The mining newspaper for Alaska and Canada's North
The mining newspaper for Alaska and Canada's North
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Following a rising chorus of junior companies touting impressive exploration programs on mineral prospects across Alaska that reached its crescendo in 2011, a deafening silence is resonating across the Far North expanse in 2013. And in the junior mining sector, no news is bad news. Mineral exploration expenditures in Alaska, which were a meager US$23.8 million in 2001, climbed to US$347 million by 2008. The "Great Recession of 2008" tightened the equity markets, resulting in...
Alaska miners are on the cusp of topping 1 million ounces of gold produced, an annual milestone that has not been achieved since Gold Rush pioneers recovered copious amounts of alluvial aurum at the turn of the 20th Century. "When you think about what a million ounces of production means, it is all the more amazing that it was first accomplished by placer miners and a few lode miners, a few shovelfuls at a time, more than a century ago!" Curt Freeman, a well-known Alaska...
FAIRBANKS - In contrast to the geology, geochemistry and geophysics that dominates discussions at most mining conventions, geopolitics grabbed the limelight at the 2012 Alaska Strategic and Critical Minerals Summit held in Fairbanks Nov. 30. "Countries that control a given element have a way to leverage businesses to come to those countries. They have a way of demanding there are technology transfers," American Elements President Michael Silver informed the more than 200...
Kinross Gold Corp.'s Fort Knox Mine is on pace to retake the position of the top gold producer in Alaska. The open-pit operation situated about 26 miles (42 kilometers) north of Fairbanks reigned as the state's most prolific gold operation for a decade before relinquishing the title to the Pogo Mine in 2008. During the third quarter of this year, however, Fort Knox churned out 106,698 ounces of gold, a 48 percent surge from 71,952 ounces produced in the second quarter and a...
Ethos Gold Corp. recently wrapped up a second phase of 2012 exploration aimed at identifying a multimillion-ounce gold deposit on its Betty Property located in the White Gold district of Yukon Territory. The junior Sept. 19 reported completing 7,500 meters of reverse circulation drilling in 61 holes, and collecting 8,700 grid soil samples and 166 prospecting samples in 2012 that targeted the 17-square-kilometer (6.56 square miles) Mascot Creek gold-in-soil anomaly at Betty that Ethos outlined in 2011 and where the junior...
Ending a streak of robust growth, mineral exploration spending in Alaska during 2012 took a downward turn from the record US$300 million spent a year earlier. "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 taken a hard right cross to the jaw!" Curt Freeman, a well-known Alaska geologist and president of Fairbanks-based Avalon Development, observed in September. This blow de...
With the mercury frozen at 40 degrees below zero, Freegold Ventures Ltd. lit a fire at Golden Summit, launching an aggressive 15,000-meter drill campaign at the Interior Alaska gold project in January. Despite being located some 40 kilometers (25 miles) north of Fairbanks, a place that vies for the coldest spot in the United States, Golden Summit has the distinct advantage of being connected to a paved highway, grid power and cell phone service. "Winter drilling is possible...
The best place to find a new mine is in the shadow of a headframe" is an adage that has served geologists well in their search for new deposits of metals that the world needs and desires. This proverb has once again proven its worth at Pogo, Alaska's highest producing gold mine. Though Pogo does not boast an iconic headframe towering over its underground operations, new gold-rich zones discovered "within eyesight of the mill" are rapidly adding high-grade ore to the reserves...
KOR: TSX/CORVF: OTCQX CEO: Jeffrey Pontius President: Russell Myers Exploration Manager, Alaska: Chris Brown Formed in 2010 to explore International Tower Hill Mines Ltd.'s non-Livengood assets, Corvus Gold Inc. has set out on a path to become a gold producer with significant interest and royalty exposure. While Corvus focuses its in-house efforts on advancing a preliminary economic assessment for North Bullfrog - a southern Nevada bulk tonnage gold project the company plans to put into production by 2015 - the junior has...
An employment forecast published by the Alaska Department of Labor and Workforce Development in October pegged the state's mining sector job growth from 2010 to 2020 at 19 percent. That is second only to health care, at 31 percent, and outpacing the 12 percent average growth across all Alaska industries. Expansion of current operations coupled with prospects of building mines at the world-class Livengood and Donlin gold deposits were cited as drivers behind adding new miners t...
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...
Don Ewigleben and Tom Irwin - two figures that played key roles in the development of Kinross Gold Corp.'s Fort Knox Mine - are once again united to develop a world-class gold deposit in Interior Alaska. Filling a void created by the sudden departure of James Komadina in May, International Tower Hill Mines Ltd. appointed Chairman Ewigleben president and CEO of the company looking to develop the 20-million-ounce Livengood gold project. Ewigleben, a lawyer who spent 35 years...
Over a year ago, Natural Resource Holdings published a report entitled "How Rare are One Million Ounce Gold Deposits?" At that time, the publisher ranked 296 gold deposits that have more than 1 million ounces of gold in all resources categories. The same firm recently published a follow-up report titled, "Global Gold Mines & Deposits 2012 Ranking." The report ranks gold deposits above 1 million ounces, whose numbers have increased to 439 deposits with total resources of...
Having poured 2 million ounces of gold July 31, the Pogo Mine appears to be living up to its new mantra, "mining done right." Pogo General Manager Chris Kennedy is quick to attribute the continuing success at Alaska's most prolific gold mine to the efforts of the more than 330 employees and 150 contractors that work there. "Milestones like this are only achieved when safety and environmental performance remain at the forefront of everyone's minds. No ounce of gold is worth...
In a long overdue step to bring Alaska into the 21st Century, state and federal agencies met in late June to discuss collaborative funding strategies for Alaska's Statewide Digital Mapping Initiative, an enterprise designed to create Alaska's first high-quality digital topographic map. The roundtable was convened by Alaska Lt. Gov. Mead Treadwell and the Assistant Secretary for Water and Science, U.S. Department of Interior. Alaska remains the only state in the United States...
If you are looking for proof that the mining industry is experiencing unparalleled changes, look no further than "Mine 2012: The growing disconnect," the 9th edition of PricewaterhouseCoopers' annual report on the global mining industry. This recently released report indicates that in 2011 the top 40 global mining companies posted record profits of $133 billion and generated record operating cash flows of $174 billion. However, over the course of the year, market...
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...
One year after donning the mantle of chief executive officer at International Tower Hill Mines Ltd., James Komadina abruptly vacated the position recently. The unexpected departure comes less than a week after Tower Hill filed its first-quarter 2012 financial results, revealing a budget overrun of C$46.9 million on Komadina's watch. The vacuum created in the upper echelon of Tower Hill management has pulled in company founder Jeff Pontius to help steer the company through...
The winds of change are once again blowing across Alaska's mineral industry, not only because the industry is gearing up for another busy summer season, but also because the mining investment climate has turned from cautiously optimistic to decidedly undecided. The sea change occurred steadily and without a lot of fanfare between mid-January and mid-March. As is always the case, good projects continue to advance with those that are drilling and adding resources or moving throu...
The Fraser Institute's "Survey of Mining Companies, 2011/2012" was recently released to the public. This annual survey of exploration and mining companies gauges the pros and cons of working in various countries around the world. This year's results came from over 800 mineral industry companies working in 93 jurisdictions and representing cumulative 2011 exploration expenditures of over US$6.3 billion. The perception of Alaska from the companies that work here was about the...
There are some new statistics just out from the Alaska Miners Association that I thought you might like to see. For 2011, the Alaska mining industry accounted for 4,500 direct jobs and 9,000 indirect jobs. The industry paid US$620 million in payroll with the average salary totaling US$100,000 per year, which is double the statewide average for all sectors. The industry paid US$148 million in rents, royalties, taxes and other fees to the State of Alaska (up 170 percent over...
The best place to find a new mine is in the shadow of a headframe" is an adage that has served geologists well in their search for new deposits of metals that the world needs and desires. This proverb has once again proven its worth at Alaska's largest producing gold mine. Though Sumitomo Metal Mining Co. Pogo Mine does not boast an iconic headframe towering over its underground operations, new gold-rich zones discovered in the shade of the modern mill and mine facilities may...
While most companies exploring the mineral potential of Alaska and other Far North locales have stacked their drills, winterized camps and are poring over data from their 2011 programs in preparation for the upcoming exploration season, Freegold Ventures Ltd. continues its field program with drills turning at its Golden Summit project in the heart of Interior Alaska. "We just resumed drilling this week with one rig and expect to add the second one early next week," Freegold...
I was tempted to make a few 2012 predictions now that 2011 is nearly gone, but I decided not to when I came across the following lines and was struck by how closely they mimic our current mining climate: "On a more local level, several old Alaska properties have been rejuvenated by new players to the Alaska mineral scene. Reserve announcements have touched off renewed land acquisitions and property negotiations. Contracts for technical personnel, drill rigs, helicopters and...
The winter convention season is upon us, and the first of many such events is sponsored by the Alaska Miners Association each November. This year's convention was filled with the customary excitement. The papers were excellent and well received. Attendance was at record levels. The conversations were focused on the successes of the past season and the plans for next year. In brief, the convention was similar to all recent ones, save the banquet, which was unique. After 22...
