A small Icelandic company, backed by a Canadian mining giant, hopes to find gold in high enough concentration to allow for commercial exploitation. The company, which is called Iceland Resources has filed an application with the National Energy Authority to search for
precious metals, including gold and copper in eight different places around Iceland.
Dissolved gold, carried from the mantle by geothermal processes
Gold has been found in Iceland in the past, but it is not clear whether its concentration is high enough to justify extraction. The gold is carried to the surface in geothermal areas, collecting in geothermal vents. Vilhjálmur Þór Vilhjálmsson, the chairman and CEO of Iceland Resources tells the local news outlet visir.is that if the company can find areas with several veins containing high concentrations of gold it can begin mining operations.
Vilhjálmur stresses that the process is both long and uncertain. If the application is approved the company will begin by studying existing geological data, mapping the areas in question and taking new surface samples. He estimates that the first commercial quantities of gold would be mined eight years after preliminary studies begin, assuming these are successful.
Gold and green energy
The locations Icelandic Resources wishes to study are ditributed around Iceland. Among them is a area north of Hveragerði village in Southern Iceland, connected to the Hengill geothermal area, which supplies the Capital area with much of its energy.
A small Icelandic company, backed by a Canadian mining giant, hopes to find gold in high enough concentration to allow for commercial exploitation. The company, which is called Iceland Resources has filed an application with the National Energy Authority to search for
precious metals, including gold and copper in eight different places around Iceland.
Dissolved gold, carried from the mantle by geothermal processes
Gold has been found in Iceland in the past, but it is not clear whether its concentration is high enough to justify extraction. The gold is carried to the surface in geothermal areas, collecting in geothermal vents. Vilhjálmur Þór Vilhjálmsson, the chairman and CEO of Iceland Resources tells the local news outlet visir.is that if the company can find areas with several veins containing high concentrations of gold it can begin mining operations.
Vilhjálmur stresses that the process is both long and uncertain. If the application is approved the company will begin by studying existing geological data, mapping the areas in question and taking new surface samples. He estimates that the first commercial quantities of gold would be mined eight years after preliminary studies begin, assuming these are successful.
Gold and green energy
The locations Icelandic Resources wishes to study are ditributed around Iceland. Among them is a area north of Hveragerði village in Southern Iceland, connected to the Hengill geothermal area, which supplies the Capital area with much of its energy.
