Klondike- White Gold District Activity
The elusive hard rock sources of the Klondike's widespread placer gold occurrences are only now being discovered. So far, defined hard rock gold resources have yet to match the estimated 16+ million ounces of placer gold reportedly recovered by placer miners within the Klondike Gold Fields, despite the evidence that creeks with placer gold can indicate proximity to lode gold sources.
Since 2008, the pace of discovery has been rapid. The first major hard rock gold discovery was made in 2009 on Underworld's White Gold property. By January 2010, Underworld had delineated the Golden Saddle deposit, with an indicated resource of 1,004,750 ounces of gold grading 3.2 g/t plus an inferred resource of 407,413 ounces of gold grading 2.5 g/t. In March 2010, Kinross Gold purchased Underworld for $139 million. In June, 2017, the property was acquired by White Gold Corp. who have commenced aggressive exploration of the property. On March 5, 2018, White Gold announced an updated resource estimate including an Indicated Mineral Resource of 961,000 gold ounces within 12,324,000 tonnes at 2.43 g/t gold and an Inferred Mineral Resource of 282,500 gold ounces within 5,157,000 tonnes at 1.70 g/t gold.
In 2009, Kaminak Gold acquired the Coffee Gold Project and identified soil geochemical anomalies with numerous trenches containing anomalous gold values. During 2010, one of the initial 28 drill holes reported an intercept of 17 g/t Au over 15.5 m. In September 2015 Kaminak announced a NI 43-101 compliant probable reserve of 46.4 Mt at 1.45g/t Au, containing 2,157,000oz Au. In addition, a NI 43-101 Indicated resource comprised 63.7Mt at 1.45g/t Au for 2,968,000oz Au, including 2,170,000 ounces gold classified as oxide, and an Inferred resource total of 52.4Mt at 1.31g/t Au for 2,212,000oz Au, including 857,000 ounces gold classified as oxide. On May 26, 2016, Kaminak announced that Goldcorp had made an offer to acquire all the shares of Kaminak for total consideration of approximately $520 million.
Late in 2012, Comstock Metals announced a significant new gold discovery on its QV Zone, located just north of the Kinross White Gold property. Subsequent drilling intersected a broad gold-bearing zone highlighted by hole QV12-004 that intersected 89.85 m of 2.34 g/t Au and 45.5 m of 3.04 g/t Au.
The White Gold District is one of the largest gold area plays in Western Canada. Industry observers are optimistic that additional hard rock gold deposits await discovery.
Pacific Ridge is Well Positioned for Discovery
Pacific Ridge was early to recognize the potential of this part of the Yukon. In 2009, the company acquired a 100% interest in the Eureka and Gold Cap properties by staking, and acquired a 100% interest in the Mariposa project through an option agreement.
Our three properties collectively include more than 1500 mineral claims covering 360 square kilometers of the White Gold District, located south of Dawson City, Yukon. The district is part of the unglaciated Klondike Plateau, on the northern edge of the Dawson Range, and consists of rolling hills cut by the Yukon and Stewart Rivers, as well as numerous subsidiary creeks. Access into the area is by a combination of boat/barge along these rivers, by winter road along the old Dawson Trail, and by gravel roads from Dawson City. In addition, the Mariposa property has winter road access and a well-maintained gravel airstrip.
Although there had been little hard rock exploration of this district before 2009, there is evidence of gold from active mining operations that are recovering placer gold from creeks draining the hills of the Mariposa and Eureka properties. These creeks have been mined for gold since the early 1900's. In addition to placer gold-bearing streams, other encouraging indicators on the three properties include highly anomalous gold and multi-element results from stream sediment, soil and rock samples.
The Mariposa property is farmed out to Four Nines Gold Inc. while Eureka Dome has been optioned to Trifecta Gold Ltd. Pacific Ridge continue to explore Gold Cap.