Wednesday 16th October 2019

Resource Clips


Posts tagged ‘Kinross Gold Corp (K)’

Mining returns to the Yukon

September 20th, 2019

Advanced projects prepare to follow Victoria Gold into production

by Greg Klein

Advanced projects prepare to follow Victoria Gold into production

Rich geology trumps challenging geography in Yukon’s appeal to miners.
(Photo: Victoria Gold)

 

If John McConnell seemed a tad tipsy it might have been due to giddiness, not the super-sized wine goblet he brandished. Either way, celebration was in order as the president/CEO of Victoria Gold TSXV:VIT took the podium at the Denver Gold Show this week to preside over a ceremonial first doré bar at Yukon’s new Eagle operation. The event marked not only the resumption of mining in one of the world’s most fabled mining regions, but the beginning of Yukon’s largest-ever gold mine. Meanwhile other companies vie to expand the industry’s territorial presence.

The festivities took place one month ahead of schedule and within a revised budget intended to address a capex miscalculation that marked one of the low points during what McConnell called a decade of ups and downs. Expected to produce an average 200,000 gold ounces annually for 10 years, Eagle currently employs about 230 people, half of them Yukoners.

Advanced projects prepare to follow Victoria Gold into production

Minto’s suspension left Yukon without a mine for
nearly a year, but a new owner plans a Q4 restart.
(Photo: Pembridge Resources)

The territory lost its last mining operation in October, but a new owner plans to bring that one back to production by Q4 this year. Capstone Mining TSX:CS put Minto on care and maintenance as acquisition negotiations faltered, but LSE-listed Pembridge Resources closed the purchase in June. Proven and probable reserves totalling 40,000 tonnes copper, 420,000 ounces silver and 45,000 ounces gold give Minto an estimated four more years of production.

Pembridge hopes to extend that, however, noting that “Minto had successfully replaced and grown reserves by 103%, adding new discoveries each year up until 2013.” That’s when Capstone suspended Minto exploration, after buying the much larger Pinto Valley copper mine in Arizona from BHP Billiton NYSE:BHP.

The central Yukon combined open pit/underground mine began operation in 2007. Pembridge wants its new cornerstone asset to achieve annual production of about 40 million pounds copper in concentrate, along with silver-gold byproducts.

Waiting in the wings with a project comparable to Eagle, Newmont Goldcorp’s (TSX:NGT) Coffee now has a territorial environmental/socio-economic review underway. Like Eagle, this would be an open pit, heap leach operation. The 2016 feasibility study by previous operator Kaminak Gold projected 10 years of mining, averaging 202,000 gold ounces annually based on a probable reserve of 2.16 million ounces. But last year, following Goldcorp’s 2016 acquisition of Kaminak, the new owner slashed that number to 1.67 million ounces.

Goldcorp cited different standards for drill spacing, geological modelling and other criteria but expected to rebuild the reserve with an 80,000-metre infill drill program scheduled for this year. More recently, however, the merged Newmont Goldcorp has talked about divesting some assets, casting uncertainty over Coffee’s near-term agenda.

But by far the territory’s biggest proposed mine would be Western Copper and Gold’s (TSX:WRN) Casino, in west-central Yukon. A 2013 feasibility report foresaw a combined heap leach and milling operation with 22 years of annual output averaging 171 million pounds copper, 266,000 ounces gold, 1.43 million ounces silver and 15.5 million pounds molybdenum.

Advanced projects prepare to follow Victoria Gold into production

Even with a recent feasibility in hand, BMC Minerals
wants to build its Kudz Ze Kayah polymetallic reserve.
(Photo: BMC Minerals)

Although the report boldly envisioned construction beginning in 2016 and commercial production in 2020, the company currently has environmental and engineering studies underway prior to submitting an application for an environmental/socio-economic review. Capex was estimated at $2.456 billion.

Meanwhile Western has two rigs drilling a $3.3-million, 10,000-metre program, with a resource update planned for this year and, coming later, a revised feasibility that the company hopes will extend the mine life.

Operating under the stock market’s radar, privately held BMC Minerals brought its Kudz Ze Kayah polymetallic project in south-central Yukon to full feasibility last July. The report sees a $587-million capex and 20-month construction period for a combined open pit and underground operation producing an annual average of 235 million pounds zinc, 32 million pounds copper, 56 million pounds lead, 7.8 million ounces silver and 56,500 ounces gold.

BMC hopes to lengthen the nine-year mine life by adding reserves and exploring new targets beyond the two zones considered in the feasibility study.

Sharing with Coffee a White Gold district address and a progenitor in legendary prospector Shawn Ryan, White Gold TSXV:WGO holds 35 properties covering some 439,000 hectares. Last June the company released resource updates for its two most advanced deposits. Golden Saddle hosts an open pit resource of 1.01 million gold ounces indicated and 259,600 ounces inferred, along with an underground resource of 12,200 ounces indicated and 54,700 ounces inferred. The Arc deposit adds an open pit resource of 17,700 ounces indicated and 194,500 ounces inferred.

With money from Agnico Eagle Mines TSX:AEM and Kinross Gold TSX:K, each holding 19% of White Gold, the company has a $13-million drilling, trenching and sampling campaign now targeting Golden Saddle and the new Vertigo discovery, along with other areas. Among noteworthy intercepts was 3.59 g/t gold over 68 metres starting from 73 metres at Golden Saddle. Using a method integral to Ryan’s successes, soil sampling surpassed 100,000 ppb gold at the new Titan discovery, the highest value on the company’s database of over 400,000 soil samples.

Taking advantage of a past producer with all permits in place, Golden Predator Mining TSXV:GPY last month stated it began site re-development work and “provided formal notice to the Yukon government to move the Brewery Creek mine into the production phase.” The company has also stated it plans a feasibility study before making a production decision. Located about 55 kilometres east of Dawson City, the open pit and heap leach operation produced about 279,000 gold ounces between 1996 and 2002. The company plans at least 6,000 metres of drilling this year to build on a 2014 PEA.

Belmont Resources plans September follow-up to high-grade gold sampling in southern B.C.

August 15th, 2019

by Greg Klein | August 15, 2019

Inspired by recent surface samples as high as 29.2 g/t gold, Belmont Resources TSXV:BEA plans another field program on its recently acquired Pathfinder project in British Columbia’s Greenwood camp. Scheduled to start early next month, the two-week campaign follows encouraging assays released late last month. Out of 15 samples, seven exceeded 1 g/t gold, with the best result bringing 29.2 g/t gold, 16.4 g/t silver, 365 ppm copper and 4 ppm lead.

Belmont Resources plans September follow-up to high-grade gold sampling in southern B.C.

Historic work at Pathfinder included trenching and drilling.

Now, backed by data gleaned from historic records, Belmont plans soil and grab sampling from the Pathfinder zone to the Diamond Hitch zone, on a target area averaging about 2,500 metres by 600 metres. Samples will be collected every 50 metres along the grid lines, with higher resolution possible for some areas.

The results would prepare for possible sub-surface exploration that could include geophysics and drilling. Pathfinder underwent trenching and 17 drill holes from 2008 to 2009. The 296-hectare property is surrounded on three sides by KG Exploration, a subsidiary of Kinross Gold TSX:K.

In Nevada, Belmont’s Kibby Basin lithium project has undergone drilling by MGX Minerals CSE:XMG, which has so far earned 25% of the project. Last May the companies announced a drill hole averaging 100 ppm lithium. Previous holes graded up to 393 ppm lithium over 42.4 metres and 415 ppm over 30.5 metres.

In northern Saskatchewan, Belmont and International Montoro Resources TSXV:IMT each hold 50% of two uranium properties.

Belmont expects to close a private placement of $252,000, subject to exchange approval.

Belmont Resources samples 29.2 g/t gold at B.C.’s Greenwood camp

July 30th, 2019

by Greg Klein | July 30, 2019

Recent work suggests new potential for an historic gold- and copper-producing region in southern British Columbia. Surface sampling results on a property acquired last March by Belmont Resources TSXV:BEA have graded up to 29.2 g/t gold.

Belmont Resources samples 29.2 g/t gold at B.C.’s Greenwood camp

An adit bears witness to Pathfinder’s auriferous history.

The project, now expanded to 295 hectares, formed part of the historic Pathfinder property in the Greenwood camp, where mining began in the late 1880s. Something like 26 former mines produced over 1.2 million ounces of gold and 270,000 tonnes of copper, along with silver, lead and zinc, according to Geoscience BC. More recent exploration includes work by Kinross Gold TSX:K subsidiary KG Exploration, which holds property neighbouring Belmont on three sides.

Following a detailed review of historic data, Belmont conducted a five-day field program of mapping and sampling from outcrops and mine waste. Seven out of 15 samples surpassed 1 g/t gold, with five standouts showing:

  • 29.2 g/t gold, 16.4 g/t silver, 365 ppm copper and 4 ppm lead

  • 4.51 g/t gold, 90.4 g/t silver, 21.6 ppm copper and 14,250 ppm lead

  • 3.23 g/t gold, 0.61 g/t silver, 383 ppm copper and 4.3 ppm lead

  • 2.44 g/t gold, 16.7 g/t silver, 5,180 ppm copper and 24.2 ppm lead

  • 1.08 g/t gold, 14.75 g/t silver, 47 ppm copper and 62.7 ppm lead

With continued analysis of historic data along with recent findings, Belmont will plan Pathfinder’s next stage of exploration. Among the earlier work was a 2008-2009 program that included trenching and 17 drill holes.

In Nevada the company holds the 2,056-hectare Kibby Basin lithium project, subject to an earn-in by MGX Minerals CSE:XMG. A drill hole announced last May brought results ranging from 38 ppm to 127 ppm lithium, with an average of 100 ppm. Previous holes graded up to 393 ppm lithium over 42.4 metres and 415 ppm over 30.5 metres.

Belmont also shares a 50/50 stake in two northern Saskatchewan uranium properties with International Montoro Resources TSXV:IMT.

Subject to exchange approval, Belmont expects to close an oversubscribed private placement of $252,000.

Ximen Mining expands its presence in British Columbia’s Greenwood camp

April 5th, 2019

by Greg Klein | April 5, 2019

A former mining region about 500 highway kilometres east of Vancouver continues to attract interest as another company picks up additional property. Through a combination of purchase and staking, Ximen Mining TSXV:XIM acquired over 12,900 hectares surrounding its Gold Drop project, now optioned to GGX Gold TSXV:GGX.

Last year’s drilling at Gold Drop returned near-surface, high-grade intervals of gold and silver along with tellurium, classified by the U.S. government as a critical mineral. Some highlight assays include:

Ximen Mining expands its presence in British Columbia’s Greenwood camp

A quartz sample from Ximen’s recent site
visit brought 2.87 g/t gold and 127 g/t silver.

Hole COD18-67

  • 129.1 g/t gold, 1,154.9 g/t silver and 823.4 g/t tellurium over 7.28 metres, starting at 23.19 metres in downhole depth

COD18-70

  • 107.5 g/t gold, 880 g/t silver and 640.5 g/t tellurium over 6.9 metres, starting at 22.57 metres

True widths were unavailable. The operator has spring drilling scheduled to begin this month.

Ximen’s new Providence claim also borders Grizzly Discoveries’ (TSXV:GZD) Greenwood project, where Kinross Gold TSX:K subsidiary KG Exploration works towards a 75% earn-in. Other companies active in the Greenwood area include Quebec niobium-tantalum explorer Saville Resources TSXV:SRE, which this week announced sampling found high-grade gold and copper along with silver on its Bud project. Last week Nevada lithium explorer Belmont Resources TSXV:BEA announced its acquisition of the Greenwood-area Pathfinder project. Golden Dawn Minerals TSXV:GOM has been working a number of properties in the area, home to numerous former mines.

Ximen Mining expands its presence in British Columbia’s Greenwood camp

An historic pit yielded this sample
of copper-rich massive sulphide.

Among those within or bordering Ximen’s acquisition is the Providence mine, which produced 10,426 tonnes containing 183 kilograms of gold, 42,552 kilograms of silver, 183 tonnes of lead and 118 tonnes of zinc during intermittent operation between 1893 and 1973, according to historic reports. The historic Combination deposit gave up 11 tonnes for 60,340 grams of silver and 653 grams of gold. Ximen’s new claims cover 11 known mineral occurrences, the company stated.

Recent sampling returned 2.87 g/t gold and 127 g/t silver from a mine dump northeast of the former Providence operation. Another sample showed 2,350 ppm copper from one of the property’s undocumented exploration pits that show exposed massive sulphides containing chalcopyrite, bornite and magnetite.

In southern B.C.’s Okanagan region, Ximen also holds the Brett gold project. In November the company announced that metallurgical tests on material stockpiled in the 1990s during early-stage mine development support an historic account of 4 g/t to 5 g/t gold.

About three and a half hours’ driving distance from Vancouver, Ximen has its Treasure Mountain property under option to New Destiny Mining TSXV:NED. Grab samples collected last year included 11.3 g/t and 8.81 g/t gold, as well as samples showing up to 1.45% zinc, 122 g/t silver, 0.87 g/t gold, 57 g/t tellurium and 12.3 g/t indium.

Ximen closed private placements of $540,000 in December and $250,000 in February. Last month the company arranged a private placement of $405,000 subject to TSXV approval.

Read more about Ximen Mining.

Saville Resources samples 4.57 g/t gold and 6.7% copper at southern B.C.’s Greenwood camp

April 3rd, 2019

by Greg Klein | April 3, 2019

High gold-copper grades from a 2018 field program indicate another encouraging project in the portfolio of a company now drilling for niobium-tantalum in Quebec. Saville Resources TSXV:SRE released 20 sample assays from its Bud property, located in an historic southern British Columbia mining camp that has attracted considerable exploration activity.

Six highlights show elevated gold grades coinciding with elevated copper:

Saville Resources samples 4.57 g/t gold and 6.7% copper at southern B.C.’s Greenwood camp

Mining at the Bud property’s Morrison showing from
the late 1890s to 1903 produced 2,918 tons containing
230 ounces of gold, 837 ounces of silver and 23,629 pounds
of copper, according to historic reports.

  • 4.57 g/t gold, 27.7 g/t silver and 6.7% copper

  • 4.44 g/t gold, 17 g/t silver and 6.84% copper

  • 3.54 g/t gold, 76.4 g/t silver and 2.41% copper

  • 1.96 g/t gold, 12.3 g/t silver and 1.2% copper

  • 1.74 g/t gold, 19.3 g/t silver and 1.65% copper

  • 1.23 g/t gold, 66.3 g/t silver and 7.14% copper

The program shows renewed interest in the 381-hectare property following a hiatus. Excavator trenching in 2003 revealed 1.9 g/t gold, 19.5 g/t silver and 1.5% copper over 1.3 metres. One sample averaged 7.8 g/t gold, 9.3 g/t silver and 2,156 ppm copper, while another graded 51.6 g/t gold, 403 g/t silver and 4.16% copper.

A three-hole, 538-metre drill program in 2005 identified a large hydrothermal system with prospective structure and stratigraphy, the company stated. A few selected intervals showed:

  • 3.82 g/t gold, 5.5 g/t silver and 656 ppm copper over 1.15 metres
  • (including 14.3 g/t gold, 22.6 g/t silver and 2,653 ppm copper over 0.15 metres)

  • 3.97 g/t gold, 23.8 g/t silver and 2.03% copper over 0.5 metres

True widths weren’t provided.

The 380-hectare property sits about four kilometres northwest of the town of Greenwood, roughly 500 kilometres by highway east of Vancouver. The surrounding Boundary district includes the former camps of Republic, Belcher, Rossland and Greenwood, which historically produced over 7.5 million ounces of gold, Saville noted. A resurgence of activity has included the Gold Drop property two kilometres southwest of Bud, where last month Ximen Mining TSXV:XIM and GGX Gold TSXV:GGX reported near-surface intervals of tellurium in addition to gold and silver.

Other Greenwood-area explorers include Kinross Gold TSX:K subsidiary KG Exploration, working towards a 75% earn-in on Grizzly Discoveries’ (TSXV:GZD) Greenwood project, Golden Dawn Minerals TSXV:GOM, and Belmont Resources TSXV:BEA, which last week announced acquisition of the Pathfinder property.

In Quebec’s James Bay region, meanwhile, a crew prepares to drill Saville’s flagship Niobium Claim Group, where the agenda calls for at least four holes and 700 metres in an area with encouraging historic assays. More recent boulder samples on the property have provided niobium grades as high as 2.75%, 4.24%, 4.3% and an outstanding 5.93% Nb2O5.

Read more about Saville Resources.

Belmont Resources moves into B.C.’s historic Greenwood mining camp

March 28th, 2019

by Greg Klein | March 28, 2019, updated April 2

A company drilling for Nevada lithium has taken on new turf in a storied southern British Columbia gold-copper district. The acquisition brings Belmont Resources TSXV:BEA a 253-hectare property that formed part of the former Pathfinder project, about 18 kilometres north of Grand Forks and 500 klicks by highway east of Vancouver. The location sits on the northeastern edge of the Boundary mining camp, also known as the Republic-Greenwood gold district.

Belmont Resources moves into B.C.’s historic Greenwood mining camp

Greenwood-area mining dates back to the late 1880s. Approximately 26 former mines produced more than 1.2 million ounces of gold and over 270,000 tonnes of copper, as well as silver, lead and zinc, according to Geoscience BC. Among the past-producers are some workings on the former Pathfinder property. More recent prospecting, sampling, drilling and a magnetic survey on Pathfinder have provided historic data to help Belmont plan a 2019 exploration program.

Kinross Gold TSX:K subsidiary KG Exploration holds property bordering three sides of the Belmont acquisition. The Kinross subsidiary has so far spent $1.28 million towards a 75% earn-in on Grizzly Discoveries’ (TSXV:GZD) Greenwood project and plans further work this year. Ximen Mining TSXV:XIM and GGX Gold TSXV:GGX have recently reported near-surface gold, silver and tellurium assays from their Greenwood-area Gold Drop project. Other companies in the district include Golden Dawn Minerals TSXV:GOM and Quebec niobium-tantalum explorer Saville Resources TSXV:SRE.

To close the acquisition Belmont pays each of two vendors 625,000 shares and 625,000 warrants on TSXV approval, along with another 125,000 shares and 125,000 warrants each within a year. Together, the vendors retain a 1.5% NSR, half of which Belmont may buy for $1 million.

Reporting from their Kibby Basin lithium project in Nevada last week, Belmont and MGX Minerals CSE:XMG announced a “milestone” permit to extract up to 943 million U.S. gallons of water annually for brine processing and potential production of lithium compounds. Assays are pending from last winter’s drilling, which tested a potential fault about 2,300 metres from a previous target that averaged 393 ppm lithium over 42.4 metres and 415 ppm over 30.5 metres.

Belmont’s portfolio also includes an interest in two northern Saskatchewan uranium properties held 50/50 with International Montoro Resources TSXV:IMT.

Subject to exchange approval, Belmont expects to close a private placement first tranche of $67,500. The company closed a private placement totalling $375,000 in July.

Drill-ready money

November 19th, 2018

Canada’s hitting a six-year high in exploration spending

by Greg Klein

Canada’s hitting a six-year high in exploration spending

Osisko Mining’s (TSX:OSK) Windfall project offers one reason why
Quebec leads Canada and gold leads metals for exploration spending.
(Photo: Osisko Mining)

 

Blockchain might offer intrigue and cannabis promises a buzz, but mineral exploration still attracts growing interest. A healthy upswing this year will bring Canadian projects a nearly 8% spending increase to $2.36 billion, the industry’s highest amount since 2012. According to recently released data, that’s part of an international trend that puts Canada at the top of a worldwide resurgence.

The $2.36 billion allotted for Canadian exploration and deposit appraisal forms just a small part of the year’s total mineral resource development investments, which see $11.86 billion committed to this country, up from $10.61 billion in 2017.

Those numbers come from Natural Resources Canada, which surveyed companies between April and September on their spending intentions within the country for 2018. The $2.36-billion figure includes engineering, economic and feasibility studies, along with environmental work and general expenses.

Canada’s hitting a six-year high in exploration spending

Trial extraction for Pure Gold Mining’s (TSXV:PGM)
Madsen feasibility studies encourages interest in
Ontario’s Red Lake region. (Photo: Pure Gold Mining)

Of that number, Quebec edges out Ontario for first place with $623.1 million in spending this year, 26.4% of Canada’s total. Ontario’s share comes to $567.5 million or 24%. Last year’s totals came to $573.9 million for Quebec and $539.7 million for its western neighbour. Prior to that, however, Ontario held a comfortable lead year after year.

Third-place British Columbia gets $335.5 million or 14.2% of Canada’s total this year, an increase from $302.6 million in 2017.

On a per-capita basis, Yukon’s enjoying an exceptional year with an expected $249.4 million or 10.6% of Canada’s total. That’s the territory’s second substantial increase in a row, following $168.7 million the previous year.

Saskatchewan dips this year to $187.2 million (7.9%) from $191.2 million in 2017. But the Fraser Institute’s last survey of mining jurisdictions placed the province first in Canada and second worldwide.

Nunavut drops too, for the third consecutive time, to $143.9 million (6.1%), compared with $177 million in 2017. The Northwest Territories’ forecast declines to $86.2 million (3.7%) this year after $91.2 million last year.

Canada’s hitting a six-year high in exploration spending

Among companies leading Yukon’s exceptional performance
is White Gold TSXV:WGO, with substantial backing from
Agnico Eagle Mines TSX:AEM and Kinross Gold TSX:K.
(Photo: White Gold)

Especially troubling when contrasted with Yukon’s performance, data for the other territories prompted NWT & Nunavut Chamber of Mines president Gary Vivian to call on federal, territorial and native governments and boards to help the industry “by creating certainty around land access, by reducing unnecessary complexity and by addressing the higher costs they face working in the North. Sustaining and growing future mining benefits depend on it.”

The pursuit of precious metals accounts for $1.5 billion in spending, nearly 64% of Canadian exploration. Ontario gets almost 31% of the precious metals attention, with 27% going to Quebec.

Base metals, mostly in Quebec, B.C. and Ontario, get 15.5% of the year’s total. Uranium gets 5%, almost entirely in Saskatchewan. Diamonds get nearly 4%, most of it going to the NWT and Saskatchewan. But nearly 11% of this year’s total goes to a category vaguely attributed to other metals, along with coal and additional non-metals.

Getting back to this year’s exploration total ($2.36 billion, remember?), senior companies commit themselves to nearly 55%, compared with nearly 51% last year. But the juniors’ share remains proportionately much larger than the pre-2017 years.

Additional encouragement—and on an international level—comes from S&P Global Market Intelligence. Using different methodology to produce different results, the Metals and Mining Research team found worldwide budgets for nonferrous exploration jumping 19% this year to $10.1 billion.

Juniors have been reaping the biggest budget gains at 35%. Over 1,651 functional exploration companies represent an 8% improvement over last year and the first such increase since 2012. But that’s “still about 900 companies less than in 2012, representing a one-third culling of active explorers over the past five years.”

The most dramatic spending increase hit cobalt and lithium, this year undergoing an 82% leap in exploration spending. That’s part of a 500% climb since 2015, SPGMI says.

Canada’s hitting a six-year high in exploration spending

Nemaska Lithium’s Whabouchi project in Quebec
contributes to the enthusiasm for energy metals.
(Photo: Nemaska Lithium)

Even so, precious and base metals retained their prominence as gold continues “to benefit the most from the industry recovery.” The global strive for yellow metal will claim $4.86 billion this year, up from $4.05 billion in 2017. Base metals spending will grow by $600 million to $3.04 billion. “Copper remained by far the most attractive of the base metals, although zinc allocations have increased the most, rising 37% in 2018, the report states. “Budgets are up for all targets except uranium.”

SPGMI finds Canada keeping its global top spot for nonferrous exploration with a 31% year-on-year budget increase. Second-place Australia achieved a 23% rise. The U.S. total places third, although with a 34% increase over the country’s 2017 performance.

In each of the top three countries, over 55% of the budgets focused on gold.

“Improved metals prices and margins since 2016 have encouraged producers to expand their organic efforts the past two years,” commented SPGMI’s Mark Ferguson. “Over the same period, equity market support for the junior explorers has improved, leading to an uptick in the number and size of completed financings. This allowed the group to increase exploration budgets by 35% in 2018.”

Geoscience BC maps Greenwood’s mineral potential

September 28th, 2018

by Greg Klein | September 28, 2018

An historic British Columbia mining camp comes under additional scrutiny with new research released September 28. Geoscience BC’s latest report and 1:50,000-scale map focus on the province’s south-central Greenwood district, about 500 kilometres east of Vancouver.

Mining on the 800-square-kilometre area dates back to the late 1880s. Some 26 past-producers have given up more than 1.2 million ounces of gold and over 270,000 tonnes of copper, along with silver, lead and zinc, according to the independent non-profit organization. With a number of juniors currently working to find more mineralization, this research “should bolster the recent revival of mineral exploration activity in the Greenwood area,” said Geoscience BC VP of minerals and mining Bruce Madu.

Geoscience BC maps Greenwood’s mineral potential

Mining may one day return to the once-busy Greenwood camp.
(Photo: Geoscience BC)

Among the active companies is Grizzly Discoveries TSXV:GZD, which holds about 72,840 hectares of Greenwood turf. Under a 75% earn-in, Kinross Gold TSX:K has been drilling for gold in the Midway area of Grizzly’s holdings. Grizzly has been conducting geophysics and surface exploration on its Robocop cobalt-copper-silver claims and plans drilling for three other Greenwood targets.

Just across the international border, Kinross operated the Kettle River-Buckhorn gold mine until last year, extracting 1.3 million ounces over nine years.

Another of Greenwood’s large landholders is Golden Dawn Minerals TSXV:GOM, which attributes 31 historic mines to its 15,400-hectare portfolio.

The Greenwood report might help illuminate other parts of B.C. as well. “This area could hold the key to a better understanding of mineral deposits that formed during key geological events that span almost 200 million years,” Madu added.

Working with First Nations, local communities, governments, academia and the resource sector, Geoscience BC opens its research to the public “with the aim of encouraging exploration, economic activity and informed land use decisions.” Most funding comes from the provincial government.

The organization’s other mapping projects in the area include:

See Geoscience BC’s Earth Science Viewer.

Visual Capitalist: Nine reasons mining investors are looking at Yukon companies

September 18th, 2018

by Jeff Desjardins | posted with permission of Visual Capitalist | September 18, 2018

In the mining industry, location is paramount.

Invest your capital in a jurisdiction that doesn’t respect that investment, or in a place with little geological potential, and it’s possible that it will end up going to waste.

That’s why, when there’s a place on the map that has world-class geology and also a plan for working with miners and new explorers, the money begins to flow to take advantage of that potential.

Why investors are looking at the Yukon

This infographic comes to us from the Yukon Mining Alliance and it shows nine reasons why people are investing in Yukon mining and exploration companies today.

 

Nine reasons mining investors are looking at Yukon companies

 

For resource investors, it is rare to see variables like government investment, jurisdiction, geological potential and investment from major mining companies all aligning.

However, in the Yukon, it seems this may be the case. Here are nine reasons the Yukon is starting to attract more investment capital:

1. Rich history
Mining was central to the Yukon even over a century ago, when over 100,000 fortune-seekers stampeded into the Yukon with the goal of striking it rich in the famous Klondike Gold Rush.

2. Geological profile
In the last decade, there have been major discoveries of gold, silver, copper, zinc and lead in the Yukon—but perhaps most interestingly, only 12% of the Yukon has been staked, making the region highly under-explored. Spending on exploration and development rose from $93 million to $158 million from 2015 to 2017.

3. Major investment
Major mining companies now have a stake in the polymetallic rush. Recent companies to foray into the Yukon include Agnico Eagle Mines TSX:AEM, Barrick Gold TSX:ABX, Coeur Mining NYSE:CDE, Goldcorp TSX:G, Kinross Gold TSX:K and Newmont Mining NYSE:NEM.

4. Leaders in exploration and mining
Juniors in the region are working on new geological ideas as well as new technology to unlock the vast potential of the region.

5. Progressive partnerships
First Nations and the government of Yukon have recently championed a new government-to-government relationship that enables them to be on the exact same page when it comes to mineral projects.

6. Government investment
The Yukon government is investing in new infrastructure via the Resource Gateway project. It also offers the Yukon Mineral Exploration Program, which provides a portion of risk capital to explore and develop mineral projects to an advanced stage.

7. Made in Yukon process
The Yukon government also tries to foster regulatory certainty to create clarity for companies and investors through its customized tri-party process.

8. Infrastructure
The jurisdiction has 5,000 kilometres of government-maintained roads, receives 95% of power from clean hydro, has international and local airports, and has access to three deep-water, ice-free ports.

9. Geopolitical stability
Canada offers geopolitical stability to start with—but with unprecedented cooperation between the territorial government and First Nations, the Yukon is arguably a step above the rest of the country.

Posted with permission of Visual Capitalist.

Ian Telfer talks

July 4th, 2018

Transcending low grades in school, he hit high grades in mining and philanthropy

by Greg Klein

Goldcorp’s boss transcended lousy academic grades to acquire high-grade mines

A few of Goldcorp’s 15,000 employees stride through Quebec’s Éléonore mine.

 

Update: In March 2019 Ian Telfer came under criticism for raising his retirement allowance from about US$4.5 million to around US$12 million.

 

Here’s a guy who got rejected not by “virtually every university in Canada, it was every university in Canada”—and for an MBA program at that. Now chairperson of Goldcorp TSX:G, Ian Telfer credits one school’s 11th-hour offer with giving him a second shot at his career, putting an undistinguished background behind him to become a serial success story. His reflections provided inspiration to a sold-out Vancouver audience of 850 people hoping to pick up some of the magic that made him a mining legend.

The June 28 event saw him interviewed on stage by Peter Legge, a standup comic-turned-publisher and author of several motivational books. Consequently, conversation focused less on mining deals than on qualities that might complement success in any industry. Hosting the event was BCBusiness, a magazine created by Cambridge House International founder Joe Martin and sold to Legge by local zillionaire Jim Pattison.

Goldcorp’s boss transcended lousy academic grades to acquire high-grade mines

The man with the golden shoes and Midas touch
plans to devote his very considerable net worth
to good causes.

Telfer’s mid-career second chance came from the University of Ottawa, in a surprise phone call the day before classes started. Taking his studies seriously this time, he went on to become a chartered accountant and financial analyst for Hudbay Minerals TSX:HBM predecessor Hudson Bay Mining and Smelting. Looking back, he describes his former self as a mediocre salesman and “probably less than a mediocre accountant.”

But junior mining requires “promoting ideas that you hope are going to turn into companies. You have to do some selling and you have to understand numbers and it turned out I was a better accountant than the other salesman and a better salesman than the other accountant.”

By 1983 he was in Brazil running TVX Gold, an eventual Kinross Gold TSX:K acquisition, with Eike Batista. The latter went on to become the country’s richest man. But this week he got 30 years for bribing a politician.

Somewhat milder were Telfer’s career disappointments, which included an unsuccessful foray into the late 1990s tech bubble. A few years later, however, he and Frank Giustra took advantage of gold’s dismal price to pick up Wheaton River Minerals. A string of acquisitions expanded the company, enticing Rob McEwen’s Goldcorp into a merger. Telfer took over as Goldcorp’s CEO and, now at age 72, remains chairperson. Under his leadership, continued M&A brought the company to 2.57 million ounces of gold production last year, planned growth to three million ounces by 2021, and a current staff of 15,000. That compares with a half-dozen employees when he took over Wheaton River.

Still, his Hudson Bay experience proved pivotal. The company brought in an American experienced in the early ’80s new concept of strategic planning and, Telfer says with emphatic pauses after each word: “I. Learned. So. Much. From. Him.

“American businessmen—they are tougher. They are more demanding, they are way less user-friendly than Canadian executives for sure…. I learned from him how high standards could be. He was one of those people, you could put together a whole presentation and he’d throw it in the garbage. No Canadian boss I’d ever worked for would ever do anything like that…. I thought he was tough, he’d tell me stories about bosses he had that were horrific. Why? They raise your standards so high…. I felt I learned everything I learned about business from him.”

Peter Munk’s comment was that all the good that came to him came from society, and it should go back. And so that will be my legacy.

His future involves “probably not starting any new businesses but I don’t rule it out.” As for his legacy, he says he’s “incredibly proud of Goldcorp” as a source of careers and philanthropy. He also expresses admiration for Peter Munk, who “gave away his complete net worth to charity. And while a lot of successful people say they’re going to do that, most of them don’t…. Peter Munk’s comment was that all the good that came to him came from society, and it should go back. And so that will be my legacy.”

Having donated many millions so far, his $5,000 scholarship at the University of Ottawa might seem insignificant were it not for the criteria. Commemorating his own academic performance, the money’s granted each year to the student who enters first-year MBA classes with the lowest marks.

Speaking with ResourceClips.com, Telfer reiterated his belief that the world has reached peak gold. That, along with growing inflation and a weakening U.S. dollar should raise prices, he maintained. “There hasn’t been much inflation for a while but I think that’s starting. The U.S. dollar being strong also has an impact on the price of gold. So I think the supply of gold is going down, inflation is coming up and the U.S. dollar is going to weaken, and all three of those are good for gold.”

The industry’s biggest challenge is “finding reserves,” he added. “The most difficult part of our business is the exploration part. The whole industry, all the metals but especially gold, are having a very difficult time replacing reserves. So companies are starting to shrink. That’s our biggest challenge.”

Does that bode well for juniors? “If they find things.”