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>A rich vein of pure silver was discovered on this small island in 1868 by the Montreal Mining Company. At that time, the island was approximately [50 m²] in size and only 2.5 metres above the waters of Lake Superior. In 1870, the site was developed by Alexander H. Sibley’s Silver Islet Mining Company which built wooden breakwaters around the island to hold back the lake’s waves and increased the island’s area substantially with crushed rock. The islet was expanded to over 10 times its original size and a small mining town was built up on the shore nearby.
>After most of the purest ore from the original site had been removed, a second vein was discovered in 1878. By 1883, most of the highest quality silver had been extracted and the price of silver had declined. The final straw came when a shipment of coal did not arrive before the end of the shipping season. The pumps holding back the waters of the lake stopped and in early 1884 the islet’s mine shafts, which had reached a depth of 384 metres, were flooded. They would never be de-watered, and the mine’s underground operations would never be reopened.
>Over the 16 years that the mine was in operation, $3.25 million worth of silver was extracted.
edit: It’s been restored now http://www.ghosttowns.com/canada/ontario/silverislet.html