Geotech_Earlug_2016_Alt2.pdf 1 2016-06-24 4:27:20 PM VTEM™ | ZTEM™ | Gravity | Magnetics 905 841 5004 | geotech.ca OROPLATA RESOURCES COMMENTARY ASANKO GOLD Looks to capitalize on lithium demand in Nevada / 3 SEC modernizing archaic disclosure rules / 4 Responds to critical K2 report / 5 AUGUST 1–7, 2016 / VOL. 102 ISSUE 25 / GLOBAL MINING NEWS · SINCE 1915 / $3.99 / WWW.NORTHERNMINER.COM Colombian Goldcorp VP Bergeron Mines’ Nevada talks plans for Coffee acquisition SITE VISIT | Gold major acquires Kaminak Gold in Yukon sends shares soaring GOLD | Historic drill highlights include 6 metres at 33.49 grams gold per tonne BY TRISH SAYWELL [email protected] obert Carrington has spent a good part of his career in Nevada and has helped find Ra number of deposits that became producing mines, including Twin Creek, now owned by Newmont Mining (NYSE: NEM), and the Lucerne and Billie the Kid depos- its, owned by Comstock Mining (NYSE-MKT: LODE). The geologist also happens to be a fourth-generation Nevadan. His family has been involved in mining for many more generations than that and his degree, not surpris- Goldcorp’s executive vice-president of corporate affairs and sustainability, Brent Bergeron, at the Coffee gold project’s work camp in the Yukon. PHOTO BY MATTHEW KEEVIL See COLOMBIAN / 13 “WE HAVE AN OPPORTUNITY TO INVEST wide] at having six to eight large- PM40069240 BY MATTHEW KEEVIL scale industrial complexes, with [email protected] ALL OVER THE WORLD, AND I SEE THIS AS an aggregate production rate of DAWSON CITY, YUKON A GREAT JURISDICTION.” between 3 to 4 million oz. gold per year,” Bergeron says. BRENT BERGERON t’s an exciting time in Canada’s “We’re constantly reviewing our EXECUTIVE VP OF CORPORATE AFFAIRS, GOLDCORP Yukon Territory. On July 20, portfolio to divest any assets that Goldcorp (TSX: G; NYSE: don’t fit, and looking at assets like IGG) completed its acquisition of to meet Goldcorp’s executive vice- grading 1.45 grams gold per tonne Coffee that are consistent with our explorer Kaminak Gold and its president of corporate affairs and for 2.2 million contained oz. gold. strategy of partnering with junior multimillion-ounce Coffee gold sustainability, Brent Bergeron. Previous heap-leach metallurgical mining companies to identify de- project, 130 km south of Dawson “One of the main benefits for studies indicate 86% life-of-mine veloping districts with exploration City along the western bank of the Goldcorp was the way this project gold recoveries. potential,” he says. Yukon River. The entrance of a was developed by the Kaminak In early 2016, Kaminak tabled During a helicopter flight to the senior gold producer anywhere in team, which really spiked our in- a feasibility study for Coffee that top of Coffee’s Supremo deposit, Canada is always big news in min- terest,” Bergeron said during a would require $317 million in pre- Bergeron discussed Goldcorp’s ing circles, but it’s even bigger in a presentation, commenting that it production capital to develop an near-term plans for the project. territory that’s yet to host a major was not only with respect to techni- operation that would crank out Kaminak had pitched a more hard-rock gold mining camp. cal aspects of the project, but also 193,000 oz. annually over a 10-year modest development plan to reflect In July as part of a media tour, The on the consultative and social side. mine life at all-in sustaining costs the recent downturn in the gold Northern Miner flew by helicopter “We have an opportunity to in- of US$550 per oz. gold. market, but had hoped to produce into the historic Coffee camp, which vest all over the world, and I see Assuming a US$1,150 per oz. gold first gold by 2019, which would was abuzz following a vote from this as a great jurisdiction, with price and a US78¢ Canadian dollar, have necessitated major permitting Kaminak shareholders that saw a lot of support from government the project generates a $455-million, this year. 99% support for the acquisition. and local communities,” he said. “I after-tax net present value at a 5% Kaminak’s feasibility study had Even the geological staff, busy with like investing dollars where there discount rate and a 37% internal only involved 44% of Coffee’s global a drill program at the site, seemed is consistency and transparency.” rate of return. Annual after-tax in-situ gold ounces of 63.7 million happy at the news. The acquisition Coffee’s potential as a heap-leach free cash flow is an estimated $93 indicated tonnes at 1.45 grams gold is a $520-million, all-share transac- gold mine for oxide reserves has million. per tonne for 3 million contained oz. tion and represents a 3% dilution been established. The structurally “When we take a look at our op- gold, with much of it open at depth. for Goldcorp shareholders. hosted hydrothermal gold deposit erating model, we’re going through Most of the gold outside the mine Helicopters hovered overhead as has good grades, with probable some changes in terms of our plans. the media tour pulled into camp reserves totalling 46 million tonnes We’re probably looking [company- See GOLDCORP / 2 KLONDIKE GOLD: PULLS UP NICE RESULTS NEAR DAWSON CITY / 16 1 2 3 4 5 11 13 14 16_Aug1_Main .indd 1 2016-07-26 8:23 PM 2 AUGUST 1–7, 2016 / THE NORTHERN MINER WWW.NORTHERNMINER.COM Flying into Goldcorp’s Coffee gold camp, 130 km south of Dawson City, Yukon. PHOTO BY MATTHEW KEEVIL Goldcorp VP Bergeron talks plans for Coffee GOLDCORP From 1 IN JUNE, GOLDCORP WAS REPORTEDLY plan, however, is hosted in little- explored sulphide or transitional IN WHITEHORSE material. TO BEGIN “Having a large company like us come in and work with the techni- CONVERSATIONS cal team really decreases the risk WITH THE YUKON involved in building and develop- ing the project,” Bergeron said as GOVERNMENT ON we walked along one of the many ITS REGULATORY trenches that mark the extensive Cof- PROCESS. fee orebodies. “We offer the financial strength and flexibility to develop the project and unlock significant resource potential across the prop- “There are quite a few projects that erty. That’s part of what we want to are adjacent to Coffee, and we’re al- do over the short- and long-term.” ways looking at possibilities that will Kaminak’s surveying generated allow us to build a camp and be here many gold-in-soil anomaly targets. for the long-term,” Bergeron said. The regional Dawson Range avoided “We’re definitely watching junior glaciation during the last ice age, so explorers, and when it’s appropri- glacial erosion and deposition of ate we will make those investments till, or outwash sediments, did not and work with them to develop occur. Such undisturbed surface opportunities. We want to make material has led to a 90% success sure that we’re moving [promising Many older buildings at the Coffee camp are reminders of the Yukon’s gold mining history. PHOTO BY MATTHEW KEEVIL rate in underlying bedrock drilling. projects] forward.” Flying around Coffee, work camps While Goldcorp appears commit- Kaminak team for “great work” in are spotted at the 185 sq. km Boule- ted to developing a mining camp pursuing permits. vard gold project next door, which is at Coffee, Kaminak’s development “We’ll pursue quartz mining and held by Independence Gold (TSXV: schedule is unclear. Will the project water permits simultaneously … IGO). Goldcorp picked up a 19.9% still hit production by 2019? During a companies have done it separately position in the junior in June, which conversation in the well-stocked core in the Yukon, which probably puts again speaks to the major's view of shack, Bergeron said the plan seems you in the position of five years the region as a district-scale play. “aggressive,” but complimented the for permitting,” Bergeron said of Goldcorp's recent discussions with the Yukon government. ONTARIO GOLD EXPLORATION: “The process is set up for the same time, however, and this gives you $30K-$500K+, S.W. of Timmins on Porcupine Swayze the ability to cut down your time fault beside past producing mines. Own/explore 10/15 line … investing in a lot of the work nearly contiguous sq. m. staked near 3 past mines (with up front will help us pursue an ag- min. $4k-$90K budget/yr.) Areas selected from aerial gressive permitting strategy. We do not want to delay the project, but we survey data (’84 $4m. 108 sq. m.): samples (1.5 – 16g, want to make sure we’re starting off Au); $1m. new work; favourable fault (same angle as on the right foot with government mine-cost $50k, min $20k/yr. explor. budget, 4 sq. m.-); and First Nations.” & contiguous or close proximity to mines. Recently Goldcorp shares have traded open for staking. Much ongoing exploration in in a 52-week range of $13.55 to $26.56, and last closed at $23.73. immediate area. New mine being readied for gold The company has 10 mines in the production and mill to service area in development on Americas and expects to produce adjoining property. Usable roads; rail accessible. up to 3 million oz. gold this year. It (Coinvest / diversified junior ?) Call 416-733-2696 or has 832.3 million shares outstand- email: [email protected] S.V.P. ing for an $18.7-billion market capitalization. TNM An outcrop at Goldcorp’s Coffee gold project in the Yukon. PHOTO BY MATTHEW KEEVIL 1 2 3 4 5 11 13 14 16_Aug1_Main .indd 2 2016-07-26 8:23 PM GLOBAL MINING NEWS THE NORTHERN MINER / AUGUST 1–7, 2016 3 Oroplata picks up lithium brine project in Western Nevada Basin TECHNOLOGY METALS | Lithium a breath of fresh air for veteran mineral hunter Craig Alford A rendering of Faraday Future’s planned US$1-billion electric car plant that is under construction in North Las Vegas, Nevada.