Yukon mineral exploration activity was severely affected by the COVID-19 pandemic and associated travel restrictions early in the year. As the summer began, exploration and mining companies were able to adjust their operating procedures and develop plans to allow them to adapt to the new reality. Companies implemented measures such as limiting the number of persons in camps, hiring local Yukon-based employees and contractors, increasing work rotation times so that employees spent less time in self-isolation, arranging for hotels to be used for self-isolation centres, having self-isolation spaces and procedures in camps and limiting the number of non-project personnel on site. These measures were crucial in turning around what was looking like a bleak exploration season and allowing for some sense of normalcy. An increase in precious and base metal prices in mid-summer provided a much-needed shot in the arm for junior exploration companies. Yukon Geological Survey (YGS) tracks mineral sector spending through press releases, SEDAR and correspondence with companies. Although spending projections were dire at the start of the field season, by year-end, exploration expenditures are expected to be between $70 and $80M (vs. $117M in 2019). Development expenditures for the year are expected to be $65M, down from $225M in 2019. The drop in development expenditures is primarily due to the completion of construction at Victoria Gold Corp.’s Eagle Gold mine. Year end metal production for 2020 is approximately $300M with production coming from Eagle Gold, Minto and the newly re-opened Keno Hill mines.

Yukon mineral exploration activity in 2021 continued to be affected by the COVID-19 pandemic. However, due to measures put in place by mining and exploration companies, contractors and suppliers, and supported by the Yukon Government, the 2021 season approached “normal”. These measures also allowed the operating mines to continue to ramp-up production. Precious and base metal prices fluctuated throughout the year as pandemic and supply chain related issues affected markets, but generally prices remained elevated. Expectations are that year-end exploration expenditures in Yukon will be approximately $113 million ($75.8 million in 2020). Development expenditures for the year are expected to be $71.5 million, up from $53.9 million in 2020. The value of year-end hard rock metal production for 2021 is expected to be approximately $500 million, thanks to the continued ramp up of production at the Eagle Gold mine, the restart of mining at Keno and continued operations at Minto. The number of active exploration projects dropped slightly from 106 in 2020 to 91 projects in 2021. Twenty-six of the 91 projects spent more than $1 million, while 44 projects spent less than $500 000. Many of the smaller projects received Yukon Mineral Exploration Program (YMEP) grant funding. YMEP funds were distributed to 32 hard rock and 20 placer exploration projects in this volume for more information). In terms of all Yukon projects, gold continues to be the most sought-after commodity, with 59% of the projects targeting the precious metal. The remainder of projects focused on exploring for copper (15%), lead-zinc (9%), silver (16%), nickel-PGEs (0.2%), and tin and others (0.2%).

Yukon mineral exploration activity in 2022 normalized, somewhat, as the restrictions related to the COVID-19 pandemic abated. However, headwinds remained for explorers in Yukon: continued worker shortages, rising labour costs, high fuel prices, supply chain issues, and difficult financial markets. A surprising number of companies were not able to raise the funds necessary to execute exploration programs in 2022. The good news is that precious and base metal prices were generally strong, however, they did soften slightly towards the end of the summer. Expectations are that year-end exploration expenditures will be approximately $124 million ($123 million in 2021). Development expenditures for the year are expected to be $105 million, up from $86 million in 2021. These estimates are compiled by the Yukon Geological Survey from data posted on company websites and conversations with explorers. The expected value of year-end hard rock metal production for 2022 is approximately $543 million ($525 million in 2021; Fig. 1).

Like everywhere else around the world, 2020 was underscored in Yukon by the sudden spread of the COVID-19 virus and the drastic social and economic changes it precipitated. For Yukon Geological Survey (YGS), this meant a hasty retreat from offices in March, a reduced and modified field season, disruption of our client services, and uncertainties about the duration of the “new normal” and the impact it might have on Yukon’s communities and minerals sector in the long term. Relative to most regions of Canada, Yukon has fared relatively well and by June, the minerals sector was focused on how they could undertake exploration rather than how they might recover from a cancelled field season. Similarly, YGS managed to complete most of its planned field activities (albeit with a reduced scope), and to administer an expanded Yukon Mineral Exploration Program.

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.

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.

Yukon’s placer mining industry continues to display its resilience through another mining season during a worldwide pandemic. The pandemic continues to bring delays and challenges that affect many facets of the industry, ranging from interruptions in the supply chain to isolation requirements for workers. Despite these challenges, production value remained high, and new production was noted from a number of creeks that have not produced in the recent past. With an expanding number of placer creeks producing and stable production from the traditional mining areas, the industry continues to display its economic significance for the territory.

not_specified

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 report is a synthesis of the Yukon Geological Survey’s placer fieldwork and captures information collected from approximately 120 site visits conducted each season. Information is supplemented by details from staff at Compliance Monitoring and Inspections and, from conversations throughout the off-season with miners. This edition of the placer industry report is larger than ever, which speaks to the level of activity in the various districts and our commitment to providing an accurate record. In order to provide practical information, we have continued to increase the amount of geological detail in the report. The scope of the report also aims to capture mining activity and equipment utilized at each site. This helps frame the style of mining and gives a general idea about mine layout and processing techniques. The overall aim of the property descriptions is to provide a reference that is both insightful in the short term and informative decades into the future.