The Yukon placer mining industry recorded strong production in 2019. This was largely due to favourable gold prices, coupled with a beneficial exchange rate, which resulted in high selling prices during most of the summer. The industry also benefited from an early start to the season due to warm early spring temperatures. Shifts in regional production values reflect movement of certain large operations to both new and historic locations. The shift reflects permitting challenges in the Indian River, as well as the need to discover and develop new deposits based on diminishing resources within specific claim holdings. Placer gold production, according to export tax reporting at the time of publication, was 75,228 crude ounces and valued at $116M¿CDN. The 2019 production value was nearly $27M¿CDN greater than that of 2018, largely owing to a favourable gold price that averaged more than $1900¿CDN/fine ounce throughout much of the mining season. This was nearly $400¿CDN/fine ounce more than the average 2018 gold price. When accounting for inflation, the 2019 production value is the highest value since 1988.

The Yukon placer industry has continued to thrive amid strong and rising gold prices. There was a slight increase in activity this past season. A total of 156 operations were active across the Yukon, which was up from 147 in 2023. The Dawson Mining District remained most active, and included 70% of operations in the territory, while the Mayo and Whitehorse districts accounted for 21 and 9%, respectively. A combination of strengthening gold prices, favourable weather, and increased activity resulted in record placer revenue from April 1 to November 1, 2024. The reported placer production in 2024 of 85 799 crude ounces yielded a production revenue of C$230 million, which marks the highest in Yukon’s placer gold production history since 1886. This highlights the industry’s resilience and growth, bolstered by positive economic conditions and advancements in mining technology.

Placer mining in the Yukon remains a strong and innovative industry, and has the potential for a modern record-high reporting this season. The number of active operations is similar to previous years and 147 of them reported sluicing activity. Of the active operations, 72% are in the Dawson area, 20% are in central Yukon (South McQuesten, Mayo, Keno, Canadian, Big and Nansen) and 8% are in southern Yukon (Kluane, Livingstone, Whitehorse South, Nisutlin). For the sixth consecutive year, reported placer gold production exceeds 70,000 crude ounces. Crude ounces represent an unrefined measure. Placer gold can contain inclusions of quartz or other matrix material or impurities such as silver and copper. These impurities, on average, account for 20% of the mass.

This volumes contains overviews on Yukon Mining, Development and Exploration, Placer Mining, Mining Incentives Program, and activities of the Yukon Geological Survey. Exploration expenditures in Yukon have continued their dramatic rise for the third consecutive year, with an estimated $53 million spent exploring for a wide range of commodities. The majority of expenditures were on advanced stage projects.

This volume contains overviews on Yukon Mining, Development and Exploration, Placer Mining, Mining Incentives Program, and activities of the Yukon Geological Survey. Mineral exploration in Yukon increased dramatically in 2004 with estimated total expenditures of $22 million, compared to $13 million spent in 2003. Most was spent on gold exploration, with less spent on base metals and gemstones. The number of new mineral claims staked also rose substantially in 2004, as did the claims in good standing. Current or anticipated mining development projects in Yukon include: the Wolverine (Zn-Cu-Pb-Ag-Au) project, the Carmacks Copper (Cu-Au) project and the Minto (Cu-Au-Ag) and Keno Hill (Ag-Pb) projects.

Despite tough market conditions, the Yukon saw another year of significant exploration results and new discoveries. At the time of writing, Yukon Geological Survey (YGS) estimated exploration expenditures in the territory to be $147M for the year, based on company press releases, SEDAR (System for Electronic Document Analysis and Retrieval Overview) postings and conversations with industry clients. This estimate is up 18% from $124M in 2022 (Fig. 1). Development expenditures for 2023 are estimated to be $95M (Fig. 1) and mineral production is estimated to be $495M (approximately 87% attributed to gold production, 10% to silver production and 3% to copper production), down from a total of $543M in 2022; Fig. 2).1 It was a challenging year for production due to the closure of the Minto mine and the two-week closure of Victoria Gold’s Eagle Gold mine due to wildfires in the Mayo region; however, strong precious and base-metal prices throughout the year, increased production at Eagle Gold mine, and the re-opening of the Keno Hill mine suggests that 2023 production revenue will remain strong. There were 82 active exploration projects in the territory in 2023 (Fig. 3, Appendix 1), which was similar to 2022; however, the number of active companies and individual prospectors continues to decline. The notable increase in exploration expenditures compared with 2022 can be attributed to the progression of several exploration projects into more advanced stages. In total, 31 companies spent more than $500K on exploration and development; 19 of those spent more than $1M. Additionally, several companies were able to raise extra funding mid-season, which extended their initial proposed exploration programs. The primary commodity in terms of total exploration expenditures in the territory continues to be gold, representing 55% of spending ($80.5M), followed by zinc-lead (25%, $37.7M), silver (9%, $13.4M), copper (9%, $13.2M), tungsten (1%, $1.0M) and nickel-PGE (1%, $900K; Fig. 4). Gold exploration has dominated expenditures since the late 1980s, often representing upward of 80% of total expenditures; however, in recent years there has been a progressive shift to a more equal split between precious metal and critical mineral exploration expenditures. As of November 1, 2023, 5119 quartz claims had been staked in 2023 (Fig. 5). Most of the new claims were in the Mayo Mining District (60%), followed by the Whitehorse (25%) and Dawson (15%) mining districts; no new claims were staked in the Watson Lake Mining District (Fig. 6). A total of 162 564 claims remain in good standing, down from 164 924 in 2022.

The Yukon hardrock mineral exploration sector continued to thrive in 2024 with the release of exciting results and the announcement of seven new mineral resources. Although there were many successes in the Yukon’s exploration industry this past year, they were not immune to the negative impact of the heap leach pad failure that occurred on June 24, 2024, at Victoria Gold Corp.’s Eagle Gold Mine. At the time of writing, the Yukon Geological Survey (YGS) estimates exploration expenditures in the Yukon to be $145M for the year, based on company press releases, System for Electronic Document Analysis and Retrieval (SEDAR) postings, and conversations with industry clients. This estimate of the exploration expenditure is down 9% from $160M in 2023. Development expenditures for 2024 are estimated to be $40M, down from $84M in 2023. The decrease in exploration expenditures in 2024 compared with 2023 can be attributed to the heap leach pad failure at the Eagle Gold Mine, which impacted exploration programs across the Yukon. This led some companies to temporarily pause or completely halt their program for the remainder of the 2024 exploration season. The halt in exploration programs was, in part, a response to the demands voiced by some First Nations, such as the First Nation of Na-Cho Nyäk Dun, who called for an immediate halt to all mining and exploration activity in their Traditional Territory (First Nation of Na-Cho Nyäk Dun, 2024). The Government of Yukon responded stating that the territory cannot halt all existing, permitted mineral development activities, as mining and exploration companies are protected under the federal and territorial legislation and the Umbrella Final Agreement (Government of Yukon, 2024b). Mineral production is estimated to be at least $190M (approximately 57.5% attributed to silver production and 42.5% attributed to gold production), down from $513M in 2023. Mineral production was low in 2024 due to the current closure of the Eagle Gold Mine, which was one of the two active hardrock mines in the Yukon. However, production revenue at Keno Hill Mine remains high due to precious metal prices reaching an all-time high and remaining strong in 2024. As of November 30, 2024, there were 84 active exploration projects in the Yukon, which is comparable to the number of projects in 2022 and 2023; 29 of these were partially funded through the Yukon Mineral Exploration Program (YMEP). In 2017, the Yukon began to experience a decline in the number of active exploration projects along with fewer active companies and individual prospectors, especially during the COVID-19 pandemic; however, those numbers have stabilized since 2022. In 2024, the majority (approximately 70%) of active exploration projects occurred within the Traditional Territories of the First Nation of Na-Cho Nyäk Dun(29 projects; 30%), Kaska Dena Nations (17 projects; 18%), Tr’ondëk Hwëch’in First Nation (11 projects; 11%) and the Selkirk First Nation (10 projects; 10%; Fig. 5). Similarly, the highest-combined expenditures across the First Nations’ Traditional Territories were approximately $132M for the First Nation of Na-Cho Nyäk Dun, $51.5M for the Kaska Dena Nations, $13.0M for Tr’ondëk Hwëch’in First Nation, and $11.3M for Selkirk First Nation.

This volume contains overviews on Yukon Mining, Development and Exploration, Placer Mining, the Mining Incentives Program, and activities of the Yukon Geological Survey. Mineral exploration in Yukon has reached record levels with over $80 million spent on the search for base and precious metals, coal, gemstones and uranium in 2006. Exploration for gold attracted the largest share of the exploration dollars, capturing 35%, followed by zinc at 22%, uranium 15%, copper 12%, silver 7%, tungsten and molybdenum 6%, and the remainder being spent on coal and gemstones. Mine development expenditures have also increased dramatically with an estimated $50 million being spent on the Minto mine, which is scheduled to be in production in the second quarter of 2007. The total development costs at Minto are estimated to be $107 million. Exploration activity at all levels in Yukon, from grassroots stages to advanced exploration, has experienced a dramatic increase. A total of 70 of the approximately 150 exploration projects in Yukon had expenditures of greater than $100 000, with 21 of these projects spending more than $1 million.

The Yukon Placer Mining Industry report reflects the strong relationship between the Yukon Geological Survey (YGS) and the Yukon placer mining industry. Our annual tours into the various gold fields are always productive and provide new details on placer gold settings, which this report encapsulates.

The Yukon Placer Industry Report is a reflection of the strong working relationship between the Yukon Geological Survey (YGS) and the Yukon placer mining industry. Our annual tours into the various gold fields are always productive and provide new details on placer gold settings, which are encapsulated in this report.