Gold Candle – a private company – provided an updated mineral resource estimate (MRE) at its wholly owned Kerr-Addison project. The Kerr-Addison project is located east of Kirkland Lake in the McGarry Township of the Timiskaming district of Ontario. The mineral resource surrounds the historic Kerr-Addison underground mine, one of Canada’s largest gold mines, which produced 11M oz gold from 1938 to 1996.
Indicated category increased by 1.5 million ounces (83%) of gold in comparison to the 2023 estimate. The resource was based on a gold price of $1,980. The current resource estimate now includes an underground component. The estimate was completed using cut-off grades of 0.2 g/t gold for the open pit and 1.2 g/t gold for underground mining. The total resource by category presently stands at: Indicated: 3.31M oz gold contained in 69.2Mt @ 1.5 g/t gold, inferred: 2.36M oz gold contained in 55.6Mt @ 1.3 g/t gold.
Gold Candle provided highlights from the 2025 updated mineral resource estimate: Larger resource: Increased 1.5M indicated ounces (83%) of gold over 2023, Consistent grade: Remains insensitive to gold price. Average grade maintained at 1.41 g/t gold vs. 1.43 in 2003, De-risking continues: Indicated ounces presently 58% of total resource (up from 35% in 2023), Robust strip ratio: Resource pit-shell waste to ore ratio of 3.77:1, with upside for further improvements, Enhanced project design: Lake constrained open-pit shell (not constrained in 2023). Underground mining potential adding exploration upside and development optionality.
The company’s updated mineral resource estimate also included the following: A more conservative model: Tighter ore domains and void model, due to the addition of more historical production data, Significant growth potential: Kerr-Addison resources remain open for further expansion through additional drilling downdip, along strike to the east and through newly defined parallel lenses in the footwall.
Gold Candle president and COO Leon Leblanc stated, ”Today we are pleased to announce our updated Kerr-Addison mineral resource estimate. These results are the culmination of over two years of work by our team focused on three primary objectives: (1) Expanding the mineral resource to include underground potential; (2) Improving modeling quality using more conservative parameters, and (3) Increasing the global resource.
Leblanc added, “Due to our team’s hard work, we will be accelerating our Gold Candle has updated the mineral resource estimate (MRE) for its Kerr-Addison Project, located in McGarry Township, Ontario, near Kirkland Lake. This project includes the historic Kerr-Addison mine, one of Canada’s largest gold mines, which produced 11 million ounces of gold from 1938 to 1996. drill program from the current four drills to up to six drills. We will be focusing on additional delineation drilling on the Kerr Addison deposit, expanding parallel zones in the footwall, extension at depth below historical workings and further drilling along the Larder Cadillac break which resulted in the recent Geminid nickel discovery. In parallel, we will be conducting economic trade-off studies and continue the permitting process. We are currently well funded with $20 million in the treasury. We believe 2025 will be a pivotal year for Kerr Addison and Gold Candle.”
The resource increase at Kerr-Addison is driven by several factors, including exploration drilling that increased confidence and grew both new and existing gold lenses, a higher assumed gold price—rising from US$1,800 in 2023 to US$1,980 today—which allowed for a lower cut-off grade (reduced from 0.35 g/t gold to 0.2 g/t gold). In addition, the inclusion of additional historical engineering and geological documents in the various models allowed for a much tighter result, improving confidence in ounces contained and the mineralization control.
More information is posted on www.GoldCandle.com.
