Thursday 17th August 2017

Resource Clips


Posts tagged ‘Victoria Gold Corp (VIT)’

Infographic: The Yukon, where mineral potential is coming of age

August 8th, 2017

by Jeff Desjardins | posted with permission of Visual Capitalist | August 8, 2017

In a remote corner of Canada’s north lies the Yukon—a territory that is renowned for both its legendary mineral potential and its storied mining history.

But while the Yukon only produced 2.2% of Canada’s gold in 2016, the territory’s considerable potential may finally be getting realized in a big way. In the last few years globally significant discoveries have been made and now mining giants such as Barrick Gold TSX:ABX, Goldcorp TSX:G and Agnico Eagle TSX:AEM are making their moves into the Yukon to get in on the action.

A coming of age story

This infographic comes from Strikepoint Gold TSXV:SKP and it showcases some of the reasons why the most important chapter in the Yukon’s mining story may just be beginning.

The Yukon: Where mineral potential is coming of age

 

Although the Yukon has been known for a long time to possess incredible mineral potential, it is only in the last few years that signs have been pointing towards this being realized in the form of globally significant discoveries, investment from major players and mines being built.

A new era in the Yukon

For gold to be produced, it must first be discovered. The Yukon has been home to some of Canada’s most exciting discoveries in the last 10 years. The new project pipeline contains impressive deposits but, even more importantly, it contains some impressive names.

White Gold

Famously found by prospector Shawn Ryan and Underworld Resources in 2008, the White Gold discovery triggered much of the modern interest in the Yukon. Kinross Gold TSX:K purchased Underworld Resources for $139.2 million at the height of the gold market. More recently, major Agnico Eagle has bought into the district for $14.52 million.

Coffee project

Discovered in 2010, this project is just kilometres away from the White Gold project. It too is based on Shawn Ryan’s claims. Most recently, Goldcorp bought the project for $520 million through its acquisition of Kaminak Gold.

Casino project

Currently under environmental review, this massive porphyry deposit owned by Western Copper and Gold TSX:WRN could be the largest mine in Yukon history, if constructed. Right now the deposit has reserves of 4.5 billion pounds of copper and 8.9 million ounces of gold.

Rackla

The only Carlin-style district in Canada, this project is being advanced by ATAC Resources TSXV:ATC. Recently ATAC generated headlines with an investment from Barrick, which put in $8.3 million while also committing up to a further $55 million to earn 70% of the property’s Orion project.

Eagle Gold

Eagle Gold is on track to become the Yukon’s largest gold-only mine in history. Victoria Gold TSXV:VIT, the project’s owner, expects its first gold pour in 2019. Currently the property’s Eagle and Olive deposits have 2.66 million ounces of gold in reserves.

Major arrivals

In the last year or so some of the world’s most prolific gold miners such as Barrick, Goldcorp and Agnico Eagle have set up shop in the Yukon—and it could be a sign that the territory is close to reaching its ultimate potential as a top-tier mining destination.

Here are some of the other reasons that miners and investors are looking northwards:

1. Government support

The Yukon government is well known for supporting prospectors and miners developing projects. Current programs include the Yukon Mineral Exploration Program, which provides a portion of risk capital to help explorers locate and grow deposits, as well as the Fuel Tax Exemption, which makes miners and other off-road industries exempt from fuel taxes.

2. A rich mining history

From the placer mining of the famous Klondike gold rush to the mining today in the Yukon, the territory has always welcomed mining. In fact, mining is still the most important private industry today in the Yukon by GDP share (19%).

3. First Nations approach

First Nations and the Yukon government have recently championed a new “government-to-government” relationship to ensure that industry, the territorial government and First Nations are on the same page for mineral projects.

4. Momentum

From Shawn Ryan’s discoveries to the arrival of majors in the region, it has been an eventful decade for Yukon miners. Many expect the best is yet to come.

Posted with permission of Visual Capitalist.

Yukon Liberals break Yukon Party’s 14-year grip on Yukon power

November 8th, 2016

by Greg Klein | November 7, 2016

Press time results:

  • Yukon Liberals 11 seats, 39% of popular vote
  • Yukon Party 6, 33%
  • New Democratic Party 2, 26%

The territory’s riding names evoke mining history but repeated enticements to the sector failed to keep the Yukon Party in power. On November 7 the YP’s 14 years of majority rule came to an end as the Yukon Liberals moved from third to first place, returning to government for the first time since 2002. The red surge claimed YP leader Darrell Pasloski’s Mountainview constituency.

Liberals end Yukon Party’s 14-year grip on power

Yukon’s legislative chamber gets a new seating arrangement
as the Liberals return to power. (Photo: Yukon Legislative Assembly)

The first MLA declared elected was Klondike incumbent and Liberal leader Sandy Silver. NDP leader Liz Hanson also won re-election in Whitehorse Centre.

On mining-related issues, the month-long campaign saw the YP supporting regulatory streamlining, an exploration tax credit, funding for industry groups and support for road and power infrastructure. The party also called for “Yukon-specific curriculum for geology and earth sciences, and an experiential trades program.”

The YP castigated opposition support for the federal carbon tax, “the most significant commitment that the Liberals made with respect to the mining sector.” The incumbents said it would boost residents’ costs overall, hitting the average placer mine with more than $230,000 in additional expenses.

Liberals countered that the territory fell significantly in Fraser Institute rankings of mining jurisdictions. The most recent FI Investment Attractiveness Index places Yukon 12th of 109 jurisdictions worldwide, but last in Canada. The previous year Yukon ranked sixth worldwide. In 2012 to 2013, and 2011 to 2012, the territory scored #1 globally.

Liberals end Yukon Party’s 14-year grip on power

Former teacher and placer miner
Sandy Silver becomes Yukon’s new premier. (Photo: Yukon Liberals)

Additionally, the Liberals said the YP “botched” the S-6 amendments to the Yukon Environmental and Socio-Economic Assessment Act and created regulatory uncertainty while “legal battles with First Nation governments have resulted in huge tracts of land being off limits to mining.”

Silver argued his was the only party with “a plan to work with First Nation governments to rejuvenate the mining sector.”

A former teacher who’s worked on a placer mine, Silver joined the Yukon legislature in 2011 and became Liberal leader in 2014.

The territory hosts development, exploration, prospecting and placer mining activity, not to mention reality TV shows. But commodity prices have reduced major mines to just one operation, Capstone Mining’s (TSX:CS) Minto copper-gold-silver open pit in central Yukon.

Among the more celebrated development projects is Coffee, nabbed by Goldcorp TSX:G last May in its $520-million takeout of Kaminak Gold. Goldcorp plans to revise the project’s feasibility study, conduct further community consultations and begin initial permitting studies. The company foresees initial gold production by the end of 2020.

Victoria Gold TSXV:VIT says its Eagle gold project at the Dublin Gulch property is “expected to be Yukon’s next operating gold mine.” The two-open pit proposal reached feasibility in September and has all major permits in place, the company says.

Western Copper and Gold’s (TSX:WRN) Casino project has been sent for review to the highest level of the Yukon Environmental and Socio-Economic Assessment Board. The company intends to optimize the project design to address concerns including the height of the proposed tailings dam.

Yukon’s home to about 37,500 residents.

Victoria reports Yukon Gold Results including 3.61 g/t over 19.5m

September 11th, 2012

Resource Clips - essential news on junior gold mining and junior silver miningVictoria Gold Corp TSXV:VIT announced results from its Eagle Gold Project in central Yukon. Highlights include

3.61 grams per tonne gold over 19.5 metres
(including 35.4 g/t over 1 metre)
1.2 g/t over 43.5 metres
1.62 g/t over 31.4 metres
6.66 g/t over 7.5 metres
(including 15.87 g/t over 3 metres)
2.35 g/t over 13.7 metres
(including 12.2 g/t over 2.1 metres)
0.87 g/t over 40.8 metres

True widths were not available. Depths extend to 353 metres.

The company states its Eagle Gold Deposit is expected to be Yukon’s next operating gold mine. It includes probable reserves of 92 million tonnes grading 0.78 g/t gold for 2.3 million gold ounces. An indicated resource estimates 222 million tonnes averaging 0.68 g/t for 4.9 million gold ounces, including probable reserves. An inferred resource estimates 78 million tonnes averaging 0.6 g/t for 1.5 million gold ounces.

The property is 80 kilometres by year-round road from the town of Mayo and lies within Yukon Energy’s service area. The company has constructed a 100-person all-season camp at the property, which covers approximately 650 square kilometres.

President/CEO John McConnell remarked, “Our Eagle drill program was a strong success. We targeted wide zones within and adjacent to the Eagle open-pit limits with the potential to produce higher-grade, near-surface early in the mine life. This work will support optimization of the mine planning to further boost cash flows in the initial years of production.”

View Company Profile

Contact:
John McConnell
President/CEO
416.866.8800

by Greg Klein

Victoria reports Yukon Gold Assays up to 1.03 g/t over 86.8m

March 6th, 2012

Resource Clips - essential news on junior gold mining and junior silver miningVictoria Gold Corp TSXV:VIT announced drill results from the Eagle gold deposit of its Dublin Gulch property in central Yukon. Highlights include

0.99 g/t gold over 99 metres (including 1.83 g/t over 37 metres)
1.03 g/t over 86.8 metres (including 3.07 g/t over 18.6 metres)
0.97 g/t over 119.9 metres (including 3.85 g/t over 13.3 metres)
0.94 g/t over 239.7 metres (including 2.07 g/t over 47.2 metres)

President/CEO John McConnell commented, “The grades and thickness of gold mineralization encountered in this drilling endorses our belief that additional higher-grade material near surface can be captured early in the mine life and further improve on the strong cash flows and project economics shown by the feasibility study at Eagle.”

View Company Profile

Contact:
John McConnell
President/CEO
416.866.8800

by Ted Niles

Victoria reports Yukon Silver Assays including 382 g/t over 27.4m

January 12th, 2012

Resource Clips - essential news on junior gold mining and junior silver miningVictoria Gold Corp TSXV:VIT announced drill results from the Rex-Peso zone of its Dublin Gulch property in Yukon. Highlights include

382 g/t silver over 27.4 metres (including 588 g/t over 17.7 metres)
82.8 g/t over 15.8 metres (including 167 g/t over 7.7 metres)

President/CEO John McConnell commented, “These exceptional silver results from Rex-Peso are only a few kilometres from the proposed Eagle Gold Mine and further demonstrate the extensive mineral endowment on the Dublin Gulch property.”

View Company Profile

Contact:
John McConnell
President/CEO
416.866.8800

by Ted Niles

Victoria reports Yukon Gold Assays up to 21.59 g/t over 3.1m

September 6th, 2011

Resource Clips - essential news on junior gold mining and junior silver miningVictoria Gold Corp TSXV:VIT announced results from its Dublin Gulch Property in central Yukon. Highlights include 21.59 g/t gold over 3.1 metres (including 5.03 g/t over 6.1 metres), 1.64 g/t over 35.4 metres (including 2.48 g/t over 22 metres), 3.64 g/t over 15.2 metres, 7.7 g/t over 4.6 metres and 1.37 g/t over 29 metres (including 2.11 g/t over 16.8 metres).

President/CEO John McConnell stated, “With several years of intensive exploration at Dublin Gulch we continue to discover substantial mineralization that will complement our proposed Eagle Gold Mine.”

View Company Profile

Contact:
Katie Fedorowicz
IR Coordinator
416.866.8800 x 226

by Greg Klein