Mining News: Newmont takes helm at Plateau gold project, YU

Goldstrike Resources Ltd. Dec. 11 reported that Newmont Mining Corp. plans to complete up to 10,000 meters of drilling during the 2018 program at the Plateau gold property in the Yukon. In March, Newmont cut a C$53 million deal to earn up to a 75 percent stake in the expansive and gold-rich Plateau property by paying Goldstrike C$8 million and investing C$38.8 million to explore the gold property over the next decade. The agreement included a C$6 million private placement financing under which the gold-focused major purchased 12.71 million Goldstrike shares at C47.4 cents each.

Goldstrike completed a C$6 million exploration program that included drilling focused on understanding and modeling the controls of the high-grade gold mineralization present at surface and in core from previous drill campaigns. The company said this program identified multiple key target areas and new surface gold mineralization along the 70-kilometer- (43 miles) long Yellow Giant trend, confirming a district-scale gold mineralized system. Goldstrike also had the benefit of the use of a number of Newmont’s proprietary exploration techniques and technologies. The resulting data, together with results from previous exploration, is currently being compiled and used for modeling. Given the success of the 2017 program, Goldstrike is preparing for the official handover of Plateau project to Newmont. “Our collaboration with Goldstrike in the exploration of the Plateau Property during the 2017 field season laid a solid foundation for Newmont to further advance the Plateau project,” said Wayne Trudel, North America exploration executive, Newmont.

Based on the data obtained from the 2017 program and interpretations of that data, Newmont has confirmed that the 2018 drill program will consist of up to 10,000 meters utilizing multiple drill rigs to test multiple key target areas. With drill results now in hand, Newmont is planning that program and plans to begin drilling as early in 2018 as possible. “We are pleased to have a partner in Newmont Mining that has the proprietary technologies, depth and experience to move the Plateau project forward,” said Goldstrike President and CEO Terrence King. “The Goldstrike team will continue to work closely with its partner going forward to assist where we can, in order to unlock the full value of the Plateau district-scale gold system.”

–SHANE LASLEY