The mining newspaper for Alaska and Canada's North
The mining newspaper for Alaska and Canada's North
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New gold mines are expected to drive strong economic growth in Nunavut and Yukon over the next several years, according to the latest Territorial Outlook published by The Conference Board of Canada. The non-profit think tank focused primarily on researching and analyzing economic trends, however, forecasts a shrinking economy for Northwest Territories as the diamond sector there matures. Despite a tepid recovery for the mining sector as a whole, the new mines being developed...
Members of the Kaminak Gold Corp. executive team have reunited to form Tectonic Metals Corp., a private exploration company that has acquired three overlooked gold exploration properties in Alaska's Eastern Interior. While with Kaminak, this team advanced the Coffee project in the Yukon from a grassroots discovery to a roughly 5-million-ounce gold mine project that Goldcorp Inc. acquired in 2017 for C$520 million. Cashing in on Coffee, several of the Kaminak executives moved...
Auryn Resources Inc. Aug. 16 closed a C$7.3 million financing that will fund exploration of its Committee Bay and Gibson MacQuoid gold projects in Nunavut; and drilling on its Homestake Ridge gold-silver property in northwestern British Columbia. Originally slated to be C$4.6 million, the financing was increased by nearly 59 percent due to significant demand. This substantially increased private placement consists of roughly 2.1 million flow-through common shares at C$1.60...
Triumph Gold Corp. July 11 announced that it has raised C$5.1 million via a private placement financing that included participation by Goldcorp Inc., Palisade Global Investments Ltd. and a Hong Kong-based investment fund. The money raised will help fund the ongoing exploration at Triumph's Freegold Mountain gold-copper project in the Yukon's Dawson Range. Goldcorp initially invested in Triumph Gold early in 2017 with a C$6.3 million investment that provided the major with a 19...
White Gold Corp. May 30 reported it has drills turning at White Gold and Betty, two of the Yukon-focused explorer's highest priority properties. "This is a very exciting time for the company as we begin work on two of our top priorities," said White Gold Corp. CEO David D'Onofrio. A resource calculated earlier this year for the White Gold property outlines 12.32 million metric tons of indicated resource averaging 2.43 grams per metric ton (961,000 ounces) gold; plus 5.16 milli...
White Gold Corp. is eager to expand known gold deposits and make news discoveries across the roughly 1 million acres (390,000 hectares) of prospective lands it holds in the Yukon's White Gold District. About half of this year's C$9 million exploration program is focused on regional targets across the extensive land holding, including more than 100 rotary air blast (RAB) drill holes, airborne geophysical surveys, over 22,000 soil samples and other exploration activates. The...
Mining is expected to fuel strong economic growth in Nunavut and Yukon in the coming years, according to The Conference Board of Canada's latest Territorial Outlook. "With many new mining projects on the horizon in Nunavut and Yukon, growth is expected to take off over the next five years," said Marie-Christine Bernard, director, provincial and territorial forecasting, The Conference Board of Canada. The conference board's outlook for Northwest Territories, however, is not...
Goldcorp Inc. and Tr'ondëk Hwëch'in May 1 announced a collaboration agreement that represents a landmark in the development of a mine at Goldcorp's Coffee gold project in Yukon's White Gold District. "Through strong collaboration, mutual commitments and respect for each other, together, we can create shared value with mutual benefits through all stages of Coffee's mine life," Goldcorp President and CEO David Garofalo said. A significant milestone towards building a long-term r...
Auryn Resources Inc. March 23 announced that it has raised US$9.8 million to help fund its 2018 exploration in Nunavut, British Columbia and Peru. The financing included a bought deal offering involving the of sale 6,015,385 Auryn shares at US$1.30 each. This US$7.8 million offering was underwritten by Cantor Fitzgerald Canada Corp., PI Financial Corp., Canaccord Genuity Corp., Echelon Wealth Partners Inc., Haywood Securities Inc. and Roth Capital Partners, LLC. Auryn paid a...
After four years of declines, global minerals exploration spending rose roughly US$1 billion in 2017 and is expected to see further growth this year, according to a March 5 report by S&P Global Market Intelligence. The 1,535 companies that answered a survey put out by the research firm reported US$7.95 billion of investment in the search of nonferrous metals in 2017, a 14 percent increase from the US$6.95 billion spent in 2016. Taking into account data that could not be...
Welcome to the 10th anniversary of Mining Explorers! While there have been tectonic shifts in the mineral exploration markets over the past decade, two things have remained rock solid – mining explorers continue to uncover the vast mineral resources across Alaska and Canada's North and North of 60 Mining News has been here to tell their story. With the price for an ounce of gold pushing above US$1,300 to ring in the new year – along with zinc and copper selling at mul...
Canada is the world's top destination for mining exploration spending, attracting more than 14 percent of global budgeted expenditures from explorers seeking to tap the country's vast mineral wealth. Yet in 2017, the three huge mineral-rich territories to the north, Nunavut, Northwest Territories and Yukon Territory, lured only about C$360 million, or less than one-fifth of the roughly $2.1 billion that junior and senior mining companies invested in mineral exploration and dep...
More than three dozen explorers chased lucrative mineral deposits in Yukon Territory in 2017 and most of these junior and senior companies returned to the northern jurisdiction this year to take another crack at hitting the jackpot. Known for its rich and storied gold mining history as well as its rugged mountain peaks, Yukon is roughly 15 percent larger than California, covering more than 482,000 square kilometers (186,272 square miles). Split off from the Northwest...
Since investing roughly US$70 million to acquire a 28 percent stake in Novagold Resources Inc. in 2009, American billionaire Thomas Kaplan and his Electrum Group of companies have taken a keen interest in some of the more intriguing mineral exploration companies and projects in Alaska and across Canada's North. Kaplan, an Oxford-educated historian that began investing in natural resources in the 1980s, knows that gold has served as a currency throughout mankind's written histo...
With continued financial and technical support from Agnico Eagle Mines Ltd. and Kinross Gold Corp., White Gold Corp. carried out a budgeted C$9 million program in 2018 to expand known deposits and explore the larger potential across the roughly 1 million acres (390,000 hectares) of prospective lands it holds in the Yukon's White Gold District. The explorer's massive portfolio of gold properties is a re-assemblage of White Gold prospects legendary Yukon gold prospector Shawn Ry...
Auryn Resources Inc. is a technically driven mineral exploration company focused on delivering shareholder value through acquisition and discovery. The company's portfolio includes the Committee Bay and Gibson MacQuoid gold projects in Nunavut; high-grade Homestake Ridge gold-silver property in British Columbia's Golden Triangle; and a portfolio of gold, copper and silver projects in Peru. Auryn closed a US$9.8 million financing in March and another C$7.3 million flow-through...
A C$41 million cash infusion early in 2017 ensured Auryn Resources Inc. had the funding to carry out the major exploration programs it had envisioned for its gold properties in Nunavut, British Columbia and Peru. This major financing included a C$35 million strategic investment by Goldcorp Inc., a company that invested heavily in northern Canada gold explorers this year. Goldcorp now owns roughly 12.5 percent of Auryn shares. "With the recent funding from Goldcorp completed...
Goldcorp Inc.’s half-a-billion-dollar purchase of Kaminak Gold Corp. and the Coffee Gold project in Yukon Territory in 2016 marked a major shift for North of 60 mining explorers. Junior mining explorers typically look to the investment community for the venture capital needed to discover rich deposits of minerals. In turn, major mining companies come along and buy the mineral-rich project or the company that discovered it, typically providing a handsome return for the j...
With world-class mineral deposits, paved roads and commercial power, northern British Columbia is considered by many as a great place to achieve a mining explorer's ultimate goal – find a mine. "The geology has been great up there for 100 million years, but it has only been the last five that we have had run-of-river (hydro-electric) projects, dams – literally billions of dollars of new infrastructure," said Colorado Resources Ltd. President and CEO Adam Travis. The start of...
From a major investment by Goldcorp Inc. to bonanza-grade gold intercepts at its KSP property in northern British Columbia, 2017 has been a golden year for Colorado Resources Ltd. In August, Goldcorp Inc. made a strategic investment that gave the major a roughly a 14 percent interest in Colorado, a stake that could increase to around 19 percent if the major exercises all of the Colorado warrants it holds. This investment was part of a larger financing completed by Colorado....
Nunavut is a vast and minerals-rich swath of the Earth's crust and Nunavummiut, or the people who live there, see mining as the foundation of the territory's future. "The mining industry brings employment and career opportunities for residents of Nunavut and provides much-needed economic benefits to families where the cost of living is high," said Nunavut Minister of Economic Development and Transportation Monica Ell-Kanayuk. To create the conditions for a strong mining...
As some of the world's biggest gold miners nab exciting plays that turned up across Yukon Territory during the past decade, Yukon's mining explorers continue to seek the next generation of mine projects in the northwestern-most Canadian territory. Many of the up and coming mines in Yukon also are getting a boost from C$360 million in upgrades to roads into some of Yukon's richest mining districts. Known as the Yukon Resource Gateway project, the endeavor to modernize...
Following up on the discoveries made during a C$1 billion exploration explosion in the Yukon from 2007 until 2013, five of the world's largest gold producers are leading a second wave of the 21st Century Yukon Gold Rush. Kinross Gold Corp., which operates the Fort Knox Mine in neighboring Alaska, was the first of the majors to grab a foothold in the Yukon when it acquired the White Gold property in 2009. The real rush of majors to the westernmost Canada territory, however,...
With financial and technical backing from Agnico Eagle Mines Ltd. and Kinross Gold Corp., legendary prospector Shawn Ryan has set out to finish what he started in Yukon's White Gold District. To accomplish this objective, Ryan has put roughly 1 million acres (390,000 hectares) of the White Gold District into White Gold Corp., a newly formed exploration company that owns claims covering roughly 40 percent of this promising gold region. Of the dozens of White Gold prospects...
Goldcorp Inc. has significantly strengthened its foothold on properties across northern Canada in recent months. Beyond the famed C$520-million acquisition of the Coffee Gold project in Yukon Territory, the Vancouver B.C.-based gold producer is investing heavily in junior exploration companies with gold exploration projects in British Columbia, Nunavut and Yukon. In January Goldcorp forked over roughly C$35 million to buy a 12.5 equity interest in Auryn Resources Inc., which...
