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 Metallic Minerals Corp. /  16. April 2020 /  741 Aufrufe

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In September 2017, Metallic Minerals entered into an option agreement to acquire a 100% interest in 26 miles (36.4 km2) of creek and bench mining rights (the “Property”) along the Australia Creek drainage, a tributary to the Indian River, in the Klondike gold district near Dawson City, Yukon. In parallel with this acquisition, Metallic has entered into a production royalty agreement with an experienced alluvial mining operator with respect to a 2 mile (2.8 km2 ) portion of the Property (Lower Australia Creek). Under this agreement, the operators will have exclusive rights to mine the Lower Australia Creek property, in exchange for a 12% royalty on all gold production payable to Metallic. The property is road accessible and is presently permitted for alluvial gold production.

Australia Creek is part of the historic Klondike gold district that is estimated to have produced over 20 million ounces of gold since its discovery in 1898. Australia Creek and its benches are now recognized by Yukon Geological Survey as an eastern continuation of the highly-productive Indian River drainage, which is the largest placer gold producing area in the Yukon. Mining on the Indian River began in the late 1970s and has produced about 250,000 ounces or more than 40% of all placer production in the Yukon through 2015. With the expansion of larger-scale, open-pit operations, production on the Indian River has doubled since 2010 and accounted for 46% of the Yukon’s total placer gold production in 2015.

Despite extensive mining activity nearby, Australia Creek itself was never historically mined due to its importance as a source of water and hydro-electric power for supporting the broad scale, floating dredge operations that were being conducted in the area by Yukon Consolidated Gold Company (YCGC) which operated in the Klondike Region between 1920s and 1960s. The dams on Australia Creek have been removed with only the historic diversion channels now remaining. YCGC did limited exploration churn drilling at the mouth of Australia Creek, but no further exploration up the drainage. The mouth area is being actively mined at present and auger drill holes on Lower Australia Creek have returned values in the gravels similar to other parts of the Indian River, with initial test pits in 2015 to 2017 confirming the presence of alluvial gold.

The opportunity for Metallic Minerals will be to build a portfolio of production royalties from its holdings in the Klondike region, which can potentially generate internal cash flow from royalty payments that can be used towards the Company’s exploration activities in the Keno Silver and McKay Hill Projects. The first production royalty on Lower Australia Creek covers just a fraction of the remaining total Australia Creek holdings and the Company expects to secure additional production royalty agreements with other experienced alluvial mining companies over time.

DOMINION CREEK ALLUVIAL ROYALTY
In September 2017, Metallic Minerals entered into an agreement to acquire a 100% interest in mining rights (the “Property”) consisting of 10 claims totaling 1 mile (1.6 km) along a bench of Dominion Creek, a tributary to the Indian River, in the Klondike gold district near Dawson City, Yukon. The Company also entered into a production royalty agreement with respect to these claims under which the Company has granted exclusive mining rights to an experienced alluvial mining operator in exchange for a 15% royalty on all gold production. The property is road accessible and fully-permitted for alluvial gold production.

Dominion Creek is part of the historic Klondike gold district that is estimated to have produced over 20 million ounces of gold since its discovery in 1898. Approximately 2.7 million ounces have been produced on Dominion Creek by hand mining, dredging and, more recently, modern mechanized mining that continues today with numerous large scale open pit operations. The main channel of Dominion Creek was mined by floating dredges by Yukon Consolidated Gold Company (YCGC), which operated in the Klondike Region between 1920s and 1960s. YCGC also conducted exploration churn drilling along the benches of Dominion Creek, but never mined the benches in this area1. Auger drill holes on these claims have returned values in the gravels similar to other parts of the Dominion Creek, confirming the presence of alluvial gold on the property.

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