The mining newspaper for Alaska and Canada's North
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U.S. GoldMining and Nova Minerals work side-by-side to advance gold, copper, and antimony projects at end of West Susitna Road. WEST SUSTINA MINERAL DISTRICT – The 4,000-foot Whiskey Bravo airstrip about 100 miles northwest of Anchorage as the Cessna 206 flies is serving as the operational headquarters of an emerging Alaska mining district with the potential to be a domestic source of minerals and metals critical to America's economic wellbeing, national security, and clean e... Full story
GoldMining Inc. June 21 published an updated mineral resource estimate for its Whistler gold-silver-copper project adjacent to Nova Minerals Ltd.'s Estelle gold project in Southcentral Alaska. According to the new calculation, the Whistler, Island Mountain, and Raintree West deposits at Whistler host 118.2 million metric tons of indicated resource averaging 0.51 grams per metric ton (1.94 million ounces) gold, 2.19 g/t (8.3 million oz) silver, and 0.16% (422 million pounds)...
It is high summer in Alaska and the mining industry is busy breaking rocks, drilling holes, collecting baseline data, making upgrades to mine facilities and producing metal and coal across the state. The effects of declining prices for metals are starting to be felt at the operating metal mines and except for a few projects, the exploration sector continues to wallow in the doldrums, which have plagued the industry since 2013. That said, the tire-kicking of earlier this...
Mineral exploration spending in Alaska hit an apex of US$365 million in 2011, but as venture capital for mining explorers dried these expenditures plummeted 78 percent to US$80 million in 2015. However, rising gold prices and a loosening of venture capital in 2016 seems to have marked an end to a painfully long bear market for mining explorers in Alaska. “After taking head shots for the past four years, the industry suddenly came to life over the past month, with new budgets,...
The owners of Alaska’s five large metal mines – Sumitomo Metal Mining Pogo, Hecla Mining Company, Kinross Gold Corp, Teck Resources Ltd. and Coeur Mining Inc. – accounted for nearly half the US$92 million of exploration spending in the state during 2014 and similar investments by these companies is providing solid footing for the Far North state’s mineral exploration sector this year. Avalon Development President Curt Freeman said he is seeing more mining majors shopping for d... Full story
Mineral exploration spending in Alaska will likely struggle to top US$80 million for 2014, a dramatic fall from the US$365.1 million pinnacle reached in 2011. "The din of mineral industry activity that is normally a part of the summer months in Alaska is decidedly muted this year as the global mining industry attempts to lift itself off the bottom of a plus-18-month-long slump," Avalon Development President Curt Freeman opined in a June column written for Mining News. Unlike 2...
Over the past month, three of Alaska's large mines reported strong quarterly results; two projects in advanced permitting and pre-feasibility reported recent progress; and three exploration properties changed hands. The latter is a trend putting 2015 on course to be one of the most active years for new acquisitions in the past decade. Placer gold production has all but ceased for the year; however, output from Alaska's placer mines is not likely to be known with any certainty...
As a follow-up to last month's realization that once again "the game is afoot" in the mining industry, major gold producer Goldcorp recently presented some arresting statistics at the Bank of America Merrill Lynch Global Metals, Mining and Steel Conference. The presentation showed gold discovery and production information for the global mining industry that indicated that peak gold discovery occurred in 1995, this despite three periods between 1995 and 2015 when exploration...
Millrock Resources Inc. Oct. 5 said it has assembled a large land position covering high-potential gold targets near Sumitomo Metal Mining Company's Pogo gold mine in the Goodpaster Mining District of Interior Alaska. As a result of a series of purchase and option agreements and claim staking, Millrock now holds six discrete claim blocks in the district covering an area of 15,847 hectares (39,158 acres). The claims cover soil geochemical anomalies, many of which are untested....
Less than three months after a pending sale of its Whistler property in Southcentral Alaska fell through, Kiska Metals Corp. has found a new buyer for the advanced-stage copper-gold exploration project. Under a binding agreement announced last week, Brazil Resources Inc. will issue Kiska 3.5 million shares in exchange for full ownership of Whistler, including the mining claims and other assets belonging to the project. Brazil Resources' shares were trading at C46 cents per... Full story
Kiska Metals Corp. July 21 reported the signing of a binding agreement to sell its Whistler copper-gold project to Brazil Resources Inc. Under the purchase agreement, Brazil Resources will issue Kiska 3.5 million shares in exchange for full ownership of Whistler, including the mining claims and other assets belonging to the project. Brazil Resources' shares were trading at C46 cents per share on the Toronto Venture Exchange on July 21, making the deal worth roughly C$1.61 mill...
I recently returned from the Geological Society of Nevada's once-every-five-years Symposium in Reno and was surprised to learn a number of things regarding Alaska, despite the symposium's tight focus on the Great Basin of the western United States. First off, mineral exploration guru Brent Cook presented information suggesting we have reached and are "bumping along" the bottom of the current metals market slump. Reminded me of an overloaded fixed-wing aircraft bumping down the...
It has been nearly four years since any significant exploration has been carried out at the Whistler property, but a preliminary deal for Kiska Metals Corp. to sell it could mean a renewed focus on this copper-gold project in Southcentral Alaska. Under a non-binding agreement reached April 9, Alternative Earth Resources Inc. would acquire full ownership of Whistler in exchange for issuing Kiska 24.5 million of its shares, which would represent half of the company's shares upon... Full story
Slipping metals prices and investors' ongoing reluctance to risk venture capital in the junior mining sector is hitting Alaska's mineral exploration sector hard; and the Far North state is not the only mining jurisdiction reeling from this one-two punch. "After another year of strong headwinds in 2014, and with lower demand and overproduction continuing to depress metals prices, the mining industry's outlook for 2015 is unpromising at best," SNL Metals & Mining wrote recently... Full story
Several events have dramatically affected Alaska's mining industry in recent weeks, underscoring critical links between Alaska and the global economy. First came bad news for newly-elected Gov. Bill Walker: The plunge in world oil prices pushed Alaska's coming-year budget projections about $3.5 billion into the red. The ripple effect of this was a slashing of everything not required and one of the cuts, temporarily at least, was state funding of the Ambler District Road.... Full story
The nearer your destination, the more you slip sliding away." As 2014 quickly slip-slides away, these normally melancholy lyrics by Paul Simon take on a surprisingly upbeat meaning for Alaska's mining industry. Unlike watching most years slip by, seeing 2014 in the rearview mirror will bring a smile to most in the mining industry, not only in Alaska, but worldwide. This was our third consecutive year of declining commodities prices, near-zero investor interest and the... Full story
Since buying out its mining rival Inmet Mining Corp. in early 2013, First Quantum Minerals Ltd. has shown a keen interest in Alaska's copper potential. With seven mines in operation and five mineral projects under development, First Quantum is a growing, diversified miner with a particular focus on copper. Its operating mines and development projects are located in Africa, Australia, Finland, Spain, Turkey and Latin America. Yet the company has no foothold in North America....
Although mineral exploration and development activities continue around the state, year-end total expenditures are beginning to gel, and we are getting an increasingly clear picture of just what sort of year it has been for the Alaska mining industry. For the producing metal mines, gross and net revenue are down over last year, largely due to significant decreases in the spot prices for those metals, with gold down almost 15 percent and silver down almost 25 percent over...
The ongoing scarcity of venture capital available to junior companies coupled with a retreat in metals prices has landed a one-two blow that sent mineral exploration spending in Alaska plunging for the second straight year. A handful of big-budget projects scattered across Alaska, though, is softening the hit to exploration spending across the Far North State during 2013. Mineral exploration expenditures in Alaska, which were a meager US$23.8 million in 2001, topped US$365...
The 6.4 million ounces of low-cost silver recovered from the Greens Creek Mine in Southeast Alaska during 2012 is funding growth aspirations at Hecla Mining Co., including a foray into Canada's mining sector. This growth begins with the first silver production from the Lucky Friday Mine since the Idaho operation was put out of commission for safety and operational upgrades at the end of 2011. With the Idaho operation scaling back up to full capacity in 2013, Hecla is looking...
The 6.4 million ounces of low-cost silver recovered from the Greens Creek Mine in Southeast Alaska during 2012 is funding growth aspirations at Hecla Mining Co., including a foray into Canada's mining sector. "This past year, with the Lucky Friday down, Greens Creek generated strong silver production and cash flow to allow record capital investments that are expected to generate not only higher silver production in 2013, but expected organic growth well into the future," said... Full story
Millrock Resources Inc.'s skillful execution of the project generator model is allowing it to flourish in an equity market that has not been kind to junior exploration companies. Capitalizing on its exploration expertise and first-hand geological knowledge of Alaska and southeastern Arizona, Millrock pulled together some C$11 million for exploration in 2012. Some 93 percent of this spending was funded by global miners Teck Resources Ltd., Kinross Gold Corp., Vale S.A. and Inme...
From investigating grassroots gold prospects in the Yukon Territory to ensuring the Red Dog Mine has sufficient stores of high-grade ore to remain a top global zinc producer for decades to come, Teck Resources Ltd. 2012 is continuing a century of discovery in Alaska and Canada's Northwest. This broad spectrum of exploration across Alaska, British Columbia and Yukon Territory exemplifies the Vancouver, B.C.-based major's objective of accessing "high-quality, sustainable growth... Full story
As the first cooler days and termination dust start appearing across Alaska, seasonal exploration activities are winding down and operating mines are preparing for another winter. To be sure, less money was spent on fewer projects by the mineral industry exploring and developing Alaska's mineral resources in 2012 versus 2011. More advanced-stage projects that added ounces or pounds to their resource base had a better go of it than early-stage exploration projects which have...
While most juniors are cinching their belts and scaling back programs, Millrock Resources Inc. has C$7.5 million of exploration slated for its array of gold and copper-gold properties in Alaska in 2012, not to mention a healthy C$4.5 million budget for its copper-gold prospects in Arizona. Millrock President and CEO Greg Beischer said the scarcity of venture capital available to the junior exploration sector was palpable at the Cambridge House World Resource Investment... Full story