Home to one of the biggest gold mining M&A takeover targets in 2021, British Columbia (BC) is going through a gold mining boom at present, with exploration drill bits spinning at near-record pace across the Canadian province.
In November 2021, Newcrest Mining Limited (ASX,TSX | PNGX: NCM) bid US$2.78B to takeover BC specialist Pretium Resources Incorporated (TSX: PGV) in a move that rocked the markets, according to S&P Global.
Newcrest’s prime target in its Pretium play is the Brucejack Project, a high-grade gold underground mine located in north-western British Columbia. The mine has produced 1,399,522oz of gold since it began commercial operation in July 2017. While the deal made headlines on financial and mining new sites, it is only part of the action that has seen a whole new stream of miners heading into BC.
According to reports, more than 600,000m of drilling was undertaken in BC last year, with the world famous “Golden Triangle” attracting the most attention. In 2020 it was estimated that the Golden Triangle accounted for an estimated 44% of the C$422M in mineral exploration expenditures in BC, while hosting three of Canada’s largest gold mines – and things aren’t slowing down.
Within recent weeks, significant results have been obtained from three exciting new BC gold developments.
Benchmark Metals
Benchmark Metals (TSXV: BNCH) has continued to grow its flagship Lawyers Gold-Silver Project with exciting new drill results at two separate deposits within the mine area. At the AGB deposit benchmark has received promising new results from three multi-purpose drill holes.
Highlight assays included 101.60m of 4.68 g/t gold and 89.89 g/t silver or 5.80 g/t AuEq, with 13.00m of 23.72 g/t gold and 212.84 g/t silver or 26.38 g/t AuEq in drill hole 21AGBDD040.
“The 2021 drill programme has intersected near-surface high-grade mineralization within the pit shells modelled in 2021 and could potentially add significant resources in the near-term mineral resource update,” CEO, John Williamson, said.
“As these results continue to expand the limits of the mineralization, further drilling in 2022 will continue to expand resource potential in all directions.”
Two weeks earlier Benchmark revealed further strong results from seven infill and expansion drill holes from the northern portion of the Cliff Creek deposit.
Drilling yielded broad zones of bulk-tonnage and high-grade mineralization with intersections continuing to define zones of high-grade bulk tonnage including 30.48m core length of 8.96 g/t gold and 233.04 g/t silver or 11.87 g/t AuEq, with 3.05m of 73.60 g/t gold and 1738.50 g/t silver or 95.33 g/t AuEq in drill hole 21CCRC041.
Mr Williamson said those results show significant expansion potential with continued strong mineralization along the margins of the 2021 modelled pit shell. He said the results are providing a vectoring tool to model and expand additional, robust high-grade mineralized systems to the south.
Westhaven Gold
Westhaven Gold Corporation (TSXV: WHN) has also recently hit high-grade gold in its ongoing, fully financed drill campaign at its 100% owned 17,623-hectare Shovelnose gold property in BC.
The company currently has one drill turning at the FMN target which is approximately 1.5km to 2km northwest of the recently released South Zone in-pit resource. Mineralization at the FMN target has been encountered over a strike length of 480m starting at the top of bedrock. Vein zone one broadens up-dip, near surface, with true widths of up to 40m as seen in hole SN21-188 (0.76 g/t Au over 57.8m).
Drilling at the FMN zone is targeting higher-grade mineralization at the preferred elevation range of 1200 to 1400m over an area extending southeast towards hole SN20-139 and northwest towards and beyond hole SN21-167.
Tudor Gold
Meanwhile, in the Golden Triangle Tudor Gold Corporation (TSXV: TUD) recently received positive final drill results from the 30,108m, 2021 resource expansion and definition drilling programme for the Goldstorm Deposit and Calm Before the Storm Zone (CBS), as well as surface sampling results from the Eureka Zone, at its flagship property Treaty Creek.
The results included three diamond drill holes that were completed at the Goldstorm Deposit along sections 113+00 NE and 118+00 NE, 500m apart, as well as the third exploration diamond drill hole at the recently discovered CBS.
President and CEO, Ken Konkin, said plans for 2022 include drilling the area beneath this channel sample line, as well as testing the current model that Eureka may be the eastern extension to surface of the DS-5 domain of the Goldstorm deposit.
“We are pleased to have completed the 2021 exploration season on a very positive note, having demonstrated that the Goldstorm Deposit still remains open in all directions and at depth.
“We have significantly expanded the Goldstorm system to the northwest, north, northeast and southeast, in addition to reporting some of our longest and strongest gold-copper mineralized intercepts that surpassed even the results obtained from last year’s extremely successful drill programme.”
Mineral exploration occurs in every part of our province, employing thousands of people
Strong government backing
Bruce Ralston, BC’s minister of energy, mines and low-carbon
innovation, recently noted the importance of mining to the province’s fortunes.
He told attendees at the recent 19th Annual BC Natural Resources Forum in Prince George, BC, that the forecast value for total provincial mining production in the province reached an all-time high of C$12.6B in 2021, while total exploration expenditures were at a near record C$659.8M.
“British Columbia is home to a world-class mining jurisdiction and a thriving mineral exploration sector.
“Mineral exploration occurs in every part of our province, employing thousands of people, with a cluster of mining companies headquartered on the lower mainland.
“British Columbia’s mineral exploration companies and their service and supply providers are world leaders in worker safety, environmental management, and modern technology.
“Mineral exploration in British Columbia is truly a collaborative venture involving industry, indigenous groups, and communities throughout the province.”
