, lifting measured and indicated ounces by more than a third on the back of fresh drilling, a higher gold price assumption and a reworked geological model.
The estimate pegs measured and indicated resources at 96.9 million tonnes grading 1.55 g/t gold for 4.8 million ounces, an increase of 1.2 million ounces, or 34%, over the prior estimate in the company’s 2025 technical report.
Inferred resources rose to 12.1 million tonnes at 2.22 g/t for 0.9 million ounces, up 39 percent, or 242,000 ounces.
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On a 100% basis, the breakdown is as follows:
- Measured: 7.2 million tonnes at 3.60 g/t gold for 832,000 ounces
- Indicated: 89.7 million tonnes at 1.39 g/t gold for 4.0 million ounces
- Inferred: 12.1 million tonnes at 2.22 g/t gold for 0.9 million ounces
That estimate contains resources at Interlake, where Franco-Nevada holds a 50% net profit interest royalty. That interest reduces gold attributable to Hemlo by 137,000 ounces in the measured category, 249,000 ounces in the indicated category, and 134,000 ounces in the inferred category.
The bulk of the update reflects a long-term gold price lifted to US$2,500 per ounce from US$1,900, additional drilling data, refinements to grade shells, and the addition of a newly identified A-Zone. That zone holds 635,000 tonnes at 3.43 g/t gold for 70,000 ounces, extends from surface to about 120 metres depth, and remains open in all directions.
“The updated Mineral Resource Estimate underscores the scale, quality, and growth potential of this iconic Canadian asset,” said President and Chief Executive Officer Jason Kosec. He pointed to recent drilling, geological reinterpretation and lower cut-off grades as the basis for larger, more continuous mining areas.
The company is running an 130,000 metre drilling program this year, with about 45,000 metres completed and ten rigs on site. A comprehensive resource and reserve update, including a new technical report, is targeted for the second half of 2027.
The Hemlo mine has produced roughly 25 million ounces of gold since 1985 from underground and open pit operations.
The release follows the company’s graduation to the Toronto Stock Exchange on June 15, where its shares trade under the symbol HMMC after moving up from the TSX Venture Exchange.
Hemlo Mining last traded at $5.49 on the TSX.
