The mining newspaper for Alaska and Canada's North
The mining newspaper for Alaska and Canada's North
Mining Explorers 2024 - January 15, 2025
Yukon's untouched wilderness captivates with its vast, rugged landscapes, offering a glimpse of nature's raw beauty and the powerful allure of the North.
Yukon's mining sector navigated a transformative year, balancing strategic resource development with environmental stewardship and community partnerships, positioning the territory as a resilient force in sustainable exploration.
The Whitehorse Rapids Generating Facility produces roughly 40 megawatts of electricity in the summer and around 25 megawatts in the winter, supplying approximately 50 to 55% of the power needs for those connected to Yukon's grid system.
Map of potential route for connecting the Yukon to the north end of the electrical grid in B.C.
An aerial photo of the collapsed heap leach pad taken on a June 25 flyover of the gold mine operation.
Under a year of shifting landscapes and evolving priorities, 2024 saw notable strides across Yukon's mining sector. Paying homage to its pioneering roots, the territory navigated a transformative year marked by resilience, strategic advancements, and careful adaptation to environmental needs.
Amid both challenges and successes, a singular direction has begun to emerge, underscored by a balanced approach toward economic growth, sustainable resource management, and strengthened partnerships with First Nations – shaping a future that may redefine the very foundations of Yukon's mining landscape and its role in the region.
In 2024, Yukon's mining sector demonstrated steady progress, coupled with fresh projects, potential regulatory changes, and a growing commitment to environmental stewardship and community collaboration.
The territory's exploration season saw a strong mix of events – a major heap leach pad collapse that led to the receivership of its only gold mine; new partnerships with First Nations advancing sustainable energy and exploring pathways to ownership in Yukon's mineral sector; and notable expansions in resource exploration that highlight the territory's potential in both precious and base metals.
A longtime leader in Canadian gold production, Yukon's mining sector continued to drive forward established projects while welcoming new ventures that align with the growing global demand for sustainable energy resources.
Companies like Yukon Metals Corp., Prospector Metals Corp., and Silver North Resources Ltd. launched maiden exploration programs aimed at unlocking their properties, venturing into underexplored areas that showcase Yukon's untapped potential in both traditional and energy-relevant resources.
Meanwhile, other companies such as Banyan Gold Corp., Fireweed Metals Ltd., and Metallic Minerals Corp. focused on advancing their established projects, releasing updated resource estimates and boosting their already impressive reserves, emphasizing the territory's rich endowment of precious and base metals.
Strategic government initiatives and key industry gatherings highlighted Yukon's commitment to fostering a productive mining environment.
In 2024, government-led efforts included investments aimed at advancing infrastructure projects and expanding resource-sharing programs, such as the Yukon Mining Exploration Program (YMEP), which offers significant financial support to early-stage exploration and mineral evaluations.
This program, coupled with recent environmental regulatory updates, equipped explorers with more robust resources and new frameworks to navigate a territory focusing on responsible and sustainable practices.
At the same time, policy shifts, infrastructure developments, and cross-border partnerships are setting the stage for a future where economic opportunity and environmental accountability increasingly work hand-in-hand.
As Yukon closes another active season, the groundwork laid in 2024 reflects a deliberate and balanced growth trajectory. Strategic exploration, resource development, federal support, and a reinforced focus on environmental stewardship showcase a territory ready to navigate a changing world with certainty.
The Whitehorse Rapids Generating Facility produces roughly 40 megawatts of electricity in the summer and around 25 megawatts in the winter, supplying approximately 50 to 55% of the power needs for those connected to Yukon's grid system.
Yukon's vast and rugged landscape presents unique energy challenges that have stifled growth, with high operational costs and limited access to reliable power sources. The territory's modest population of roughly 50,000 compounds these difficulties, while remote mining activities face added economic strain from mineral price volatility and high logistical costs.
To bridge budget gaps, Yukon relies on federal support like the Territorial Formula Financing (TFF). In 2024-25, C$1.42 billion (US$1.04 million) in federal transfers funded critical infrastructure, healthcare, and public services – more than half the territory's total budget.
While the region's power needs are largely met by hydroelectricity during summer months, the intensified consumption in winter, paired with the increased reliance on diesel and LNG generators, lead to both high costs and increased emissions.
To address these longstanding issues, the Canadian government has committed to transformative infrastructure investments, notably through the Grid Connect Project – a high-voltage transmission line poised to connect Yukon to the North American power grid.
Recognizing the potential of powering its northern regions, the Canadian government committed C$60 million (US$44.2 million) to extend critical infrastructure through Northern British Columbia and Yukon.
"Developing the necessary infrastructure to access and transport our rich critical mineral resources is a key element in our ability to seize the generational opportunity before us," said Brendan Hanley, Member of Parliament for Yukon. "Connecting the Yukon's grid to northern BC will provide increased opportunities for the Yukon's future."
Map of potential route for connecting the Yukon to the north end of the electrical grid in B.C.
Of this investment, C$40 million (US$29.7 million) was specifically allocated to complete the preliminary feasibility studies for the high-voltage transmission line; substantial federal backing that was provided through Canada's Critical Minerals Infrastructure Fund, show Ottawa's commitment to national goals of fostering sustainable resource development and reducing greenhouse gas emissions.
The 765-kilometer (475 miles) Grid Connect Project will do more than just link Yukon's grid to the wider world; it will deliver affordable, reliable energy to a region brimming with potential yet hindered by high operational costs and limited infrastructure.
This will not only cut down on diesel dependency but will also play a pivotal role in unlocking Yukon's mineral wealth, supporting sustainable growth, and fostering stability in local industries that have long contended with development constraints.
"The Grid Connect Project is more than an energy initiative: it presents a transformative opportunity for all Yukoners. By delivering clean, affordable and reliable clean energy, this project will not only power our homes but also drive economic and social growth," said Yukon Premier Ranj Pillai. "I thank our partners in British Columbia and the federal government for their collaboration on this important project, which will positively impact our northern communities. This is a proud milestone for our government on the path toward a more sustainable energy future."
Yukon's mining sector navigated a transformative year, balancing strategic resource development with environmental stewardship and community partnerships, positioning the territory as a resilient force in sustainable exploration.
Aiming to position itself as a leader in responsible resource development, the territorial government allocated $1.4 million to the Yukon Mineral Exploration Program (YMEP) for the 2024–25 fiscal year, supporting early-stage mineral exploration across the territory.
Directed toward 42 early-stage grassroots and target evaluation exploration projects, YMEP played a crucial role in advancing mineral exploration across the territory, focusing on both hard rock and placer miners. By offsetting financial risks for these projects, the program fostered new discoveries and attracted further private sector investment, with each dollar of YMEP funding leveraging over two dollars from private contributions.
These projects, selected for their potential to contribute to Yukon's mineral knowledge and economic resilience, align with the territory's goals of sustainable development and critical mineral supply for the global energy transition.
"The Yukon Mineral Exploration Program is crucial for supporting mineral exploration and stimulating new discoveries," said Energy, Mines and Resources Minister John Streicker. "I'm excited that some of this year's projects will explore the critical minerals needed for the global transition to a low-carbon economy. Yukon has the potential to significantly contribute to this transition by supplying critical minerals to the global market, and our government looks forward to hearing the results from the coming field season."
Among the 42 projects funded through YMEP, exploration companies that received support include:
• Cascadia Minerals Ltd. – Conducting target evaluation on the Sands of Time project and further assessing the Milner project, both focused on quartz-hosted mineralization.
• Trifecta Gold Ltd. – Evaluating mineral potential on the Lance and Liam projects, with additional exploration focused on quartz-bearing targets at the Rye project.
• Stillwater Critical Minerals Corp. – Assessing mineral potential at the Ultra project, targeting quartz-hosted deposits.
• White Gold Corp. – Engaged in grassroots exploration at the Hayes project and conducting a target evaluation at the Loonie project, focusing on quartz-hosted resources.
• Transition Metals Corp. – Conducting target evaluation at the Pike Warden project, exploring quartz-associated mineral targets.
• Strategic Metals Ltd. – Evaluating the Batt project for potential quartz-hosted mineralization.
• FPX Nickel Corp. – Conducting a target evaluation on the Mich project, focusing on quartz-bearing deposits.
• Azarga Metal Corp. – Assessing the Marg project for quartz-hosted mineral targets.
• Rackla Metals Inc. – Engaged in grassroots exploration at the Eddy project, exploring quartz-related mineralization.
• Lireca Resources Inc. – Conducting a target evaluation at the RJ project, focusing on mineralization within quartz-bearing systems.
• Archer, Cathro & Associates (1981) Ltd. – Conducting grassroots exploration at the Roty project for quartz-hosted resources.
• EMX Royalty Corp. – Engaged in grassroots exploration at the Carmacks project, focusing on quartz-related mineral potential.
• Banyan Gold Corp. – Conducting a target evaluation at the Nitra project, focusing on quartz-associated mineralization.
Additionally, YMEP awarded funding for 23 placer gold projects and six individual prospectors or smaller-scale operators.
This strong participation from diverse applicants highlights the range of exploration efforts supported across the territory, from grassroots ventures to more advanced target evaluations.
These exploration projects are set to strengthen Yukon's mineral sector by potentially uncovering new resources and further positioning the territory as a significant contributor to the global transition to a low-carbon economy.
In tandem with its continued investment in exploration, Yukon has taken another step toward implementing significant legislative changes to modernize the territory's mining framework.
In August, the territorial government released its "What We Heard" report, summarizing input collected during a three-month public engagement held in 2023.
This engagement focused on proposed legislation that aims to replace both the Quartz Mining Act and Placer Mining Act, recognizing that these existing laws, which date back over a century, are outdated and insufficient for addressing modern standards of environmental protection, Indigenous rights, and responsible resource development.
The consultation process involved Indigenous governments, environmental organizations, industry representatives, and the general public, reflecting Yukoners' diverse views on how mining activities should be regulated moving forward.
Feedback from the engagement revealed a broad spectrum of opinions – with many participants highlighting the importance of aligning mining activities with sustainable land use and Indigenous rights, while others voiced concerns that sweeping changes could result in uncertainty that might harm Yukon's investment climate and economic stability.
To address the concerns raised during the public engagement, the proposed legislation introduces a more permissions-based approach to mineral rights, replacing the existing rights-based tenure system that has traditionally allowed for automatic claim staking.
Instead of automatic rights upon staking a claim, this new approach will require a thorough review process at each stage of exploration and development, ensuring greater oversight and deeper collaboration with Indigenous governments.
Enhanced environmental safeguards are also a core component of this updated system, aligning with the feedback from environmental groups and Indigenous stakeholders who have welcomed these changes.
However, some industry participants have voiced apprehension, fearing that increased regulatory scrutiny could undermine investment certainty in Yukon's mining sector.
In response, Yukon is working to ensure that the proposed changes strike a balance between rigorous environmental protection and economic viability.
To achieve this, a steering committee – comprising representatives from the territorial government, Council of Yukon First Nations, transboundary Indigenous groups, and industry organizations – has been established to guide the development of the new legislation.
The committee will work toward creating a regulatory framework that provides clear and predictable processes for the industry while incorporating strong environmental standards and ensuring equitable benefits for Indigenous communities.
The committee's approach also emphasizes financial security for reclamation efforts, ensuring that mining companies are held accountable for site remediation once operations have ceased. By requiring adequate financial assurances, the proposed legislation aims to protect taxpayers and uphold environmental integrity.
These changes are part of a broader effort to modernize Yukon's mining regulations, aligning them with modern standards and fostering sustainable development, as recommended by the 2021 Mineral Development Strategy.
Looking ahead, the committee will continue to work throughout 2025 to refine the draft legislation, focusing on incorporating the diverse feedback gathered during the consultation. The next steps involve detailed discussions among stakeholders, including further consultations with Indigenous governments and industry groups, to ensure the proposed changes strike the right balance between environmental stewardship, economic viability, and community needs.
The Yukon government seeks to introduce the new mining legislation to the Legislative Assembly by late 2025, setting the stage for a modernized regulatory framework that aligns with both the territory's resource development ambitions and the evolving standards of sustainability.
An aerial photo of the collapsed heap leach pad taken on a June 25 flyover of the gold mine operation.
In a difficult chapter for Yukon's mining sector, a major incident in 2024 brought operations at the territory's only active gold mine to a halt.
On June 24, a structural failure in the heap leach pad at Victoria Gold Corp.'s Eagle Gold Mine triggered a landslide, releasing cyanide-laden material beyond its containment area and prompting an immediate shutdown of operations.
The impact of this incident reverberated throughout the mining community, causing a reassessment of operational safeguards and elevating pressing environmental concerns as trace amounts of cyanide were soon detected in nearby water sources.
In the aftermath, Victoria Gold took swift measures to contain the spill, constructing dams and expanding water storage capacity to prevent further contamination. Meanwhile, the Yukon government quickly mobilized its resources, mandating increased water quality monitoring and issuing directives for the company to implement additional safeguards.
Weekly technical briefings held by government officials provided updates on the situation, emphasizing the collaborative efforts underway to manage both the immediate impact and ongoing risks associated with the failure.
Amidst the initial work, the First Nation of Na-Cho Nyäk Dun, whose traditional lands encompass the affected area, voiced serious concerns about the environmental and cultural impacts of the spill.
On July 3, they formally called for a pause on all mining activity within their territory, advocating for a comprehensive assessment of the incident's environmental effects and calling for stronger oversight in mining operations moving forward.
"We have been sounding the alarm for decades on the need for sustainable development and responsible mining. The integrity of our lands, people and ecosystems are our top priority," said Na-Cho Nyäk Dun Chief Dawna Hope. "There must be an independent investigation and review immediately to understand environmental impacts from this disaster. All mining activity must pause until there is a land use plan that limits development and includes rigorous oversight and enforcement of mining and industrial operations on our Territory."
An independent survey estimated that about four million metric tons of ore, roughly 10% of the total, moved during the incident, with around two million metric tons moving beyond the embankment.
On July 4, the Yukon government confirmed elevated cyanide levels in a creek downstream from the Eagle Mine. A sample collected at the base of the slide contained 8.58 milligrams per liter (ppm) cyanide, far exceeding the permitted 0.005 ppm, with a secondary sample from Haggart Creek revealing 0.04 ppm cyanide.
Chief Medical Officer of Health, Sudit Ranade, advised the public to avoid using the creek water recreationally as a precaution, clarifying that it was not part of the drinking water supply and that tests showed no contamination in the regulated drinking system.
Testing by Victoria Gold corroborated some of the government's findings, with weak acid dissociable (WAD) cyanide detected in seven out of 134 downstream samples at levels between 5.2 and 9.3 parts per billion.
Although slightly above water quality objectives, these concentrations remained below Canada's maximum acceptable limit for drinking water.
In the weeks that followed, as Victoria Gold worked to stabilize the site and address immediate containment needs, concerns began to mount over the company's capacity to fully manage the environmental fallout.
This all came to a head when the Yukon government decided to take a more proactive approach. Partly motivated by delays in meeting recommended containment and treatment directives, as well as extended periods of silence from Victoria Gold.
"We are looking at all the scenarios right now, and one of those scenarios is where we would be taking over activities at the site in a more complete way," said Yukon Deputy Mining Minister Lauren Haney.
From the time of the incident and throughout the following month, Victoria Gold faced escalating financial pressures as it struggled to manage both environmental containment and operational fallout from the heap leach failure.
Notices of default from its lenders and a sharp decline in stock prices compounded these challenges, placing additional strain on the company's resources.
With halted production and costly remediation efforts underway, Victoria Gold's financial stability grew increasingly uncertain, prompting the government to pursue legal steps toward placing the company under court-ordered receivership to do what it felt was best for effective management of the environmental responsibilities and operational safety of Eagle.
Immediately opposing the receivership, it was the resignation of its Board of Directors that effectively ended Victoria Gold. Just one day after issuing a statement affirming its commitment to recovery, the company officially ceased operations on Aug. 15, nearly two months after the incident.
"It's over. Victoria is done," CEO John McConnell said in an interview with CBC. "They brought in a team to take over from us."
With Victoria Gold's departure in 2024, the Yukon government assumed responsibility for managing the Eagle Gold Mine, focusing on stabilizing the site and prioritizing environmental safety.
At the time, Justice Minister Tracy-Anne McPhee described the receivership as a "pathway" for reassessing the mine's future, emphasizing the allocation of funds for critical environmental mitigation.
While the government said that immediate efforts were centered on implementing robust safeguards and addressing community concerns, it also expressed hope that operations might one day return to the Eagle Gold Mine.
Ranking among the top 10 globally for mineral potential, Yukon's mining sector continues to capture investor interest, as highlighted in the Fraser Institute Annual Survey of Mining Companies. However, this year saw several shifts in perceptions that impacted the territory's overall standing compared to previous years.
While Yukon retained its strong mineral potential ranking, moving from sixth in 2022 to tenth in 2023, its investment attractiveness dropped significantly from 20th to 28th, hindered by a familiar northern challenge – policy.
The three primary areas of concern that hold Yukon back on the Policy Perception Index are infrastructure, uncertainty concerning land claims, and uncertainty concerning protected areas.
Ranked No. 54 for infrastructure, Yukon continues to face challenges in connecting remote regions, limiting efficient access for exploration and development activities. Additionally, uncertainties related to land claims placed Yukon at No. 59, reflecting a lack of clarity on how these issues will be resolved, which has significant implications for investors seeking regulatory stability.
Finally, the question of protected areas also remains significant, with Yukon ranked at No. 60, indicating investor concerns over the lack of consistency in protected area designations and the uncertainty it creates for land availability.
Compounding these challenges is the slow and unpredictable permitting process, with only 28% of survey respondents expecting to receive permits within six months, while 43% anticipate it may take more than 15 months, further complicating project timelines.
With the Fraser rankings providing insight into both strengths and areas for improvement, the industry itself has spearheaded initiatives like the Yukon Mining Alliance (YMA) and Invest Yukon to support and promote mineral investment in the territory. Invest Yukon has been a cornerstone of these efforts for nearly 15 years, fostering direct connections between influential investors and the region's mineral wealth.
Each year, Invest Yukon hosts the flagship Property Tours and Investment Conference, a pivotal event that brings influential investors, newsletter writers, media personnel, and fund managers directly to exploration sites throughout the territory.
This immersive experience allows participants to engage with corporate, geological, and technical teams on-site, providing a comprehensive understanding of Yukon's mineral potential. By facilitating these firsthand connections, Invest Yukon strengthens investor confidence and highlights the opportunities within the territory, even amid the challenges outlined by the Fraser rankings.
In response to these challenges, companies within the Yukon Mining Alliance have adapted their exploration strategies, often collaborating closely with Indigenous communities and local stakeholders to ensure better regulatory compliance and operational flexibility. These collaborations have not only helped mitigate permitting hurdles but have also fostered stronger relationships that align economic development with community values.
YMA currently represents 13 companies: Banyan Gold Corp., Cascadia Minerals Ltd., Fireweed Metals Corp., Granite Creek Copper Ltd., Klondike Gold Corp., Metallic Minerals Corp., Onyx Gold Corp., Rackla Metals Inc., Sitka Gold Corp., Snowline Gold Corp., Stillwater Critical Minerals Corp., Strategic Metals Ltd., Western Copper and Gold Corp., and White Gold Corp.
These partnerships underscore the breadth of Yukon's commitment to responsible exploration and development, advancing projects across all stages – from early exploration to advanced development – that contribute to both economic growth and environmental stewardship.
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