The mining newspaper for Alaska and Canada's North
The mining newspaper for Alaska and Canada's North
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Reuters recently reported that the 10 largest gold-producing companies worldwide have steadily increased their near-mine exploration budgets over the past few years to 56 percent in 2015 from 45 percent in 2013. They also reduced their higher-risk greenfields exploration budgets to 21 percent from 25 percent in the same time period. This retrenchment of exploration by the larger producers is occurring, while global gold output is declining with an expected reduction of 9...
Great American Minerals Exploration Inc. has closed a landmark option agreement with Sumitomo Metal Mining that consolidates the Monte Cristo and Uncle Sam gold properties into a single 55,465-acre project about 40 miles west of the Pogo Mine in Interior Alaska. GAME, as the company is commonly known, is no stranger to the Pogo region. In fact, the privately held Nevada corporation staked its first claims there in 1997 and has held onto a position in the area ever since. This...
Kinross Gold Corp. celebrated two milestone events at its Fort Knox Mine in 2016, the seven-millionth-ounce of gold poured and the 20-year anniversary of this Interior Alaska operation. Seeking to extend its current operations with near-mine exploration is one of Kinross' primary objectives. "Kinross' exploration is focused on brownfield projects around existing operations, and we continue to look for ways to further extend our operation," Fort Knox General Manager Eric Hill said. "We believe Alaska is an attractive mining...
Stakeholder Gold Corp. has nabbed the expertise of renowned Yukon prospector Shawn Ryan to explore the potential of the Ballarat gold project in the Yukon Territory. Ryan, who discovered Kinross Gold's White Gold project and Goldcorp's Coffee project, typically works only on his own properties. However, he made an exception for Ballarat, which lies across the Yukon River from Coffee and just southeast of White Gold. Planned and executed by GroundTruth Exploration Inc., an innovative exploration company founded by Ryan, an...
When Kaminak Gold Corp. cut a deal with Shawn Ryan, an enterprising prospector in Yukon Territory, to option the Coffee gold project in 2009, the exploration company had a hunch it nabbed the best property in the emerging White Gold district. After six years of diligent and well-executed exploration, the junior’s intuition may have been confirmed by Goldcorp Inc.’s willingness to cut a half-billion-dollar all-shares deal to get its hands on the exciting Yukon Territory gol...
Like a gong proclaiming the end of the long and arduous bear market for North of 60 mining explorers, the May 12 news that Goldcorp Inc. would buy Kaminak Gold Corp. for roughly C$500 million reverberated from Yukon Territory throughout the North. While the rich lure of developing a mine at Kaminak's robust Coffee gold project lured Goldcorp to the Yukon, it was the exploration potential and the ability to permit and build a mine that convinced the producer to expand into the...
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,...
As tangible buoyancy returns to the mining industry, I began to wonder if any of the multitude of forecasters had actually predicted the recent return of stronger metals prices. Since most "forecasters" are actually "hindsighters," I was drawn to a November 2013 summary of gold mines by Roy Sebag of Natural Resource Holdings. The summary, entitled "Global Gold Mines & Deposits 2013 Ranking," indicated that we were nearing peak gold production because the total in-situ ounces...
If you have ever played or followed sporting events, you are probably familiar with that bizarre and often game-changing event known as the "change of momentum". This is when the team that was on the ropes suddenly comes to life and often roars to victory, putting smiles on the faces of coaches, fans and bookies alike. Well, unless I am mistaken, the Alaska mining industry has been the beneficiary of just such a change of momentum over the past month. After taking head shots...
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...
White Gold Corp. Feb. 15 provided an overview of the 2017 exploration program at its 297,000-hectare (734,000 acres) land package in the White Gold District, Yukon. This program will be carried out on 22 of the company's gold properties in the district and is slated to include rotary air blast drilling; soil sampling; bedrock interface sampling, utilizing GroundTruth Exploration's GTProbe; drone surveys; geophysical surveys; mapping and prospecting. This year's planned...
Goldstrike Resources Ltd. March 3 reported that Newmont Mining Corp. has agreed to invest as much as C$53 million to earn up to a 75 percent stake in Goldstrike's Plateau gold property in the Yukon. The agreement includes a C$6 million private placement financing under which Newmont will purchase 12.71 million Goldstrike shares at C47.4 cents each. As a result, Newmont will have the right to earn an initial 51 interest in Plateau by paying C$8 million to Goldstrike; investing C$17.4 million on exploration at Plateau: and...
With winter programs winding down and summer efforts rapidly ramping up, it is becoming clear that 2017 will be a much more vigorous year for the Alaska mining industry than the 2013 to 2016 period. For example, my internal estimates are already pushing $75 million for exploration activity alone and a significant number of projects that have announced exploration plans have not yet announced budgets for 2017, so that number is likely to rise. Compare this to estimates of less...
Sparked by the discovery of the White Gold district and fueled by investors' appetite for mining stocks, the Yukon experienced a modern era gold rush in 2007 that included nearly C$1 billion of exploration spending during over six years. This frenzied exploration turned up dozens of gold projects across the northern territory and now some of the world's biggest gold miners are cutting deals on the best of the discoveries made. Kinross Gold Corp. was the first of the major...
Goldstrike Resources Ltd. May 15 announced that crews and equipment are being mobilized to the Plateau gold property in central Yukon for the maiden exploration campaign under partnership with Newmont Mining Corp. This program will start off by outlining the full extent of numerous high-grade gold showings at Plateau in preparation for drilling later in the year. "This will prove to be a defining season for the Plateau property," said Goldstrike Chief Geologist James Moors. "Our recent partnership with Newmont allows us to...
Kinross Gold Corp. May 18 said it has cut a deal to trade its White Gold project and other properties in the Yukon to White Gold Corp. in exchange for a 19.9 percent stake in the junior gold explorer. White Gold owns 23 properties covering 2,970 square kilometers (roughly 633,900 acres) of gold prospective lands in the Yukon, most of which were acquired from legendary prospector Shawn Ryan and Wildwood Exploration Inc., a company owned by Ryan and his wife, Cathy Wood. "We...
If there is anyone still on the fence wondering if the minerals industry has started a recovery from the doldrums of the past four years, this month’s mineral industry activity in Alaska should settle the question with authority. During the past month, we have seen two merger/acquisitions occur, one by Solitario Exploration & Royalty Corp., which acquired Zazu Metals Corp. and its interest in the Lik lead-zinc-silver deposit. Then we also had Coventry Resources acquire V...
G4G Capital Corp. Dec. 20 announced the appointment of renowned Yukon prospector Shawn Ryan to its board of directors. In recent years Ryan has made a number of important gold discoveries in the Yukon, including the 2.2-million-ounce Golden Saddle deposit at Kinross Gold's White Gold property; Goldcorp's roughly 3-million-oz. Coffee deposit; as well as a number of other prospects and deposits being explored in Yukon's prolific White Gold District. "With the addition of Shawn,...
Agnico Eagle Mines Ltd. Dec. 6 announced an agreement to acquire 19.93 percent of the G4G Capital Corp.'s issued and outstanding shares. In late October, G4G Capital announced finalization of an option to acquire 21 properties covering 2,490 square kilometers (roughly 615,300 acres) of the White Gold district in the Yukon from legendary prospector Shawn Ryan and Wildwood Exploration Inc., a company owned by Ryan and his wife, Cathy Wood. To better reflect its focus, G4G Capita...
The United States Department of Interior manages roughly 198 million acres of federally owned lands in Alaska, a block that is 10 percent larger than the entire state of Texas. So, it is only fitting that two Alaskans - Robert Gillam and former governor Sarah Palin - are being floated as contenders for secretary of Interior as President-elect Donald Trump builds his cabinet. "Over 50 percent of our nation's federally protected lands are located in Alaska. This is why it makes...
Independence Gold Corp. Oct. 12 provided results from a 30-hole drill program at its Boulevard gold project in the White Gold District, Yukon. A total of 1,401 meters of reverse circulation drilling was completed in 15 holes within the Sunrise-Sunset area, which is 8.5 kilometers (5.3 miles) southwest of Goldcorp Inc.'s recently acquired Coffee deposit. Drilling evaluated multi-element soil anomalies within the 2,300-meter-long Sunset trend and focused on testing new, potentia...
Independence Gold Corp. July 7 reported the completion of its phase-1 exploration program the Boulevard and Moosehorn projects in the White Gold District, Yukon Territory. This work included geologic mapping, prospecting and the collection of 1,056 soil samples on both gold properties. In addition, 527 meters of trenching was completed at Moosehorn, located near the Alaska border about 133 kilometers (83 miles) southwest of Dawson City. Results from this program will assist...
Independence Gold Corp. July 5 reported signing an option agreement with Taku Gold Corp. to acquire the Rosebute property in the White Gold district of the Yukon. This 14,387-hectare (35,551 acres) property hosts two gold discoveries known as the Norwest and Hudbay zones. The Norwest zone - located in the northern portion of the 14,387-hectare (35,550 acres) property - is defined by three gold-in-soil anomalies within a roughly 2,000 meter diameter. One hole drilled in 2012...
Independence Gold Corp. June 20 reported that Goldcorp Inc. intends to buy 10,884,880 flow-through shares of Independence for net proceeds of C$1,959,278.40. Upon completion of this private placement financing, Goldcorp will own roughly 19.9 percent of Independence Gold's issued and outstanding shares. "We are pleased to welcome Goldcorp as a shareholder of Independence. We view this investment as a validation of our exploration results and as well as positive encouragement...
Stakeholder Gold Corp. June 14 reported that exploration is underway at its Ballarat gold project, located about 16 kilometers (10 miles) northeast of Kaminak Gold's Coffee project in the White Gold District of the Yukon Territory. GroundTruth Exploration Inc. is carrying out the roughly four-week exploration program that will investigate the Ballarat's Northwest and the Eastern zones. Planned work for this phase 1 program includes: a drone-generated high resolution...
