Fort Knox Gold Mine on Track for Expansion

By  | 

FAIRBANKS, Alaska - A big gold mine near Fairbanks is looking to get bigger.
The Kinross Mining Corporation owns, and is entering the permitting process for, a plot of land located just west of the Fort Knox Gold Mine north of Fairbanks.
The new parcel measures more than a square mile, and is believed to contain 2.1 million ounces of gold.
The land was previously owned by the federal government.
It was used as a "buffer" for radio interference surrounding an array of satellite receivers for weather surveillance, but the government decided it no longer needed the land in 2016.
The 2.1 million ounce estimate was made by Fort Knox in 2014 after survey drilling.
The land's true potential is uncertain until the mine conducts a more in-depth study next year.
Vice President and General Manager of Fort Knox, Eric Hill, said it's too early to tell what the land means to Kinross in the long term, saying "It has the potential to expand mine life."