After the historic gold rush, there is now a new one in the Yukon: Victoria Gold has already opened its gold mine. Neighbor Banyan Gold could be next. The share offers plenty of upside and the company is traded as a takeover candidate.
From the historical to the modern gold rush in the Yukon!Between 1896 and 1899, the Canadian northern province of Yukon experienced its first gold rush. More than a hundred years later, the region, located on the Alaskan border, was rediscovered. Today, higher precious metal prices and modern exploration methods make it possible to mine ores that were previously considered uneconomic. Victoria Gold (VGCX | C$8,60) opened the Eagle Mine in 2019, the largest gold mining operation the Yukon has seen to date. Open pit mining is used to extract ore with a gold content of just 0.5 grams per ton, and heap leaching is used to extract the metal from the rock - a process now well established in the far north. Banyan Gold (BYN.v | C$ 0,385), a neighbor of Victoria Gold, now offers the chance for the Eagle Mine to become a "Tier 1 Asset", i.e. a mine with more than 500,000 ounces of annual production.
Banyan Gold: big deposit, but strict cost management!Tara Christie, a mining engineer with more than 25 years of professional experience - the last ten of which have been in the Yukon - became President & CEO of Banyan Gold in 2016 . Under her leadership, the company acquired a 51 percent interest in the AurMac project in the Yukon in 2017. It also has the option to acquire the remaining 49 percent under relatively easy terms.
In 2020, the first resource estimate for the project was 900,000 ounces of gold, which was rewarded with a five-fold increase in the share price. By May 2022, the resource had grown to four million ounces of gold. Then on May 24, 2023, Banyan presented the latest resource estimate at 6.2 million ounces of gold (details). That's a size that all gold producers are interested in. Tara Christie is justifiably proud: "That's a 50 percent increase in just one year. This was achieved with a drill program of 50,000 meters in one season. Banyan continues to focus ...
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