Yukon mineral exploration activity in 2021 continued to be affected by the COVID-19 pandemic. However, due to measures put in place by mining and exploration companies, contractors and suppliers, and supported by the Yukon Government, the 2021 season approached “normal”. These measures also allowed the operating mines to continue to ramp-up production.
Precious and base metal prices fluctuated throughout the year as pandemic and supply chain related issues affected markets, but generally prices remained elevated. Expectations are that year-end exploration expenditures in Yukon will be approximately $113 million ($75.8 million in 2020). Development expenditures for the year are expected to be $71.5 million, up from $53.9 million in 2020. The value of year-end hard rock metal production for 2021 is expected to be approximately $500 million, thanks to the continued ramp up of production at the Eagle Gold mine, the restart of mining at Keno and continued operations at Minto.
The number of active exploration projects dropped slightly from 106 in 2020 to 91 projects in 2021. Twenty-six of the 91 projects spent more than $1 million, while 44 projects spent less than $500 000. Many of the smaller projects received Yukon Mineral Exploration Program (YMEP) grant funding. YMEP funds were distributed to 32 hard rock and 20 placer exploration projects in this volume for more information). In terms of all Yukon projects, gold continues to be the most sought-after commodity, with 59% of the projects targeting the precious metal. The remainder of projects focused on exploring for copper (15%), lead-zinc (9%), silver (16%), nickel-PGEs (0.2%), and tin and others (0.2%).
