The mining newspaper for Alaska and Canada's North
The mining newspaper for Alaska and Canada's North
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About 400 ounces, or 11.4 kilograms, of molten gold poured into bars at Kinross Gold Corp.'s Fort Knox Mine on Nov. 11 marked the first of the precious metal produced from the Walter Creek Valley Heap Leach Facility at the Interior Alaska gold mine. Startup of the heap-leach facility is expected to increase Fort Knox annual production to average 370,000 gold ounces, or about 10,489 kilograms. Fairbanks Gold Mining Inc., the Kinross affiliate that operates Fort Knox, has been...
The plunge of base metal prices and turmoil in the financial markets caused explorers and producers alike to scale back exploration budgets for 2009. North of 60 Mining News estimates this year's exploration spending in Alaska to be around US$125 million, down more than 60 percent from the US$328.6 million spent in 2008. Though the global financial meltdown played its role, it was not the largest factor in the dramatically scaled back exploration in Alaska. Alaska's two...
International Tower Hill Mines Ltd.'s Livengood gold project can best be compared to the proverbial snowball. As positive drill results continued to roll in so did investment cash, in turn funding an evermore expansive exploration program that has revealed a multimillion-ounce gold resource lying in the shadow of the appropriately named Money Knob. Raising about C$37 million in 2009, the explorer increased its 2009 drill program at Livengood from 16,000-meters at the onset of...
Recession, what recession? That could have been the cry of some gold exploration companies in Yukon Territory in 2009. Thanks to several very impressive gold discoveries in 2008 at a time of unprecedented highs in gold prices, momentum lost in other sectors of Canadian mineral exploration seemed to hardly touch the gold-rich hills of this mining-friendly jurisdiction. Some 63 companies started 2009 with planned exploration programs in Yukon, but before all was said and done, a horde of additional gold seekers poured into the...
Full Metal Mineral Ltd., like many juniors, battened down the hatches in 2009 to ride out the financial storm that sank many explorers and caused others to climb aboard ships better suited to the turbulent weather. The explorer emerged in January to raise money and test the financial winds with assay results from its 2008 drilling at the Nadaleen silver-lead-zinc project in the Yukon Territory, and again in March with results of from the OG project, another silver-lead-zinc...
BCG: TSX-V President and CEO: Brian P. Fowler Chief Financial Officer: Larry M. Okada BCGold Corp., organized in 2006 in British Columbia, is a Vancouver-based resource company focused on copper and gold exploration in underexplored mining and exploration districts in British Columbia and Yukon Territory. BCGold Corp. acquires and develops conceptual, early and mid-stage, exploration opportunities and advances them toward resource development by using internal expertise, engaging preferred joint venture partners, and...
Kinross Gold Corp. - operator of the largest gold mine in the Tintina Gold Belt - has embarked on a treasure hunt in hopes of identifying another Fort Knox-like deposit in this gold-rich province. The Tintina belt is a boomerang-shaped swath of land that spans the breadth of Alaska, through the Yukon Territory and into northern British Columbia. While Kinross works to extend the mine life of Fort Knox after 13 years of production through drilling, the Toronto-based miner is also investing in junior explorers with promising pr...
Since Mantra Mining Inc. emerged as the vehicle in which NovaGold Resources Inc. would spin off its noncore assets, the Vancouver B.C.-based junior has positioned itself to become a major player on the Alaska mining scene. In 2009 Mantra acquired whole or part interest in more than 417,000 acres of mining properties in western Alaska, assembled an impressive management team and board of directors (including two Thayer Lindsley award winners) and raised C$5 million to...
When Greg Beischer and Phil St. George teamed up to form Millrock Resources Inc. early in 2007, they set out to make big discoveries that would attract the interest of the world's mining giants. The Millrock team has the background to know what global mining companies are looking for and the geological expertise to find it. Beischer, the Vancouver B.C.-based junior's president and CEO, spent two decades working for Inco Ltd., now a subsidiary of global mining giant Companhia...
With four gold properties located next door to Kinross Gold Corp.'s Fort Knox gold mine, Teryl Resources Corp. is one of the largest landowners in the Fairbanks Mining District, and a favored joint venture partner for Kinross' Alaska subsidiary, Fairbanks Gold Mining Inc. Since their partnership began at the Gil Project (Kinross 80 percent and Teryl 20 percent), the gold producer and the junior explorer have spent about US$7.5 million outlining some 10.1 million tons of ore...
Underworld Resources Inc. hit the ground running in 2009, reporting impressive assay results in the first three holes of its drilling program at its White Gold Project in late May. For two field seasons, the Vancouver, B.C.-based company has explored sediment and vein-hosted gold targets on 845 claims covering 169 square kilometers, or 65.3 square miles, on the White Gold and Black Fox gold Properties in west-central Yukon Territory, 95 kilometers, or about 60 miles, south of Dawson City. So far, the junior has identified...
VIT: TSX-V President and CEO: Chad Williams Board Chairman: T. Sean Harvey Vice President, Exploration: Dr. Raul Madrid Victoria Gold Corp., organized in 1981, is a gold exploration company focused on value growth per share through efficient exploration, project development, accretive acquisitions and effective marketing. Its strategy is to maintain a low-risk profile through project diversification and sound financial management and by operating in secure jurisdictions like Yukon Territory. In December the Toronto-based...
For many undercapitalized junior mining companies, the past 12 months have been a sort of annus horribilis. As capital remains tight in the current economic climate, financing for speculative exploration projects continues to be hard to come by. While the mining industry overall is coping with the global shortage of capital, recent surges in gold prices are causing renewed activity (including mergers and acquisitions), helping that sector to buck the trend. Many mining companies were caught off guard by the economic events...
Reclamation is a critical element of modern mining and mine planning. In Alaska, companies who wish to extract minerals from the earth must first present a plan on how they propose to return the disturbed land to a reusable state and post financial assurances that they will complete the job. Planning for what the site will look like and be used for begins before any mining is started. The information needed to design a successful reclamation plan is gathered from the...
Kinross Gold Corp. subsidiary, Fairbanks Gold Mining Inc., recently received accolades for its reclamation of Fish Creek, a stream draining the Fort Knox gold mine area. The Alaska Conservation Alliance and the Resource Development Council presented the Tileston Award, which celebrates resource developers whose success is measured both in their positive effect on Alaska jobs and economy as well as the state's environment, at a ceremony on Oct. 1. The reason the efforts by the...
Built on a project generator model, Millrock Resources Inc. has teamed up with Kinross Gold Corp., Altius Resources Inc. and Vale Exploration Canada to seek out and explore new large gold and copper projects in Alaska and Arizona during a tough financial market. "Millrock continues to march steadily forward, meeting corporate milestones in a timely manner despite challenging market conditions," Millrock President and CEO Gregory Beischer said. "The company has acquired an...
Mantra Mining Inc. reported several major developments recently, including plans to spin off properties with significant zinc mineralization, changing its name and completion of planned 2009 work programs on its exploration properties in Alaska. The Vancouver, B.C.-based junior said it would hold a special meeting Sept. 25 to seek approval from shareholders to pass a special resolution that will spin out the properties in a company called AsiaBaseMetals Inc. The transaction would involve each existing Mantra shareholder...
Full Metal Minerals Ltd. and Kinross Gold Corp. struck a deal with Calista Corp., an Alaska Native regional corporation, to acquire 100 percent of mineral rights to the Russian and Horn Mountain complexes in the Kuskokwim region of Southwest Alaska. The Russian and Horn Mountain gold-silver targets are located about 25 miles, or 40 kilometers, southwest of the 29-million-ounce Donlin Creek gold deposit being developed by joint venture partners Barrick Gold Corp. and NovaGold...
They say when it rains, it pours, and that is just what is happening with news from field programs all over Alaska. Results from summer 2009 programs are pouring in from the Brooks Range to Prince of Wales Island, from Eastern Interior Alaska to Southwestern Alaska. Commodities of interest range from the expected gold, silver, copper, lead and zinc to the nearly unpronounceable, including praseodymium, dysprosium, terbium, thulium, lutetium and yttrium. Go ahead, drop a...
LIVENGOOD - From the surface, there is nothing outstanding about the low-lying hills that cover International Tower Hill Mines Ltd.'s gold project. The birch and black spruce-covered terrain is typical of the vast expanse of Alaska's Interior. But the Vancouver-based junior has unveiled a multimillion-ounce gold deposit here, lying in the shadows of the appropriately named Money Knob. The rapidly expanding deposit has, at last official count, 288 million metric tons of ore...
Kinross Gold Corp. - operator of the largest gold mine in the Tintina Gold Belt - has embarked on a treasure hunt in hopes of identifying another Fort Knox-like deposit in this gold-rich province. The Tintina belt is a boomerang-shaped swath of land that spans the breadth of Alaska, through the Yukon Territory and into northern British Columbia. While Kinross works to extend the mine life of Fort Knox after 13 years of production through drilling, the Toronto-based miner is...
Victoria Gold Corp. is making good on its promise to put the Eagle Gold Project in east-central Yukon Territory on a fast track once its merger with StrataGold Corp. was completed. The Toronto-based junior June 29 reported the commissioning of a pre-feasibility study and a comprehensive project proposal that satisfies Yukon regulatory requirements and associated permits necessary for development of Eagle Gold, a sizeable, advanced, lower-risk project through its merger with Vancouver, B.C.-based StrataGold Corp., which...
I have been reading the tea leaves and think there is an extremely important sequence of events unfolding that represents a golden opportunity for Alaska. Please bear with me as I try to wade through the logic of this and you can tell me what you think. About two months ago, Brent Cook, a well-known mining analyst and owner of Exploration Insights, published a rather illuminating article entitled "Where Have All the Gold Mines Gone?" The upshot of his article was that most...
Underworld Resources Inc. began what promises to be a long, exciting summer by reporting results Memorial Day from the first three holes of its 2009 drilling program, currently under way at the White Gold Property in west-central Yukon Territory. Two weeks later, the aggressive junior churned out additional drill results for one of the three holes, this time identifying deeper gold mineralization that is also rich in silver. A week later, Underworld closed several private placements that generated C$16.55 million in gross...
Spring has arrived in Alaska and the mining industry is heading to the hills to do its work. Compared to last year, the state is a quiet place in the sun due to drastically reduced exploration and development budgets. Alaska's mines continue to benefit from the sharply reduced costs of power, diesel fuel, labor and other goods and services, but worldwide economic uncertainties have dried up the availability of venture capital for smaller exploration companies and have made...
