Kitco Returns To The Yukon
(Kitco News) -There are strangethings done in the midnight sun
By the men whomoil for gold - Robert Service
Nearly three years ago, Itraveled up to the Yukon to explore the region’s mining sector. I left with a strong sense ofoptimism among the mining CEOs as they were expecting that it would be only amatter of time before investors started to take notice of the region’s mininguntapped potential.
Well, a lot has changed in thelast three years. After two days of traveling and three planes later, I am backin the Yukon!
For the next week, I will betouring Canada’s most western territory, visiting a variety of projects to seehow they have advanced over the last three years. And while I have just arrivedin historic Dawson City, I can already feel that sense of optimism hastransformed into committed confidence.
While gold prices continue tostruggle and the sector sees lackluster investor interest, companies in theYukon continue to move forward with their projects quietly.
The federal and Yukon governmentsare investing hundreds of millions of dollars for the territory’sinfrastructure, building road access to significant gold projects.
The Yukon is now being recognizedas a significant mining jurisdiction. The territory is on the cusp of seeing anew mine opening as Victoria Gold continues the construction of its Gold Eagleproperty, which is expected to see commercial production in the second half of2019.
Meanwhile, major gold producers --including Barrick Gold, Goldcorp, Newmont Mining and Agnico Eagle -- have allmade significant investments in the region in the last three years. Goldcorpkicked off the Yukon’s new gold rush after it bought Kaminak Gold and its keyCoffee gold project.
Famed mining investor FrankGustra has also recently increased his presence in the Yukon, strengthening hisposition in Klondike Gold. The junior miner is exploring near Dawson City forwhat it believes is “the motherload” -- the mineral source behind the millionsof ounces of gold that have been taken out of Bonanza Creek since gold wasfirst discovered in Dawson City in 1885.
I think you are starting to getthe picture.
The one thing that hasn’t changedin the territory is the passion for gold. In my first visit to the Yukon, Ilearned that while the region was largely ignored by the rest of the world,gold mining part of the people’s DNA.
In the latest production stats,48,625 ounces of gold were mined in the Yukon from the territory’s placer goldproduction. In the last 133 years, nearly 14 million ounces of gold has comeout of the Yukon, and if this newfound confidence is correct, that could justbe the tip of the iceberg.
By Neils ChristensenFor Kitco News
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nchristensen@kitco.comwww.kitco.com Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.