Global Silver Deficit Hits 762 Million Oz, Nord Precious Consolidates 4 km Camp
Global silver markets have recorded a sixth consecutive annual supply deficit totaling 762 million troy ounces drawn from stocks since 2021. Nord Precious Metals has consolidated four Gowganda Silver Camp leases covering almost 4 km of historic boundary, uniting past-producing Miller Lake-O’Brien, Castle and Millerett mines within one land package.
1. Sustained Global Silver Supply Deficits
Silver has broken above US$100 per ounce for the first time in history and traded near US$80 recently, driving a structural supply deficit for the sixth straight year, with cumulative draws of 762 million troy ounces from aboveground stocks since 2021.
2. Gowganda Camp Consolidation by Nord Precious Metals
Nord Precious Metals closed acquisition of four mining leases in Ontario’s Gowganda Silver Camp on March 31, consolidating nearly 4 km of historical claim boundaries under one title, unlocking the potential to drill across areas past operators couldn’t extend.
3. Historic Production and Tailings Potential
The consolidated area includes three of the five largest past-producing mines—Miller Lake-O’Brien (42 million ounces), Castle (9.9 million ounces) and Millerett—alongside a 1.94 Mt indicated tailings resource grading 47.5 g/t Ag, equivalent to roughly 2.96 Moz of silver.
4. Infrastructure and Financing for Development
Nord holds permits for boundary drilling and is preparing additional permits for broader exploration, backed by a 600 t/day gravity plant, a permitted Cobalt-Camp mill and a recent $1.75 M private placement financing to fund Castle East drilling and working capital.