New book explores 1960s Canadian mining scandal

A new book hitting shelves this month takes readers deep into the remarkable, and at times scandalous, life of Viola MacMillan, a trailblazer in Canada’s mining industry. 

Windfall: Viola MacMillan and Her Notorious Mining Scandal by author Tim Falconer explores the highs and lows of a woman who defied norms, broke barriers and ultimately became entangled in one of Canada’s most infamous stock market frauds.

Falconer’s story of MacMillan begins in the 1920s, when she and her husband, George MacMillan, ventured into prospecting—a field almost entirely dominated by men at the time. Viola quickly proved herself in the rough-and-tumble world of mineral exploration, gaining respect for her tenacity and sharp instincts. 

By the late 1940s, she had her first producing mine, and her star only rose through the 1950s, when she struck success with a series of lucrative mining operations.

Scandal shook Canada

MacMillan’s career took a dramatic turn in 1964, when she became the central figure in the Windfall mining scandal. Shares in her company, Windfall Oil and Mines, skyrocketed from 56¢ to $5.70 in just a few weeks, fuelled by speculation and rumours of a major copper-silver-zinc discovery reaching her claim near Timmins, Ont.

The truth was far less dazzling: core samples from the claim contained no significant traces of such metals. Viola and her husband delayed releasing this crucial information, allowing the stock to soar. When the truth finally came out, the stock plummeted, leaving countless small investors devastated.

The fallout from the scandal was seismic. It tarnished the reputation of the Toronto Stock Exchange as a global mining hub and led to significant regulatory reforms, including changes to the Ontario Securities Commission. Viola spent several weeks in prison but was later pardoned. She even went on to receive the Order of Canada for her contributions to the mining industry.

Unique perspective

Falconer, a seasoned writer with a background in mining engineering and exploration, brings a rare combination of technical expertise and storytelling to Windfall. Having worked in mines and studied at McGill University before transitioning to English literature, he offers a compelling perspective on both the industry and its historical context.

With five previous non-fiction books under his belt and two making the Globe and Mail’s top 100, Falconer is no stranger to crafting narratives that resonate. He researched and wrote a nuanced story to make Windfall a gripping read and an important historical account.

Viola MacMillan remains a polarizing figure — a trailblazer who opened doors for women in mining, but also someone whose ambition led to a notorious scandal. Falconer’s book is set to arrive in bookstores on Feb. 18.

Correction: An earlier version of this story said the scandal was based on rumours of gold; it was copper, silver and zinc.