Snowline ends 2022 with review of success
Highlights growth and positive outlook toward coming years North of 60 Mining News – January 6, 2023
Last updated 2/21/2023 at 9:32am
Snowline Gold Corp. Dec. 29 highlighted a truly transformative year of discoveries and successes for this swiftly growing Yukon junior.
A recent addition to the Yukon's vast collection of exploration companies, Snowline began its exploration of this northern Canadian territory in 2017 and has since grown to nearly C$390 million in market capitalization.
Going into 2022, Snowline's portfolio was split between Rogue, Einarson, Ursa, Cynthia, and Rainbow in the Selwyn Basin near Yukon's eastern border with Northwest Territories, along with the Tosh and Cliff projects closer to Yukon's western border with Alaska.
In September, the company doubled its already large land holdings in the Yukon with the purchase of Golden Oly and other mineral exploration properties in the Selwyn Basin from StrikePoint Gold Inc.
With the recent discovery at the Valley target at Rogue, along with $25.2 million in financing, Snowline has positioned itself to tie a nice little ribbon on 2022 and ready itself for a fruitful 2023.
"In an otherwise difficult market, our efforts to build Snowline as a company to rapidly advance our projects in an underexplored district demonstrate the value of discovery," said Snowline Gold CEO Scott Berdahl.
In its 2022 year-in-review, Snowline underscored its five most significant achievements for last year.
• Drilled 318.8 meters of 2.55 grams per metric ton gold from surface, among other widely spaced highlight holes at Valley, revealing a substantial and unusually high-grade reduced intrusion-related gold system. Roughly 5,080 meters of drill results remain pending.
• Formed a green energy partnership with Nacho Nyak Dun Development Corp., aimed at providing Snowline's main camp with a 27-kilowatt solar power facility in the hopes of reducing emissions, costs, and building ties with First Nations and Yukon businesses.
• Added to its already formidable management team with a wealth of experience between its many experienced members that is paralleled by only few other current companies.
• Closed a non-brokered $25.2 million financing that will allow Snowline to ramp up scale and pace of exploration mid-season. Through this, the company entered 2023 with C$22.3 million in its treasury, allowing for an aggressive exploration campaign through the year and beyond.
• As a result of the above successes, Snowline enjoyed a 311% appreciation in share price during 2022, ranking Snowline among the top exploration and mining companies globally for share price performance in 2022 and rewarding its discovery-focused approach. For the second year straight, SGD has seen triple-digit returns.
"Valley is unique in that at such an early stage, it ticks many of the boxes required of an economic gold discovery," said Berdahl. "It has scale, it has large zones of consistent mineralization with good gold grades, it has a favourable geometry, and its strongest grades-up to 4.1 g/t gold over 108 meters-begin at surface."
Closing out a prosperous year, Snowline could not be more pleased with its discovery, especially due to its potential on surrounding targets.
"When we launched Snowline to explore an apparently unrecognized gold district, it's exactly the sort of discovery we were hoping to make," the Snowline CEO continued. "The existence of Valley has strong positive implications for the potential of our other targets in the district, where we are just scratching the surface. As we look ahead to 2023, I would like to thank our investors, our strong shareholders, our team, and the many partners and supporters who have contributed to making Snowline a success."
CORRECTION: Caption was updated on Feb. 21, 2023 to correctly state that the solar farm was built by Solvest.