Record prices for silver could see mines reopen in northern Ontario town of Cobalt

Erik White · CBC News

· Posted: Nov 03, 2025 7:00 AM EST | Last Updated: November 3

While the soaring terms for golden has seen the opening of galore caller mines crossed bluish Ontario, the aforesaid could soon beryllium existent for different precious metal.

Silver is presently hitting grounds prices, hovering astir $50 US per ounce.

That is renewing involvement successful mining astir the municipality of Cobalt, which was erstwhile known arsenic the Silver Capital of the World.

"They ne'er truly recovered the motherlode; we lone scratched the surface,” said Frank Basa, president of Nord Precious Metals, which present owns the erstwhile Castle Mine successful Cobalt.

Silver was archetypal discovered successful the country successful 1903 and wrong a fewer years, determination were 34 metallic mines operating successful Cobalt and the colonisation swelled to 10,000 people. These days, less than 1,000 radical unrecorded there.

Basa said that backmost then, it's reported 500 cardinal ounces of metallic came retired of the Cobalt mining camp— including 9 cardinal from the Castle Mine alone— though nonstop numbers are fuzzy due to the fact that the people of the ore was truthful high.

The past metallic excavation closed successful the aboriginal 1980s, which is erstwhile Basa worked successful the Cobalt country for Agnico Eagle and met his geologist wife.

After metallic was discovered successful 1903, Cobalt became a roar municipality of 10,000 radical with 34 mines. The colonisation contiguous is nether 1,000. (Submitted by the Cobalt Mining Museum )

He said that 12 years ago, his institution bought the aged Castle Mine spot for $25,000

"Basically bought it with a recognition card," Basa said, laughing present that neighouring metallic properties are valued astatine millions of dollars. 

Basa said that from what was near down successful decades past— including breached rocks they recovered underground, arsenic good arsenic what was leftover successful excavation discarded piles known arsenic tailings — his institution poured a 1,000-ounce metallic barroom 8 years ago.

"We recovered worldly similar 5,000 grams a tonne successful a vein and they near it behind. So I conjecture successful the aged days, 5,000 grams a tonne was considered debased grade,” helium said.

Basa said helium recovered the permitting process “challenging” backmost past and shelved the project. But helium said the grounds prices, positive a caller cognition toward mining astatine Queen’s Park, has changed everything.

"We privation to make a excavation and now, the provincial authorities really is truly doing large things for the assets industry,” helium said.

“You tin get a licence successful 10 weeks. You can't get a licence anyplace successful the satellite successful 10 weeks, but you tin successful Ontario."

Nord Precious Metals poured a metallic barroom 8 years agone from discarded stone near down aft the past metallic roar successful Cobalt. (Submitted by Nord Precious Metals)

Nord Precious Metals aims to person an underground excavation unfastened wrong fewer years, but hopes to beryllium harvesting much metallic from discarded stone and tailings near from a period agone by adjacent year.

Basa said different companies are besides looking to excavation metallic successful Cobalt, arsenic good captious mineral byproducts including nickel, copper and cobalt. 

 "I deliberation it's breathtaking for the full camp. I mean there's a batch of enthusiasm and it's bully to see, you know? It's benignant of contagious, you know?” helium said.  

“It's benignant of the champion happening that's happened to the camp, I think, successful decades."