Dakota Gold is trying to reinvigorate gold mining around Lead’s Homestake Mine

LEAD, S.D – Dakota Gold Corporation is looking to expand gold  mining in the area surrounding what used to be the Homestake Mine in Lead, South Dakota.

“This is a South Dakota company with a very specific purpose and mandate to roll up and revitalize the Homestake district,” Jonathan Awde, President and CEO of Dakota Gold said in a presentation on Thursday.

Formerly Dakota Territory Resources Corporation, Dakota Gold rebranded after a merger with JR Resources Corporation, a Nevada-based mining development company, in March 2022.

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The Homestake Mine above Lead, South Dakota (photo date: April 19, 2022)

Homestake was one of the most productive gold mines ever, producing over 40 million ounces of gold before shutting down in 2001. Since its former incarnation began exploratory operations in 2018, Dakota Gold has gradually acquired over 43,000 acres of land around the old mine.

“Homestake Mining Company was the longest listed asset or company on the NYSE [New York Stock Exchange],” Awde said. “We felt that we have this tradition and legacy to live up to, and that’s what we’re trying to do.”

But it’s not just Homestake’s legacy that Dakota Gold is carrying, it’s also their data. A 2021 agreement with the Barrick Gold Corporation gave Dakota Gold access to the 145 years of mining data that Homestake collected.

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Easily one of the most recognizable features in Lead, the Open Cut was the original site of the Homestake Mine, which at its time was the most productive gold mine in North America (photo date: April 19, 2022)

They aren’t the only gold mining company in the area. The nearby Wharf Mine has been operating for nearly 40 years, so far producing about one tenth the gold that Homestake did.

Unlike Wharf, however, Dakota Gold has larger goals.

“This is a rare feat that Dakota Gold has been able to do, which is roll up the district and get all this data as if no one was here,” Awde said. “We’re really trying to do what Homestake was trying to do, and did do, which is lock up control of the district.”

Dakota Gold is still in the exploration stage of mining: setting and operating core drills, compiling and analyzing geological data, and acquiring permits for their operations. They are currently operating three exploration drills and the company plans to set up a fourth soon.

Test results from Richmond Hill and Maitland, two of the most promising sites that Dakota Gold has acquired, are expected some time in the next eight weeks.