Yukon Hard Rock Exploration, Development and Mining, 2015

Yukon Hard Rock Exploration, Development and Mining, 2015
Lara Lewis
YUKON
G EOLOGICAL S URVEY
Yukon Geological Survey
Exploration, Development and Mining
Introduction
Junior exploration companies in Yukon continued to brace themselves against unfriendly equity
markets. Exploration spending decreased from $80 million in 2014 to $61 million in 2015. It
should be noted, however, that a single large project can skew the exploration spending numbers
in a small jurisdiction like Yukon. Selwyn-Chihong Mining Ltd. spent $32 million on exploration in
2014 (40% of total exploration spending for that year), but just over $8 million in 2015.
Yukon Mining and
Exploration Projects 2015
Commodity
Old Crow
Tungsten
Producing
Porphyry/Sheeted Vein
Silver
Temporary Closed
Skarn/Replacement
Gold
Permitted
Sediment Associated
Copper
Vein/Breccia
Jade
Unknown
Completed
Drilling Program
Expenditures
Projects with >$500,000 in expenditures are large symbols
Projects with <$500,000 in expenditures are small symbols
Indicates Drilling Program
Keno Hill - Alexco Resource Corp.
Silver-lead-zinc vein. Drill-definition of Bermingham deposit (2595 m, eight holes); DDH intersected
7462 g/t Ag over 4.98 m (true thickness). Updated resource estimates in April 2015 for Bermingham
(6.0 Moz indicated & inferred) and Flame & Moth (30.7 Moz silver – indicated and inferred).
Exploration Projects (base metals)
Tiger gold deposit, Rau Trend, Rackla Gold Project - Atac Resources Ltd.
Carbonate-hosted gold. 1400 m of diamond drilling in 18 holes, 14 shallow
infill and expansion holes and 400 m of trenching to test the near surface
extension of the deposit. The program focused on completing the
optimization work to advance the project toward pre-feasibility.
Selwyn lead-zinc deposits - Selwyn-Chihong Mining Ltd.
Sedimentary Exhalative. Engineering and environmental studies; exploratory, definition, metallurgical
and geotechnical drilling 10 000 m (64 holes) of drilling in support of a new pre-feasibility study to be
completed by the end of 2015. Socio-economic participation agreement with the Kaska First Nation
will be voted on by First Nation members in early 2016.
exploration
MAP FEATURES
development
Alaska
250
200
Diesel
Deep Water Port
Hydroelectric
TOP
Dawson
City
KENO HILL
SILVER DISTRICT
EAGLE GOLD
SWEDE
CONNAUGHT CREEK
RED
MOUNTAIN
CLEAR
CREEK
LEOTA
ROD
GOODMAN
Active and Pending
MARS
PROJECT
GRAM
0
MAYO
LAKE
DIME
EUREKA
Proposed Infrastructures
Transmission Line
Staked in 2015
NADALEEN
TREND
100
Mayo
Year
200
Kilometres
DRAFT October, 2015
PLATEAU
SOUTH
REID
85 exploration projects - $61 million in expenditures
WILLOW
BALLARAT
PROJECT
COFFEE
PROJECT
MACTUNG
GEORGE
CREEK
YUKON BASE
METAL PROJECT
CASINO
CLEAR
LAKE
POKER
MINTO
RUDE CREEK
GOLD
WELS
GOLD
Boulevard - Independence Gold Corp.
Vein gold. Ground magnetics, geological mapping. Reverse circulation drilling
(1746 m in 13 holes) testing soil anomalies resulted in two new discoveries:
Sunrise zone (BV15-31 - 7.23 g/t Au over 12.2 m) and the Denali zone
(YCS15-03 - 4.25 g/t Au over 6.10 m).
SAMP
LLL
LUCKY
STRIKE
SELWYN
PROJECT
CARMACKS
COPPER
STU
OOO
KLAZA
Carmacks
FLORENCE
CREEK
Mining
Ross River
CANOPUS
3ACE
KELLI
CLAIM
KING
WELLGREEN
WOLVERINE
KUDZ ZE
KAYAH
KLUANE
LAKE WEST
HOPPER
SPY
HY
KLUANE
TESLIN
MOUNTAIN
Minto Mine - Capstone Mining Corp.
copper-gold-silver
Open pit and Underground
SE YUKON
NEPHRITE
BYNG
Haines
Junction
BIG SALMON
- EVELYN CREEK
Whitehorse
MARSH
LAKE
HYLAND
GOLD
JAKES
PROJECT
MEL
GATOR
HAINES ROAD
AEROCHEM
JUDAS
CK GOLD
WATT
MEISTER
RANCHERIA
HARRY
British Columbia
Q1-3 2015
Production: 12 065 t of copper, 11,794 oz Au, 118,000 oz Ag
Milled 3828 tpd at a head grade of 1.36% Cu, 5 g/t Ag and
0.49 g/t Au.
Skagway
Haines
Watson
Lake
BLIND
The exploration activity data represented on this map were
compiled by the Mineral Resources Branch. This is a
preliminary map created using the best available information at
the time of publication and will not be finalized until January 2016.
Please contact [email protected] for further information.
Exploration Projects (precious metals)
Capstone’s Minto mine site from the air
Bellekeno Mine & Keno Hill deposits - Alexco Resource Corp.
silver-lead-zinc
The Bellekeno mine is under interim suspension of operations. Other deposits along trend,
(e.g., Flame & Moth and Lucky Queen) are being advanced. Engineering and permitting activities
are underway for the Flame & Moth deposits.
Wolverine Mine - Yukon Zinc Corp.
zinc-lead-copper-silver-gold
The Wolverine Mine was placed on care and maintenance in January 2015.
Lonestar - Klondike Gold Corp.
Orogenic gold. Diamond drilling (19 holes, 1374 m) on targets with visible
gold in quartz veins. Drill hole EC15-10 near Gay Gulch intersected 75.6 g/t Au
over 2.8 m. The company also carried out a drone orthophoto survey, 1000 m
of induced polarization and remediated historically disturbed areas.
MARIPOSA
BOULEVARD
Beaver
Creek
Dublin Gulch (Olive zone) - Victoria Gold Corp.
Intrusion-related gold. Metallurgical testing on Olive zone drillcore
demonstrated favourable heap recoveries. Resource estimate on Olive zone
underway to be later incorporated into an updated feasibility study.
Foothills Pipeline R/W
Mineral Tenures
MOUNT
HINTON
SULPHUR
138 kV
TELL
KATE
VAL-JUAL
CRAG
EAST
< 138 kV
Interim Withdrawn
CL
RUSTY
50 MILE
PROJECT
LONE
STAR
MT. GOOD
STAFF
Transmission Line
National/Territorial Park
s
rie
ito
100
NORTH
RACKLA
CLINT
Liquified Natural Gas
Parks and Protected Areas
rr
Te
MAGNUM
The Minto Mine is the only hard rock mine currently operating in
Yukon. In August 2015, the company received its water use
licence to allow for stripping at the Minto North deposit. Capstone
expects to start supplementing the mill feed with Minto North ore in
Q4 2015.
Capital City
Secondary Highway
st
we
150
0
Generating Stations
Primary Highway
rth
MICHELLE
50
Community
Transportation Routes
No
$ Cdn (millions)
Mafic/Ultramafic Associated
In Progress
Unknown
350
Volcanic Associated
In Assessment
Nickel +/- PGE
Yukon Exploration and Development Expenditures by Year
Development spending for 2015 is estimated at $27.5
million, primarily for work at Capstone Mining Corp’s
Minto mine and Selwyn-Chihong’s Selwyn project.
Klaza - Rockhaven Resources Ltd.
Epithermal gold-silver. Diamond drilling (13 738 m in 56 holes) on the
high-grade western BRX, Klaza and BYG zones, (e.g., DDH 291 - 5.89 g/t Au
and 75.6 g/t Ag over 4.43 m). Environmental and engineering studies.
Working on updated mineral resource and completion of a Preliminary
Economic Assessment in 2016.
Exploration Projects - Deposit Type
Permitted Mine
Lead/Zinc
300
Exploration Projects (precious metals cont’d)
MINING AND EXPLORATION PROJECTS
There were 14 drill programs in the territory this year, an increase from the 10 drilled projects of
the previous year. Of the 85 exploration projects, 11 projects are projected to spend over a million
dollars. Almost 60% of exploration programs were searching for gold; the remainder for lead, zinc,
copper, nickel, silver, platinum group metals and jade.
Levels of funding for the Yukon Mineral Exploration
Program (YMEP) remained at C$1.4 million. This
program is consistently oversubscribed. The funds
were distributed to 48 placer and hard rock
exploration projects to offset exploration costs.
Although some companies dropped out of the
program early on due to the inability to raise
matching funds, several late season programs were
able to receive funding.
Exploration Projects (precious metals cont’d)
Coffee property - Kaminak Gold Corp.
Orogenic gold. Working toward feasibility
(expected Q1 2016). Completed 70 000 m of infill
drilling on four of the main deposits in 2015.
Updated resource (Sept 2015): 52.4 Mt @ 1.68 g/t
Au (2,824,000 oz) indicated and 42.7 Mt @ 1.52 g/t Au
(2,088,000 oz) inferred. Engineering work is
well underway.
Plateau South - Goldstrike Resources Ltd.
Vein gold. Shallow drilling (11 holes, 924.1 m) at Goldstack and Gold Dome
prospects. At Goldstack, a 30 m step-out hole (PSGS15-01) assayed
13.5 g/t Au over 17.5 m (from 22.0 - 39.5 m) and remains open at depth.
Mt. Good and North Rackla - Cantex Mine Development Corp.
Vein gold. 156 Rotary Air Blast drill holes at North Rackla. Fire assays of RAB
samples up to 183 ppb Au. Infill soil-talus sampling at Mt. Good and North
Rackla - results are pending.
Kudz Ze Kayah - BMC Minerals Ltd.
Volcanogenic Massive Sulphide. ~23 000 m of infill diamond
drilling and exploratory step-out holes at the ABM and GP4F
deposits. Relogged 19 000 m of historic drillcore, 75 line km
of ground gravity and a VTEM survey. Advancing project
through pre-feasibility in 2016.
Geologists at the Kudz Ze Kayah exploration camp
Hopper property - Strategic Metals Ltd.
Copper-gold skarn and porphyry. Historic drilling identified shallowly dipping copper-rich skarn
horizons. Deeper drilling in 2015 intersected gold-rich new horizons (e.g., DDH 15-01 - 12.15 g/t Au
and 0.95% Cu over 2.65 m (true thickness)), 340 m north-northwest of historic drilling.
Carmacks Copper - Copper North Mining Corp.
Copper-gold-silver. Exploration in support of a pre-feasibility study. Phase one - 2500 m of infill
diamond. drilling. Phase two - infill, step-outs and definition of near-surface oxide mineralization.
Updating resource estimate and continuing to work on optimizing the economics of the project.
Marg and Fyre Lake properties - Minquest Ltd.
Volcanogenic massive sulphide. Exploration programs were not carried out on these properties in
2015; however, Minquest released updated JORC-compliant resources based on refined geological
interpretations for both properties in 2015 and plans to complete a scoping study on the Marg project
by the end of 2015.
Advanced Projects
Eagle gold deposit - Victoria Gold Corp. Quartz mining license issued September 2013. A production
decision is on hold until equity markets recover.
Wels Gold Property - Gorilla Minerals Corp.
Intrusion-related gold. Five diamond drill holes.
DDH Wels 15-01 - 1.1 g/t Au over 97.5 m.
Mactung tungsten skarn deposit - North American Tungsten Ltd.
Received YESAB approval in September 2014. Filed for court protection under the CCAA in June 2015.
Hyland Gold - Banyan Gold Corp
Vein gold. Diamond drilling – 740 m in 3 holes
DDH HY 15-46 – 76.3 m of 0.32 g/t Au.
Casino copper-gold porphyry deposit - Western Copper and Gold Corp.
YESAB assessment of project restarted in November 2014.
Wels gold exploration property
New Orion Discovery at Atac Resources Ltd.’s
Rackla Gold Project
Nadaleen Trend - Rackla Gold Project - Atac Resources Ltd.
Carlin-style gold. Rotary air blast drill program at the Anubis Cluster resulted in
the discovery of the Orion target: ARB-15-026 assayed 3.79 g/t Au over 47.24 m.
A single diamond drillhole at the Conrad zone within the Osiris Cluster returned
3.02 g/t Au over 124.96 m in diamond drillhole OS-15-231.
Wellgreen - Wellgreen Platinum Ltd.
Mafic/Ultramafic intrusion-hosted PGM-Ni-Cu+Au.
Phase 1 - Infill and offset diamond drilling. Phase II program this winter diamond drilling, metallurgical work, engineering and baseline environmental
and socio-economic assessment studies. March 2015 PEA - open pit with
annual production of 209,000 oz PGEs + gold and 128 Mlb Ni+Cu concentrate
for first 16 years. Milling (First five years) -25 000 tpd; conventional sulphide
flotation.
For more information, contact:
Lara Lewis, Mineral Geology
Yukon Geological Survey
867-667-8518
[email protected]
www.geology.gov.yk.ca