Detour Lake was abandoned by prior owners (Dome Consolidation, then Pango) because they lacked the vision to develop it into an open-pit low-grade mine; Gerald Panon recognized this at $450/oz gold in 2006 and purchased it for $50/oz of indicated resources, which proved correct as Detour became one of Canada's largest gold mines with 30+ million ounces.
causalpending
Speaker
Gerald PanonEvidence Quote
“they shut down the mine they were not making money and uh they had difficulty with the continuity of the high grade so they they were mining I think something around four five grams and think about it 256 gold today were 2735 that that today actually by saying 30 2735 it tells you that we're October 21st 2024 it's it's a it's 10 time it's 10 bagger from from that in less than 26 years”
Source
The Biggest Problem With Junior Mining, the Story of a Mine Builder, and a Different Copper Porphyry— Resource TalksCreated: 8/13/2026, 4:56:03 AM
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