Yukon exploration company buys ‘non-core’ Victoria Gold property
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Victoria Gold receiver expediting long-term sale agreement
A Yukon exploration company has purchased property adjacent to the closed Eagle mine.
Banyan Gold had been slowly purchasing the property since 2017. The sale was scheduled to close in fall 2026 but was expedited by PricewaterhouseCoopers (PwC) after it became Victoria Gold’s receiver.
The parcel of land contains two properties, dubbed the AurMac Project. It spans 215 square kilometres, according to Banyan Gold, and is located 40 kilometres from Mayo. The company is currently drilling for gold in the area.
Banyan Gold already owned 75 per cent of the project when PwC offered a small discount in exchange for expedited payment, according to Banyan Gold CEO Tara Christie.
Christie said they were happy to close the deal early.
“When you’ve got a public company, having your loose ends tied up with no uncertainty is certainly to our benefit,” Christie said.
Christie said the AurMac project, which is still being explored, is “a long way from being a mine.”
Banyan Gold will pay $3.6 million for the remaining 25 per cent of the AurMac Project in two instalments, according to PwC.
In a receiver’s report published Aug. 12, PwC said it hired a consultant to monetize “non-core exploration assets” of Victoria Gold as it prepares to sell the Eagle mine.
Banyan Gold is not bidding on the Eagle mine, which went up for sale earlier this summer, according to Christie.
PwC says it wants to sell the Eagle mine by the end of the year.
Related stories from around the North:
Canada: First Nation, chamber of mines blast Yukon gov’t’s efforts to develop new mining laws, CBC News
Sweden: Swedish developer GRANGEX buys iron ore mine on Norway’s border to Russia, The Independent Barents Observer
United States: Canada and U.S. make co-investment in Fortune Minerals N.W.T. project, The Canadian Press
