INFOGRAPHIC: The Yukon: Where mineral potential is coming of age
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, Goldcorp, and Agnico Eagle are making their move into the Yukon to get in on the action.
A COMING OF AGE STORY
Today’s infographic comes from Strikepoint Gold, and it showcases some of the reasons on why the most important chapter in the Yukon’s mining story may just be beginning.
Although the Yukon has been known to possess incredible mineral potential for a long time, 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 many of 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.
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 purchased Underworld Resources for C$139.2 million at the height of the gold market. More recently, major Agnico Eagle has bought into the district for C$14.52 million.
Discovered in 2010, this project is just kilometers away from the White Gold project. It too is based off of Shawn Ryan’s claims. Most recently, Goldcorp bought the project for C$520 million through its acquisition of Kaminak Gold. It currently has 5.2 million oz of gold (M&I + Inf.) in resources.
Currently under environmental review, this massive porphyry deposit owned by Western Copper and Gold could be the largest mine in Yukon history, if constructed. Right now, the deposit has reserves of 4.5 billion lbs of copper, and 8.9 million oz of gold.
The only Carlin-style district in Canada, this project is being advanced by ATAC Resources. Recently, ATAC Resources generated headlines with an investment from major Barrick Gold, who put in C$8.3 million while also committing up to a further C$55 million to earn-in 70% of the property’s Orion project.
Eagle Gold is on track to become the Yukon’s largest gold-only mine in history. Victoria Gold, the project’s owner, expects its first gold pour in 2019. Currently the mine has 2.66 million oz of gold in reserves.
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.
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.