Far North Snapshot: Eight companies exploring for gold, critical minerals and more

The Far North contains a wealth of minerals, and although remote, many Far North regions have a rich history of mining. Here’s a glimpse of eight companies advancing some of the world’s northernmost exploration projects.

HighGold Mining

Vancouver-based HighGold Mining (TSXV: HIGH) is focused on its flagship Johnson Tract project in south-central Alaska. The project, which it acquired in 2019, was previously explored by Anaconda Minerals, which completed 88 drill holes totalling 26,840 metres between 1982 and 1995. HighGold believes this underexplored property has a high potential for new discoveries. The gold-copper-zinc-silver-lead project includes the main Johnson Tract (JT) deposit and several other mineral prospects.  

According to a July 2022 resource estimate, the JT deposit hosts 3.4 million tonnes of indicated resources grading 5.33 grams gold per tonne, 6 grams silver, 0.56% copper, 0.67% lead, and 5.2% zinc. Inferred resources add 786,000 tonnes grading 1.36 grams gold, 9.1 grams silver, 0.59% copper, 0.3% lead, and 4.18% zinc.

Last year, HighGold completed 6,056.4 metres across 43 drill holes at its Difficult Creek prospect, 39 of which were drilled at the Ellis zone. The other five holes were drilled at nearby targets.  

Assay results returned multiple high-grade intercepts and expanded the mineralization in the Ellis zone by almost 50%. Highlights shared in a December 2022 news release include hole DC22-046, which cut 14.8 metres grading 10.14 grams gold per tonne, 13.8 grams silver, 0.28% copper, 5.97% zinc, and 0.46% lead (14.3 grams gold equivalent).  

The Ellis zone now has a 125-metre strike length and a depth of 225 metres with an average true thickness of 10 to 15 metres in the plunging core of the zone, the company said in the release.  

“The 2022 drill program at the Ellis zone was very successful in sketching in a new centre of high-grade gold and base metal mineralization with similar characteristics to the…JT Deposit located 4 km away,” said CEO Darwin Green. “It remains early days in the exploration of this promising new zone, and we look forward to returning in 2023 with larger step-outs, particularly down plunge to the west and to depth.”

HighGold’s portfolio also includes a reduced intrusion-related gold property in Yukon’s Selwyn Basin and the Munro-Croesus gold project located 75 km east of Timmins, which hosts the past-producing Croesus mine. In addition, HighGold is seeking earn-in joint venture partnerships for its Golden Mile and Timmins South projects in the Timmins gold camp.

HighGold Mining has a market capitalization of $56.6 million.

Labrador Uranium

In March, Labrador Uranium (CSE: LUR; US-OTC: LURAF) entered into an agreement with ValOre Metals (TSXV: VO) to acquire a 100% interest in the Angilak uranium project in Nunavut in exchange for $3 million in cash and 100 million common shares of Labrador. The shares, which are valued at $40 million, will be distributed among ValOre shareholders on a pro rata basis when the deal closes.  

The 685.5-sq.-km property is located 225 km west of the hamlet of Baker Lake in the Kivalliq Region.

Angilak hosts 2.8 million tonnes of inferred resources grading 0.69% U₃O₈ (uranium oxide) for 43.3 million lb. of uranium oxide based on a 2013 resource estimate. The resource is defined by 335 core holes totalling 60,258 metres and is the highest-grade uranium resource in Canada outside of Saskatchewan.  

Past drilling highlights at Angilak include 1.5 metres grading 1.4% uranium oxide, 179 grams silver per tonne, 1.9% molybdenum, and 0.34% copper starting from 152.5 metres; and 0.6 metres grading 1.1% uranium oxide, 42.8 grams silver, 0.98% molybdenum, and 0.03% copper from 57.8 metres.

Labrador Uranium also owns 100% of the Central Mineral Belt project in Labrador consisting of the Moran Lake deposit, the Anna Lake deposit, and the Mustang Lake project, as well as the Notakwanon project about 60 km west of the Labrador coast.  

In 2023, Labrador plans to continue expanding the mineral resources at Moran Lake and generate new targets based on results from its 2022 drilling program.  

Labrador Uranium has a market capitalization of $15 million.  

Li-FT Power

Li-FT Power (CSE: LIFT) is focused on advancing its Yellowknife lithium project in the Northwest Territories, east of the capital city. The 14.9-sq.-km property hosts 13 well-exposed spodumene-bearing pegmatites with average grades of 1.07% to 2.2% lithium oxide (Li₂O) as well as strike lengths of up to 1,800 metres and widths up to 40 metres. These pegmatites make up part of the Yellowknife Pegmatite Province.  

A technical report from December outlines exploration work that was conducted on the property, including LiDAR and digital imagery surveys and helicopter-supported mapping, prior to Li-FT’s acquisition of the project in late 2022.

The Vancouver-based company plans to drill between 50,000 and 70,000 metres in the second quarter of 2023 with the goal of compiling an initial resource estimate.  

The company’s portfolio also includes the Cali project located in the Little Nahanni pegmatite field in the Northwest Territories, as well as the Rupert, Pontax, and Moyenne lithium projects in Quebec’s James Bay region.

Li-FT recently began diamond drilling at Rupert and plans to complete 5,000 metres across 17 holes. The 2023 campaign will test new targets from the previous two exploration programs.

Li-FT Power has a market capitalization of $332.3 million.  

Rupert Resources  

Toronto-based Rupert Resources (TSX: RUP) is about halfway through its 72,800-metre 2022-2023 drill program at its Ikkari gold discovery, part of the company’s flagship Rupert Lapland project in northern Finland. Located approximately 900 km north of Helsinki within the Central Lapland Greenstone Belt, the project also hosts the Pahtavaara gold mine.

Highlights shared in a Mar. 21 news release include intersections of 141 metres grading 3.6 grams gold per tonne starting from 322 metres and 52.6 metres grading 2.3 grams gold from 515 metres.

“Initial results confirm the exceptional continuity of the Ikkari resource and the potential for resource expansions in the west and at depth,” CEO James Withall commented in a release. “We have also identified further mineralization 7 km east from Ikkari along the main regional structure on our land package at Koppelo.”

Previous drill results from Ikkari include hole 123003, which cut 6 metres grading 74.1 grams gold from 361 metres, including 1 metre grading 445 grams gold.

About 30,000 metres of the current drill program, which began last August, have been allocated to infill and project drilling at Ikkari. The rest is being divided between the Ikkari extension, potential satellites, and regional exploration across the company’s 634-sq.-km land package.  

The company is also planning a resource update for the second half of 2023.

Rupert released the details of its preliminary economic assessment for the Rupert Lapland project last November. According to the study, the project is expected to have a 22-year mine life, producing 4.2 million oz. of gold over the life of the mine. The PEA outlines initial capital costs of US$405 million, a post-tax net present value (NPV) of US$1.6 billion at a 5% discount rate, and an unlevered internal rate of return (IRR) of 46%.  

In addition to the Rupert Lapland project, the company has a 20% participating interest in the Gold Centre property in Red Lake, Ont. Trillium Gold Mines (TSXV: TGM) holds the other 80% in an unincorporated joint venture.

Rupert Resources has a market capitalization of $917.8 million.  

Sitka Gold

On Apr. 12, Sitka Gold (CSE: SIG; US-OTC: SITKF) shared visual observations from the first drill hole of the season at its RC Gold project in Yukon. Hole DDRCCC-23-041, part of a 10,000-metre diamond drill program at the property, cut 518.8 metres and encountered visible gold as well as quartz-sulphide veins.

“The concentration of gold grains observed in hole 41 is far beyond anything we have seen to date and was encountered near the start of what appears to be a well mineralized interval,” commented CEO and director Cor Coe.  

Assay results are pending.

Sitka’s 2023 drill program will focus on step-out drilling from the Blackjack and Eiger intrusion-related deposits, both of which are open in all directions.  

“Hole 41 is expected to further extend what appears to be a higher-grade core of the Blackjack gold deposit to the east and to depth,” Coe added. “Drilling at RC Gold is off to a great start and we look forward to the significant advancement that this year’s activities should bring to the project.”

RC Gold is located about 100 km east of Dawson City in the Tombstone Gold Belt and consists of 1,891 mineral claims covering 376 sq. km.

As of Mar. 1, the company had drilled 13,000 metres across 38 diamond drill holes at Blackjack and Eiger.

Sitka released an initial resource estimate in January for the two deposits, which together host 1.3 million oz. in 61.1 million inferred tonnes grading 0.68 gram gold per tonne. The estimate was completed after a successful 2022 winter drill campaign, which returned 220.1 metres grading 1.17 grams gold from surface in hole 21 and 107.5 metres of 1.44 grams gold from 4.5 metres in hole 24.  

Sitka’s portfolio also includes the Alpha gold property in Nevada, north of Eureka; the Burro Creek gold project in Arizona; the Coppermine River project in Nunavut; and the OGI property located about 50 km east of Dawson City.  

Sitka Gold has a market capitalization of $25.8 million.

Strategic Metals  

Vancouver-based Strategic Metals (TSXV: SMD) is working to advance multiple projects in Yukon. The company is focused on a range of commodities, including precious metals, copper, zinc, nickel and lead.

In November, Strategic Metals announced results from its 100%-owned Batt property located about 68 km south of the town of Haines Junction in southwestern Yukon. Highlights from the MS zone include a chip sample that returned 8.72% copper, 0.24% zinc, 488 ppm cobalt, and 19.9 grams silver per tonne over 1 metre.

Strategic is also carrying out exploration work at its Mt. Hinton gold-silver project in central Yukon, where recent prospecting led to the discovery of the new 85 vein, the company reported in January. Two of the four float samples taken from this vein returned grades of 273 grams gold with 284 grams silver and 138.5 grams gold with 57.5 grams silver.  

Strategic Metals’ exploration program is primarily focused on discovering new gold and silver veins, strengthening geological and deposit models, and identifying new targets for future drill campaigns.  

Mt. Hinton, which was last drilled in 2020, is located in the Keno Hill District, 35 km southeast of Victoria Gold’s (TSX: VGCX) Eagle Mine.  

The company’s other Yukon projects include the Lance property in the Tombstone Gold Belt, which doubled in size last year to 105.8 sq. km after Strategic staked new claims; the Mint project, a gold-copper porphyry located about 26 km southwest of the Alaska Highway; and the Alotta property, which is under an option agreement with Benjamin Hill Mining (CSE: BNN; US-OTC: BNNHF) for up to 60% interest.

Strategic Metals’ vast portfolio includes more than 100 properties across British Columbia and the Northwest Territories (96 that are wholly owned, five joint ventures, seven under option, and 23 with net smelter return royalty interests). In addition, the company owns stakes in multiple exploration companies, including 34.5% in GGL Resources, 32.8% in Broden Mining, and 29.6% in Rockhaven Resources.

Strategic Metals has a market capitalization of $43.3 million.

Strategic Resources  

Strategic Resources (TSXV: SR) is working to advance the past-producing Mustavara vanadium mine located 650 km north of Helsinki in Finland. Last summer, the Vancouver-based company obtained an extension for its water permit until  July 2025.  

Strategic also submitted exploration permit applications as well as a proposal for an environmental baseline monitoring program in November 2021. Formal approvals are pending.

Mustavaara produced 10% of the world’s vanadium from 1976 to 1985 when the mine was operated by Rautaruukki Oy, a Finnish state company. In total, 10,000 metres have been drilled across 73 holes.

Based on a PEA dated May 4, 2021, Mustavaara is expected to have a 20.3-year mine life producing an average of 460 tonnes of ferrovanadium annually and 10,400 tonnes per day over the life of the mine. The PEA also outlined initial capital costs of €597 million (about $880 million), an after-tax NPV of €190 million (about $279 million), an IRR of 12.2%, as well as sustaining capital and closure costs of €94 million ($138 million).    

Strategic also holds the Silasselkä project, which is located about 850 km north of Helsinki. Historical drilling, consisting of 7,400 metres across 72 holes, identified iron-titanium-vanadium mineralization along a 16-km magnetic anomaly.

Strategic Resources recently acquired the BlackRock project in Quebec. The mine and concentrator will be located 700 km north of Montreal within the James Bay region while the metallurgical facility is to be built in Port Saguenay, just west of the St. Lawrence River. The project includes what will be the first vanadium and titanium-bearing magnetite deposit in North America and one of the lowest carbon-emitting metallurgical plants in the world, according to the company.  

Strategic Resources has a market capitalization of $102.9 million.

Western Alaska Minerals  

Western Alaska Minerals (TSXV: WAM) is focused on exploring several deposits at its 100%-owned Illinois Creek Mining District in Alaska. The 295.9-sq.-km land package comprises five exploration targets containing gold, silver, copper, molybdenum, lead, and zinc. Western Alaska’s portfolio includes the past-producing Illinois Creek oxide gold-silver mine, and the Waterpump Creek carbonate replacement deposit (CRD), a high-grade silver-lead-zinc deposit.

The company’s 2023 drill campaign will target both the east and west blocks at the Waterpump Creek project. It is planning to use up to four drill rigs to complete 17,000 metres this year.

In February, Western Alaska reported that it has identified multiple high-potential drilling targets at Waterpump Creek  

In the east block, geophysics and soil geochemistry revealed multiple anomalies that are consistent with mineralization discovered in 2022, including one that measures more than three times the length of the current known sulphide body. In the west block, a new CRD target nicknamed Warm Springs is seen to extend westward into a copper-gold soil anomaly south of the past-producing Illinois Creek gold oxide mine. The company said that this could be the porphyry-related mineralizing fluid source for the property.

Highlights from the 2022 drilling campaign at Waterpump Creek include hole WPC22-22, which cut 22.7 metres grading 292 grams silver per tonne, 20.3% lead, and 9% zinc starting from 161.6 metres, including a 7-metre interval grading 557 grams silver, 21.8% lead, and 16.7% zinc.

The Illinois Creek Mining District is located about 45 km from the Yukon River and contains exploration targets that were initially discovered by Anaconda Minerals in the 1980’s.  

Western Alaska’s other projects include Round Top, a copper porphyry deposit 25 km northeast of Illinois Creek; TG North, a silver-rich CRD located 3 km west-northwest of Round Top; and Honker Gold.  

Western Alaska Minerals has a market capitalization of $56.3 million.