Minto Mine Doubles Copper-Gold Resource with Indigenous Ownership

Minto Mine Resource Doubles Under Indigenous Ownership

Venerable Ventures has reported a significant update for the Minto mine in Yukon, revealing that the copper and gold resource has more than doubled since 2005. The updated resource estimate highlights 12.6 million indicated tonnes grading 1.2% copper and 0.46 g/t gold. This translates to 334 million pounds of copper and 187,000 ounces of gold. Inferred resources also rose to 23.7 million tonnes, containing 547 million pounds of copper and 295,000 ounces of gold. Located on Selkirk First Nation (SFN) traditional territory, the mine has transitioned to Indigenous ownership through a partnership forming Selkirk Copper Mines.

Focus on Expansion and Indigenous Partnership

The Minto mine’s new phase emphasizes exploration around the high-grade Minto North area, aiming to expand and convert mineral resources. This comes after Yukon’s Supreme Court approved SFN’s purchase, making it one of Canada’s rare Indigenous-owned mines. Venerable Ventures and SFN have signed a binding letter of intent for a C$15 million all-share deal, positioning SFN as the largest shareholder. Planned financing includes a private placement to support further drilling and mine restart activities.

Market Impact and Future Outlook

Although the updated resource increased tonnage, the grades are slightly lower than previous estimates, and no measured category was added. Venerable Ventures based the update on extensive drilling totaling over 376,000 meters. Despite these promising results, Venerable’s shares remained flat recently, reflecting cautious investor sentiment. However, the move toward Indigenous ownership and resource expansion marks a strategic turning point for Yukon’s mining sector.

SuperMetalPrice Commentary:

The Minto mine update signifies a pivotal moment for Indigenous-led mining operations in Canada. Doubling copper-gold resources under SFN ownership strengthens local economies and aligns with sustainable development trends. Investors should monitor ongoing drilling results and financing developments, as expanding resource bases and Indigenous partnerships increasingly shape North America’s mining landscape.