Placer districts across the Yukon yielded strong production this season as a result of favourable conditions. A continued rise in gold prices and stable fuel prices were complemented by mild temperatures that allowed for an extended sluicing season. As of November 10, 2023, the 146 active placer operations in the Yukon had collectively generated $143.7M in production revenue. The Dawson Mining District was the primary contributor to gold production, accounting for 89% of the total production for the Yukon. The Mayo Mining District followed with a 7% contribution and Whitehorse Mining District reported 4% of the overall production.

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.

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.

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 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).

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Since the publication of the last industry report, Yukon has undergone significant change: mineral prices have increased dramatically, with a corresponding boom in economic activity, mineral exploration, mine development, housing prices and employment. In contrast with the hard-rock sector, however, the placer industry has only just begun to share in these prosperous times - fuel prices have remained high and major regulatory changes have occurred. We hope that the research and information that the Yukon Geological Survey provides to the placer industry will encourage exploration and development of new placer mines in upcoming years.