The Eagle Gold Mine is the newest mine and largest gold mine in Yukon history.
The Eagle Gold Mine produces [gold] doré from a conventional open pit operation with a three-stage crushing plant, in-valley heap leach and carbon-in-leach adsorption-desorption gold recovery plant. The mine has year-round road access and personnel, who work a fly-in / fly-out work rotation, are accommodated in a 300-person all-season well-equipped camp. The mine in connected to the Yukon power grid, and a commercial airstrip used to transport personnel, is located 80 km to the south near the village of Mayo.
The mine is ramping up production and personnel and will, in full operation, employ 350-400 people which makes Victoria Gold a significant economic contributor to the local communities and the Yukon.
The Eagle Gold Mine has a long-standing Comprehensive Cooperation and Benefits Agreement with the First Nation of Nacho Nyak Dun, within whose traditional territory the mine is located.
Overview
The Eagle Gold Project has an enviable combination of significant mineral endowment, a desirable location with existing infrastructure and a strong, experienced management team. Historically, the Yukon has been a productive region for gold and this property contains a constrained in-pit resource of Measured and Indicated Mineral Resource 3.6 million ounces of gold (180 million tonnes grading 0.63 g/t) with an industry low waste-to-ore ratio of < 1:1 and metallurgical characteristics favourable to lower-cost heap leach processing. The project has good road access, is connected to grid power and is in a progressive mining friendly jurisdiction.
Mineral Reserves
In December 2019 Victoria Gold Corp released the results of a National Instrument 43-101 Technical Report (2019 TR) for its 100% owned Eagle Gold Mine.
Probable Mineral Reserves are the economically minable portions of the Indicated in-pit Mineral Reserves as demonstrated in the Technical Report.
Table‑2: Open Pit Mineral Reserves by Deposit (Pre-Mining)
| Area | Classification | Ore (M t) | Diluted Grade (g/t) | Contained Gold (k oz) |
|---|---|---|---|---|
| Eagle | Proven | 30 | 0.71 | 694 |
| Probable | 118 | 0.63 | 2,366 | |
| Total | 148 | 0.64 | 3,061 | |
| Olive | Proven | 2 | 1.02 | 58 |
| Probable | 5 | 0.93 | 142 | |
| Total | 7 | 0.67 | 200 | |
| Eagle + Olive | Total | 155 | 0.65 | 3,261 |
Notes:
- A gold price of US$1,275/oz is assumed.
- Reserve based on original topo with no depletion from preproduction/ramp up period up to the effective date.
- A US$:C$ exchange rate of 0.75.
- Cut-off grades, dilution and recovery factors are applied as per open pit mining method.
Source: VGC (2019)
Location & Infrastructure
The Eagle Gold Mine is situated within Victoria's Dublin Gulch property, located in the Mayo Mining District of Central Yukon Territory, Canada. It is located approximately 85 kilometres (km) north-northeast of the village of Mayo and is centered at latitude 64º 2' N and longitude 135º 50' W.
2019 Technical Report
In December 2019 Victoria released the results of a National Instrument 43-101 Technical Report for the Eagle Gold Mine.
The Technical Report was prepared by Independent Qualified Persons (IQPs) supplied by JDS Energy & Mining (JDS), Ginto Consulting, and Forte Dynamics Inc.; as well as several non-independent QPs who are current employees of Victoria Gold.
The following is an extract from the 2019 TR Executive Summary. The full report can also be accessed on SEDAR.