en.Wedoany.com Reported - Canadian gold company Lac Gold (ASX:LAC) has completed the acquisition of the historic Golden Patricia gold mine in Ontario through its wholly-owned Canadian subsidiary Ardiden Canada. After obtaining consent from the Ontario Ministry of Mines, final documents were signed in Toronto on June 5, 2026, securing 100% ownership of the asset.

This acquisition strengthens Lac Gold's position in the Pickle Lake gold district and gives it control over a high-grade gold system of significant value. Between 1988 and 1997, the Golden Patricia gold mine produced a total of 619,796 ounces of gold at an average head grade of 16.48 grams per tonne, before ceasing operations due to a prolonged period of low gold prices (US$331 per ounce, approximately A$469.64).

Under the terms of the transaction, Barrick Mining retains a 2% net smelter return royalty on the asset, meaning Barrick will continue to share in the success of future exploration and development of the asset.

Lac Gold Managing Director Andrew Stocks stated that the Ministry of Mines' consent and the completion of the transfer process represented the "final milestone" in securing the Golden Patricia mining rights. He noted that Golden Patricia offers a mineralized corridor that remains highly prospective for extensions of the historic mine and new discoveries.

The company's focus has now shifted to integrating historical geological, geophysical, and mining datasets into its regional database and geological model. Initial work will prioritize drill targets aimed at down-dip and along-strike extensions of the historic high-grade vein system.

The Golden Patricia mine site is located within the traditional territories of Cat Lake First Nation, Slate Falls Nation, and Mishkeegogamang Ojibway Nation, and Lac Gold stated it will continue to engage with these Indigenous communities regarding future exploration activities.

In addition to this acquisition, Lac Gold is advancing the Rouyn gold project in Quebec, where the company recently announced the discovery of high-grade gold intercepts, including 1,580 grams per tonne gold over 0.5 meters.

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