BC, Yukon and NWT snapshot: Eight companies to watch

Northwestern Canada is a vast hub for mineral exploration and mining. Here’s a glimpse of eight companies exploring for precious and base metals in British Columbia, Yukon and the Northwest Territories. 

Amarc Resources 

Amarc Resources (TSXV: AHR; US-OTC: AXREF), a Vancouver-based mineral exploration and development company, recently initiated a new drilling campaign at its DUKE deposit in central British Columbia.

The deposit is located within the 678-sq.-km DUKE district, 80 km northeast of Smithers within the Babine Region, one of the province’s most prolific porphyry copper-gold belts.

The company is working toward an initial resource, with an expanded drilling program funded by Boliden, which signed a deal with the junior in November to earn up to a 70% interest in DUKE by investing up to $90 million.

Previous assay results include hole DK17002, which returned 15 metres starting from 17 metres downhole grading 0.44% copper, 0.126 gram gold per tonne, 2.1 grams silver per tonne, and 0.019% molybdenum for a copper-equivalent of 0.59%.

Another hole, DK18005, returned 147.1 metres grading 0.27% copper, 0.046 gram gold, 1.1 grams silver, and 0.028% molybdenum (0.4% copper-equivalent) including a 12-metre sub-interval grading 0.32% copper, 0.072 gram gold, 1.1 grams silver, and 0.037% molybdenum (0.51% copper-equivalent) starting from 125 metres.

The copper-equivalent calculations were based on metal prices of US$4 per lb. copper, US$1,800 per oz. gold, US$24 per oz. silver, and US$15 per lb. molybdenum.

The company paused drilling at DUKE right before Christmas and is scheduled to resume it early this year. In addition to drilling, Amarc plans to carry out surface programs throughout 2023 that will test 12 prioritized deposit targets across the district.

Amarc’s two other 100%-owned properties, IKE and JOY, are located in southern and northern B.C., respectively. Together, the three properties host four deposits and 10 priority porphyry copper-gold deposit targets.

Amarc has also been advancing its 482-sq.-km JOY property with funding from Freeport-McMoRan (NYSE: FCX), through staged investments totalling $110 million. As of Oct. 2, 2022, it had completed 15,427 metres of helicopter-supported drilling across 37 holes.

Shareholders can expect a “steady flow of results” throughout this year from both the DUKE and JOY projects, commented Amarc president and CEO, Diane Nicolson, in a release.

Amarc Resources has a market capitalization of $27.9 million.

ATAC Resources 

Vancouver-based ATAC Resources (TSXV: ATC; US-OTC: ATADF) is focused on expanding its Osiris deposit on the Nadaleen project, part of its 100%-owned Rackla gold property located in central Yukon.  

In 2022, the company completed five diamond drill holes totaling 1,551 metres. Highlights include hole OS-22-283, which intersected 2.63 grams gold per tonne over 33.2 metres starting from 114.8 metres downhole including 9.29 grams gold over 6.7 metres. As well, hole OS-22-285 intersected 3.69 grams gold over 10.8 metres from 292 metres including 10.91 grams gold over 2.1 metres.  

“These results are a great reminder of the high-grade nature of the Osiris deposit and the potential for significant resource growth through systematic step-outs along strike and at depth,” commented Graham Downs, ATAC president and CEO in a news release. 

This was ATAC’s first time drilling at Nadaleen since 2018. The project hosts Canada’s first Carlin-type gold discoveries and an indicated resource of 5.5 million tonnes grading 4.12 grams gold for 732,000 oz. gold. Inferred resources for the entire Osiris deposit add another 9.4 million tonnes grading 3.47 grams gold for 1 million oz. gold. 

ATAC has three other projects in Yukon, including its wholly-owned Connaught property for which drill results are pending. In British Columbia, the company’s PIL property covers 151.5 sq. km and contains multiple highly prospective copper-gold targets. 

“We look forward to returning to Nadaleen with a resource expansion program in the coming years, as well as further drilling at the Anubis target which hosts earlier-stage, high-grade Carlin-style mineralization along a 2.5-km fault structure,” Downs added. 

ATAC Resources has a market capitalization of $16.5 million. 

Brixton Metals 

Vancouver-based Brixton Metals (TSXV: BBB; US-OTCQB: BBBXF) is advancing its flagship Thorn copper-gold-silver-molybdenum project in northwestern British Columbia.  

The wholly-owned 2,900-sq.-km property is located at the northern tip of the prolific Golden Triangle, and within the Taku River Tlingit and Tahltan First Nations’ traditional territories. 

In early January, Brixton released drill results from its Camp Creek porphyry target at Thorn, including 709 metres of 0.34% copper-equivalent (0.24% copper, 0.06 gram gold per tonne, 2.42 grams silver and 140.54 parts per million molybdenum)  from 534 metres depth in hole THN22-213.

Also in early January, Brixton released new assays from the Trapper gold target at Thorn, including 304.5 metres of 1.19 grams gold from 4 metres depth in hole THN22-237. The results followed previous highlights released in December, with hole THN22-255 returning 262 metres of 1.04 grams gold per tonne from a depth of 12 metres, including 147.1 metres grading 1.59 grams gold. Hole THN22-254 returned 2.11 grams gold over 39 metres from 4 metres. The 2022 drilling campaign, which began in May, included 58 holes totalling 18,200 metres, with close to 6,500 drilled at Camp Creek and more than 9,100 metres at Trapper. 

The company is poised to carry out its 2023 exploration program, which is fully funded thanks to a $13.6-million private placement by BHP (NYSE: BHP; LSE: BHP; ASX: BHP), which now owns just under 20% of the junior’s shares, in November. Priority targets at Thorn include Camp Creek (copper-gold-silver-molybdenum porphyry), Trapper (gold), and Metla (copper-gold porphyry). 

Brixton also owns 100% of its three other projects: Atlin, a gold property located north of Thorn; Langis, a silver-cobalt-nickel property located in eastern Ontario, 500 km north of Toronto; and Hog Heaven, a silver-gold-copper project in Montana, U.S. 

Hog Heaven is being advanced with funding from Ivanhoe Electric (TSX: IE; NYSE-AM: IE). The project, now in the advanced exploration stage, previously returned drill results of 445.7 grams silver, 1.4 grams gold, and 1.5% copper over 5.4 metres from 105.7 metres.   

Brixton Metals has a market capitalization of $89.8 million.  

Fireweed Metals  

Fireweed Metals (TSXV: FWZ; US-OTC: FWEDF) is advancing its three critical minerals projects in Yukon and in the Northwest Territories. 

The company is planning to provide an updated PEA for its flagship asset Macmillan Pass, in Yukon, this year.  

Based on a January 2018 mineral resource estimate, Fireweed considers the 948-sq.-km property as among the world’s most significant zinc resources. Two of the project’s larger deposits, Tom and Jason, host a combined indicated resource of 11.2 million tonnes grading 21.33 grams silver, 6.59% zinc, and 2.48% lead and an inferred resource of 39.4 million tonnes grading 38.15 grams silver, 5.84% zinc, and 3.14% lead. 

The property also consists of Boundary Zone, Boundary West, and End Zone, which host distinct zinc-lead-silver mineralization. Previous drilling at Boundary Zone intersected high grades, including 75.7 grams silver, 23.77% zinc, and 3.44% lead over 10.4 metres. 

Macmillan Pass is located north of Whitehorse and is accessible via the North Canol Road.

The company owns two other projects in northern Canada: Gayna River, a zinc property located 180 km west of Norman Wells, N.W.T; and the newly acquired Mactung Tungsten site, which sits on the border of Yukon and the N.W.T. 

Fireweed purchased Mactung back in June for $15 million from the government of the N.W.T. The property is one of the largest and highest-grade tungsten deposits in the world and is also accessible by the Canol Road. It hosts an indicated resource of 33 million tonnes grading 0.88% tungsten trioxide and an inferred resource of 11.8 million tonnes grading 0.78% tungsten trioxide.  

Highlights from the 2022 exploration program at Gayna River include 10 soil samples returning over 4,000 ppm lead, with one sample that contained 27.5% lead and 176 grams silver per tonne. These samples confirm the presence of an historical zinc and lead soil anomaly. 

In addition, high-grade rock samples grading 7% zinc or higher confirmed massive sulphide mineralization. One sample also graded 51% zinc and another graded 74% lead. Multiple potential drill targets have been identified at the site.   

Fireweed Metals has a market capitalization of $93.9 million. 

Goliath Resources  

Goliath Resources (TSXV: GOT; US-OTC: GOTRF), a Toronto-based junior with properties in British Columbia and Quebec’s Abitibi greenstone belt, recently expanded its Golddigger property located within B.C.’s Golden Triangle. 

The company’s 2022 drilling program, which was completed in October, consisted of 86 holes (from 20 drill pads) totalling 26,321 metres. Assay results confirmed the presence of high-grade gold-silver mineralization at the property’s Surebet Zone covering an area of 1.6 sq. km.  

Highlights include hole GD-22-80, which intersected 23.17 grams gold per tonne and 6.32 grams silver over 5 metres from 360 metres, including 115 grams gold and 28.5 grams silver over 1 metre. Hole GD-22-70 intersected 12.93 grams gold and 69 grams silver over 6 metres including 37.03 grams gold and 195.37 grams silver over 2 metres. 

The program was designed to follow up on the previous year’s drilling campaign, which yielded results that demonstrated significant mineralization in all 24 holes that were drilled over a 1-km strike and a down-dip extent of 1.1 km. 

Assay results from 66 drill holes to date confirm a 97% hit rate and strong gold mineralization on the Surebet Zone, which remains open.  

The latest results have enabled Goliath to more than double its land package from 238.6 sq. km to 527.5 sq. km.   

Goliath announced in December that it had raised $1.3 million in aggregate proceeds. Crescat Capital, a global macro asset management firm, accounted for more than 3.7 million of the 4,842,393 common share purchase warrants exercised at a price of 28¢ each. The Denver-based company now owns 17.48% interest in Goliath. 

Goliath is also exploring for precious metals at its wholly-owned Lucky Strike property in B.C. and at its Nelligan project in Quebec.  

Goliath Resources has a market capitalization of $85.4 million. 

Osisko Metals  

Osisko Metals (TSXV: OM; US-OTC: OMZNF) has been working to develop its Pine Point project located on the south shore of Great Slave Lake in the Northwest Territories. 

The base metals company shared its latest drill results from the project in a Nov. 22 news release. Highlights include intercepts at 9 metres grading 10.51% zinc and 3.52% lead starting from 108 metres, and 11.5 metres grading 9.37% zinc and 4.99% lead starting from 23.5 metres.  

“On a zinc-only basis, Pine Point could potentially become a top global low-cost zinc-lead producer ranking fourth largest in the Americas, producing an exceptionally clean and high-grade zinc concentrate that would be sought after by any number of smelters and traders globally,” commented Jeff Hussey, president and COO, in a release. 

Hussey added that the company plans to begin work on a feasibility study in the second half of 2023. It also expects to complete infill drilling this year. 

Pine Point, which Osisko acquired in 2018, is projected to have a 12-year mine life and produce an annual average of 329 million lb. zinc and 141 million lb. lead.  

The company’s other project, Gaspé Copper, in eastern Quebec, is one of the largest copper development assets in Eastern North America, according to the company’s website. Osisko signed a deal with Glencore Canada last year to earn a 100% interest in the past-producing copper mine. 

The mine was originally developed and operated by Gaspé Copper, a subsidiary of Noranda Mines, and it produced 150 million tonnes of ore averaging 0.87% copper between 1955 and 1999. 

Osisko Metals has a market capitalization of $39.4 million. 

Snowline Gold  

Yukon-focused explorer Snowline Gold (CSE: SGD; US-OTC: SNWGF) recently intercepted significant gold mineralization at its 100%-owned Rogue project, a  112.3-sq.-km property located in the underexplored Selwyn Basin. 

Drill highlights from the Valley Zone include hole V-22-032, which returned 318.8 metres of 1.32 grams gold per tonne starting from 91.6 metres downhole. The intercept included a sub-interval of 1.76 grams gold over 207 metres. Hole V-22-015 returned 442 metres of 0.65 gram gold from 75 metres, including 170 metres grading 1.18 grams gold.  

Results from another 5,000 metres of drilling are still pending.  

“Valley is unique in that at such an early stage, it ticks many of the boxes required of an economic gold discovery,” commented Snowline CEO and director Scott Berdahl in a news release. “It has scale, it has large zones of consistent mineralization with good gold grades, it has a favourable geometry, and its strongest grades—up to 4.1 g/t Au over 108.0 m—begin at surface.”  

Drilling at Rogue has revealed substantial and rare high-grade reduced intrusion-related gold systems, similar to those at Kinross Gold’s (TSX: K; NYSE: KGC) Fort Knox mine. Initial grab samples at Valley showed grades between 38 and 95 grams gold.  

The company consistently reported strong assay results throughout its 8,000-metre drilling program in 2022, which supported four of its properties: Rogue, Einarson, Ursa, and Cynthia. 

Snowline’s projects are all located within the Tintina gold belt. This prolific area hosts multiple million-ounce gold mines and deposits, including Fort Knox and Newmont’s (TSX: NEM; NYSE: NGT) Coffee deposit. 

Snowline continues to advance all seven of its mineral properties with funding that the company obtained last summer through a non-brokered private placement for $25.2 million.  

In October, the company completed the acquisition of 10 gold properties to be explored in Yukon from StrikePoint Gold (TSXV: SKP). The portfolio “[complements Snowline’s] existing portfolio and exploration efforts well,” commented Mr. Berdahl in a release.  

Snowline has a treasury of $22.3 million and three diamond drills at Valley, allowing it to move forward with an aggressive drilling campaign in 2023.  

Snowline Gold has a market capitalization of $386.7 million. 

Westhaven Gold  

Westhaven Gold (TSXV: WHN) has been advancing its Shovelnose gold-silver project in British Columbia since posting an initial 1-million-ounce open pit gold resource at the site a year ago.

In a Nov. 8 news release, the company announced drill results from its fully-financed property. Highlights include hole SNR22-295, which cut 25 metres of 1.95 grams gold and 5.61 grams silver starting at 218 metres, including a 0.7-metre interval of 10.05 grams gold and 11.6 grams silver. Another hole, NSR22-285, cut 26 metres of 1.22 grams gold and 5.66 grams silver starting from 73 metres, including 4.21 grams gold and 12.77 grams silver over 5.2 metres.  

The highest ever intercept at Shovelnose, which was reported last April, returned 23 metres of 37.24 grams gold and 214.7 grams silver. 

An initial resource estimate from January 2022 demonstrated 10.5 million indicated tonnes grading 2.32 grams gold and 11.43 grams silver per tonne for 791,000 oz. of gold and 3.8 million oz. of silver. Inferred resources add 9.1 million tonnes grading 0.89 grams gold and 3.47 grams silver for 263,000 oz. of gold and 1 million oz. of silver.  

Located approximately 30 km south of Merritt, Shovelnose covers 176.2 sq. km near the southern end of the Spences Bridge Gold Belt (SBGB). The area hosts volcanic rocks that are highly prospective for epithermal-style gold mineralization and has attracted thousands of prospectors dating back to the 1800s.  

The company also completed its inaugural drill program at Skoonka Creek, a 27.8-sq.-km gold property located near the northern end of the Spences Bridge Gold Belt and three hours from Vancouver by car. The campaign comprised 16 holes totalling 3,340 metres. At press time in early January it reported results of 11 holes from fall drilling at Skoonka Creek that extended mineralization by 900 km along strike. Highlights included 48.1 metres of 1.28 grams gold and 1.29 grams silver per tonne starting near surface, with a 1.9-metre sub-interval of 21.15 grams gold and 13.65 grams silver.

Westhaven owns 100% of its four properties, which also include Prospect Valley and Skoonka North, situated along the underexplored SBGB.  

Westhaven Gold has a market capitalization of $50.7 million.