The Conversation (0)
Oct. 04, 2015 03:45PM PST
The Yukon was home to the famous Klondike gold rush of the late 1980s, but mining is still going on there today.
This article was originally published on Gold Investing News on August 12, 2010.
The Yukon is home to the famous Klondike gold rush of the late 1890s. Prospectors flocked to the area some 120 years ago, following the discovery of gold on Rabbit Creek in the Klondike district by George Carmack, Dawson Charlie and Skookum Jim.
When these men returned to their homes in the Pacific Northwest, carrying bags of gold, they encouraged thousands more like them to embark on a journey to the Yukon, hoping they would find riches in the Klondike, too.
These miners were in search of placer gold: gold that has been eroded from its mother rock, and transported a distance away from where it was formed. Nowadays, gold mining around the world has evolved into a sophisticated operation. Gold prospecting methods have changed for a few reasons. For one, most placer deposits have been discovered and exhausted. To meet our demand for gold we have had to dig deeper, away from placer deposits, to find the main source.
Remarkably, however, placer mining in the Yukon is still ongoing. Small placer gold mines operating in the region have a combined annual production of approximately 100,000 troy ounces. The total recorded gold production from 1885 to date is about 12.5 million ounces, a value of roughly US $15 billion at today’s prices.
Mining in the region has been directed toward the placer deposits, with considerably less effort going into locating the hard-rock sources. For this reason, compared to exploration around the rest of the world, the Yukon is relatively untouched. This is also partially due to the Territory’s remote location. The largest city in the Yukon is Whitehorse, which has a population of approximately only 23,000. Attempts in the past to discover the main sources of the gold have been cut short, due to the metal losing steam. However, today, the price of the metal more than justifies digging deep to locate ore. Now, a brand new gold rush may be just around the corner.
Geology
The gold deposits in the Yukon were formed during the Mesozoic and Cenozoic eras – when the northern Canadian Cordilleran orogeny was formed. The pressure and heat, and associated movement of magma, resulted in the formation of many valuable ore deposits, including gold. In the region, intrusion-related gold deposits include the Eagle Zone at Dublin Gulch, which contains 2.3 million ounces gold at a grade of 0.9 g/t; and Brewery Creek deposits, which contained 825,000 ounces gold at a grade of 1.36 g/t prior to production.
Orogenic gold veins formed in response to two events. The oldest veins, formed after peak metamorphism of the Yukon-Tanana Terrane, are probably the source of the placer gold that drove the early prospectors to the Yukon. The younger orogenic veins were formed during the uplift of the coast plutonic complex. The coast plutonic complex is the “coastal mountains” that run along the coast of Alaska and British Columbia, and into the southwestern Yukon. At their southern extent, they are closer to the ocean and back up against the more famous rocky mountain range.
The formation of the coastal mountains once again created pressure and heat, causing intense metamorphism of the country rocks. This, in turn, created the youngest gold hosting orogenic veins. These veins are not as well researched as their older counterparts, however, the potential for future discoveries in this particular orogeny is quite high. In neighboring Alaska, the POGO depositis an example of one of these vein deposits that has been explored so far. It is estimated to contain approximately 4 million ounces of gold at a grade of 16 g/t. Differentiating between these different gold deposit models is an important first step for gold exploration in the Yukon.
The placer mining deposits are a result of several Quaternary glacial advances in the Yukon. Historic placer mining areas in the Yukon can be grouped into ten areas: Klondike; Sixtymile; Fortymile; Clear Creek; Moosehorn Range; Stewart River; Whitehorse South; Mayo; Dawson Range; and Livingstone Creek. Each area has its own geomorphic setting and depositional history related to its glacial history. As mentioned earlier, studying the actual location of the source rock has taken a back seat to placer mining in the Yukon. Given the amount of placer gold extracted in the area, locating the original source is the next step in the evolution of gold exploration in the Yukon.
In order to encourage investment and prospecting, a number of gold miners active in the region have formed the Yukon Gold Mining Alliance (YGMA). The YGMA is a marketing consortium of qualified Yukon exploration, development & mining companies committed to increasing awareness of the Yukon and member companies in the capital market. In order to become a member of the YGMA, an exploration company must be established, including having a national instrument compliant (NI 43-101) resource estimate, and also have been engaged in meaningful exploration in the Yukon for any five of the preceding seven-year period. The alliance’s focus is on metals including gold, silver and copper. Companies must adopt and adhere to a corporate sustainability policy including community relations, environmental responsibility and labor relations. To date, the seven members of the YGMA are Alexco Resource Corp (TSX:AXR) (AMEX:AXU), Capstone Mining Corp (TSXV:CS), Copper Ridge Explorations Inc. (CVE :KRX), Golden Predator Corp (TSX:GPD), Northern Freegold Resources Ltd (TSXV:NFR), Victoria Gold Corp (TSXV:VIT) and Western Copper Corp (TSX:WRN).
The YGMA recently hosted investment analysts on a three-day, seven-stop tour in the Yukon. Gold Investing News spoke with Mr. Wayne Atwell, analyst and managing director of Casimir Capital?, who made the journey to the Yukon. He had good things to say about the gold market, and the potential that the Yukon holds. The main points he brought up included the progression of the territory in obtaining permission from the First Nations tribal councils to develop mines, the necessity of exploring for and developing gold, and the “mining friendliness” of the region as a whole.
The region is indeed very “mining friendly.” The Yukon Mining Incentives Program (YMIP) promotes and enhances mineral prospecting and exploration activities in Yukon. The program’s function is to provide a portion of the risk capital required to locate, explore and develop mineral projects to an advanced exploration stage. Applicants are invited to submit prospecting and exploration proposals.
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Investor Insight
Heliostar combines production of ~50,000–55,000 oz in 2026 with a pipeline of high-margin development assets in Mexico led by Ana Paula. Supported by operating cash flow from La Colorada and San Agustin, a debt-free balance sheet and strategic expansion into the US with the Goldstrike project in Utah, the company is positioned to scale into a 500,000 oz per year gold producer.
Overview
Heliostar Metals (TSX:HSTR,OTCQX:HSTXF,FRA:RGG1) is an emerging gold producer focused on building a mid-tier, multi-asset production platform, anchored in Mexico and complemented by strategic expansion into the United States.
The company has rapidly transformed from an explorer into a producer through disciplined, value-accretive acquisitions, assembling a 100 percent-owned portfolio of producing mines, advanced development projects and exploration assets. This platform provides both immediate cash flow and long-term scalability.
In 2025, Heliostar produced 34,098 gold equivalent ounces, generated US$47.4 million in mine operating earnings, and ended the year with US$40.6 million in cash and no debt, demonstrating strong execution and financial discipline.
Production is expected to increase to 50,000–55,000 oz in 2026, driven by La Colorada and San Agustin. Development of Ana Paula and Cerro del Gallo supports a clear pathway to 500,000 oz annual production by 2030.
In 2026, Heliostar formed part of the OTCQX’s Best 50 top-performing companies. The company ranked 8th overall, joining 7 other mining companies in the top 10.
Beyond its core Mexican portfolio, the addition of the Goldstrike project in Utah introduces further growth optionality, reinforcing Heliostar’s strategy of acquiring and advancing underexplored assets with strong development potential. With a staged growth strategy, strong margins and an expanding resource base, Heliostar is positioned to evolve into a 500,000 oz per year gold producer by 2030.
Company Highlights
- Growing Production Base: Two producing mines targeting 50,000–55,000 oz of gold in 2026, generating cash flow to fund development.
- Clear Path to Mid-Tier Scale: Staged growth targeting annual production of 500,000 oz by 2030.
- High-Margin Flagship Asset: The Ana Paula PEA outlines 101,000 oz/year production (post ramp-up) with strong economics, including US$1,012M NPV5% and 51.3% IRR at higher gold price assumptions, supporting a 2028 production target.
- Self-Funded Growth Model: Generated US$47.4 million in mine operating earnings (2025) with US$40.6 million in cash and zero debt, reducing reliance on equity dilution.
- Robust Resource Base: Approximately 7.3 Moz measured and indicated gold resources plus ~1.4 Moz inferred, supporting long-term scalability.
- High-Quality Development Pipeline: Cerro del Gallo targeting 86,000 GEO/year at US$1,390 AISC, alongside San Antonio’s production potential.
- Strategic Expansion in the US: Acquisition of the Goldstrike project in Utah adds near-surface oxide potential and long-term growth optionality.
- Strong Institutional Backing: Approximately 53 percent institutional ownership, complemented by high-net-worth investors and management alignment.
Key Projects
Ana Paula (Flagship Development Project)
Ana Paula is a high-grade underground gold project in Guerrero and the cornerstone of Heliostar’s long-term growth strategy.
The November 2025 PEA outlines a 9 year mine life with 101,000 oz/year production, 874,700 oz total output, and strong economics, including a US$1,012M NPV5% and a 51.3 percent IRR, supported by a low AISC of US$1,011/oz.
The project hosts approximately 742,000 oz measured and indicated at 5.4 g/t and 514,000 oz inferred, highlighting its high-grade profile and expansion potential.
With a feasibility study targeted for H1 2027 and construction expected in H2 of the same year, Ana Paula is expected to become the primary driver of Heliostar’s transition to mid-tier production.
The company is targeting production at Ana Paula in 2028.
La Colorada Mine
La Colorada in Sonora is a key cash-flowing asset that underwent a successful turnaround in 2025. The mine hosts reserves of 376,000 ounces of gold grading 0.68 g/t in 17.1 million tonnes of ore.
The mine is expected to produce 20,000–22,300 oz in 2026 at AISC of US$1,775–1,875/oz, supported by a six-year mine life and approximately 286,000 oz total production profile.
Mining at the project’s Veta Madre pit commenced in August 2026, a milestone that the company ties to its plan to secure cash flow through 2027 and 2028 to support construction at Ana Paula.
Ongoing drilling, pit expansions and underground potential provide meaningful upside, reinforcing its role as a core funding engine for development.
San Agustin Mine
San Agustin in Durango is a restarted oxide heap-leach operation providing near-term production growth and cash flow.
2026 guidance targets 30,000–32,700 oz of gold at AISC of US$2,150–2,250/oz, following a low-capital restart funded from the company’s balance sheet.
The asset offers additional upside through oxide expansion and sulphide exploration, supporting potential mine life extension.
Cerro del Gallo Project
Cerro del Gallo is a large-scale gold-silver development project in Guanajuato and a key driver of future production growth.
The 2025 PFS outlines ~86,000 GEO/year over a 15-year mine life at US$1,390 AISC, with strong economics, including US$972 million NPV5% and 59.3 percent IRR at higher gold price assumptions.
The project is expected to play a central role in advancing Heliostar towards the goal of 500,000 oz annual production by 2030.
San Antonio Project
San Antonio is a 100%-owned heap-leach development project offering strong optionality and long-life production potential.
The project hosts approximately 1.74 million ounces of measured and indicated gold and demonstrates attractive optionality, including potential 80,000 oz/year production and low AISC of US$1,063/oz.
As permitting advances, San Antonio represents a key medium-term growth opportunity within the portfolio.
Goldstrike Project (Utah, USA)
Goldstrike is a newly acquired gold project that expands Heliostar’s footprint in the United States and adds exploration and development optionality. The property currently hosts an Indicated resource of 975 kilo ounces at 0.46 g/t of gold.
The project hosts a near-surface oxide gold system with historical production of approximately 209,000 ounces of gold and defined mineralization, offering potential for low-cost, open-pit heap-leach development. Its geological setting and existing dataset provide a strong foundation for resource growth and technical advancement.
Goldstrike complements Heliostar’s acquisition strategy by adding a scalable, underexplored asset outside its core Mexican portfolio, enhancing long-term growth potential.
Drilling is underway at Goldstrike to test the antimony and gold potential of both Antimony Ridge and Antimony Knoll, with results expected towards the end of 2026.
Management Team
Charles Funk – President & CEO
Charles Funk has over 20 years of experience in exploration and business development, including senior roles at Newcrest Mining and OZ Minerals. He led the Panuco discovery for Vizsla Silver, demonstrating strong capability in identifying high-value deposits. At Heliostar, he has driven the company’s transformation into a multi-asset gold producer through disciplined acquisitions. His leadership is focused on building a scalable, mid-tier gold platform.
Gregg Bush – Chief Operating Officer (COO)
Gregg Bush is a proven mine builder with extensive experience in mine development, integration and operations. He previously served as COO of Capstone Mining and held senior leadership roles at Equinox Gold. Bush brings deep expertise in optimizing operating assets and advancing projects into production. He plays a key role in executing Heliostar’s production growth strategy.
Sam Anderson – VP Projects
Sam Anderson has approximately 25 years of experience in mine geology and project development, including 17 years at Newmont. He played a key role in advancing the Merian Mine from resource stage through construction to steady-state production. His expertise spans exploration, resource expansion and project execution. At Heliostar, he leads the advancement of key development assets.
Mike Gingles – VP Corporate Development
Mike Gingles brings more than 35 years of experience in the mining industry, specializing in corporate development and M&A. He played a leadership role in major transactions including Pueblo Viejo and Turquoise Ridge. His expertise includes project evaluation, deal structuring and strategic partnerships. He supports Heliostar’s acquisition-driven growth strategy.
Hernan Dorado – VP Sustainability & Special Projects
Hernan Dorado is a fifth-generation miner with over 20 years of experience in mining operations, particularly in Mexico. He was a founding member of Guanajuato Silver, where he served as COO. His expertise includes permitting, community engagement and sustainability practices. He ensures responsible development across Heliostar’s operations.
Vitalina Lyssoun – Chief Financial Officer (CFO)
Vitalina Lyssoun is a Chartered Professional Accountant (CPA, CA) with more than 16 years of experience in financial management within the resource sector. She has extensive expertise in public company reporting, compliance and internal controls. Prior to joining Heliostar, she led the corporate accounting function at Gatos Silver. Her experience spans multiple international jurisdictions.
Stephen Soock – VP Investor Relations & Development
Stephen Soock has nearly 20 years of experience across mining operations and capital markets. He began his career in technical roles at mine sites before transitioning to equity research, where he spent eight years covering growth-stage mining companies. He is a mining engineer and CFA Charterholder. At Heliostar, he leads investor relations and supports capital markets strategy.
Investor Insight
GoldInxs Mining Corp. (TSXV:INXS, OTCQB: INXGF) provides investors with exposure to early-stage gold-copper exploration in British Columbia, leveraging a portfolio of high-potential projects in Tier 1 jurisdictions, within established gold districts, surrounded by strong regional infrastructure and led by an experienced management team committed to accelerating discovery and delivering shareholder value.
Overview
GoldInxs Mining Corp. is a discovery-focused mineral exploration company dedicated to identifying and advancing high-potential copper-gold assets in proven geological belts. The Company's strategy centers on acquiring overlooked and underexplored projects with large-scale potential, applying modern exploration techniques to rapidly evaluate targets and unlock shareholder value through discovery.
The Company’s. common shares started trading on the TSX Venture Exchange in July 2026 under the symbol INXS, positioning itself to capitalize on favorable copper and gold market fundamentals.
Copper demand is forecasted to grow steadily through 2030, with the global copper market expected to expand to over US$340 billion by 2030, driven by electric vehicles, renewable energy and infrastructure growth.
On the other hand, gold continues to provide a safe-haven hedge against policy risks and market volatility, making GoldInxs’ dual focus on copper and gold particularly compelling for investors.
The Company’s portfolio is anchored by two priority projects: the Fishpot Project in central British Columbia, interpreted as an emerging, large epithermal system with strong infrastructure access and jurisdiction quality as well as early indications of blackwater-style mineralization, and the non-core Millar Project in the prolific B.C Golden Triangle, a district renowned for world-class discoveries. While surrounding deposits attracted billions of dollars in investment, Fishpot received only sporadic historical exploration despite widespread hydrothermal alteration and numerous anomalous gold, silver and copper results. Artemis Gold’s Blackwater Mine has announced tripling production with an intended $1.56B investment, which sits only 65 km from the Fishpot property.
Backed by a management team with expertise in exploration, project development and capital markets, GoldInxs is positioned to rapidly advance its assets, deliver near-term exploration catalysts and create shareholder value through discovery and strategic growth.
Company Highlights
- Mining-friendly jurisdiction: Projects are in British Columbia, which ranked second in Canada and 20th globally in the 2025 Fraser Institute investment attractiveness rankings.
- Flagship and district-scale assets: Portfolio is anchored by the flagship Fishpot Project (“Fishpot”) in central B.C., showing strong geological indicators of mineralization, blackwater-style mineralization potential and immense exploration upside potential with only 378 meters of historical drilling. Fishpot is strategically located in the same region as Artemis Gold’s Blackwater Mine and Evolution Mining’s optioned Clisbako property.
- Clear path to 2026 catalysts: GoldInxs secured a drill permit for an upcoming maiden 2,000-metre drill program at Fishpot, near-term exploration programs are designed to define mineralized systems, outline blackwater-style potential and create shareholder value following the completion of a 3D IP survey and drill targeting.
Key Projects
Fishpot Project
The Fishpot Project represents the cornerstone asset within the GoldInxs portfolio. Covering up to 5,500 hectares in Central British Columbia, and located ~95 km north of Quesnel, Fishpot hosts a large hydrothermal alteration system that exhibits many of the geological characteristics observed in major epithermal and intrusion-related gold systems throughout the region. Fishpot encompasses five claim blocks, held under an option to acquire 100 percent subject to a 2 percent NSR, representing a significant exploration opportunity in a highly prospective region.
Fishpot represents a largely untested hydrothermal mineral system where multiple independent exploration datasets, including gold-silver-copper surface geochemistry, alteration and geology, airborne magnetics, 3D IP chargeability/resistivity and identified epithermal-to-potential-porphyry target environments, are converging to define drill targets, despite only 378 metres of historical drilling across two holes.
Fishpot is situated within the highly prospective Stikine Terrane and is underlain by Hazelton Group volcanic rocks and intrusive units comparable to those associated with several significant deposits in British Columbia. Extensive quartz-sericite alteration, hydrothermal brecciation, pyrite mineralization and multi-element geochemical anomalies support the interpretation of a robust mineralizing system. Fishpot is strategically positioned near active and historical mining operations, including Artemis Gold’s Blackwater Deposit, Newton Gold Project, Capoose and 3Ts Project, underscoring its large-scale discovery potential. Importantly, based on early-exploration results, Fishpot shares several regional geological characteristics commonly associated with Blackwater-style gold systems, including felsic volcanics, strong alteration, pyrite-rich mineralization and gold-silver geochemical associations. Despite the similarities the Company cannot yet make any formal connections to the surrounding properties, nor can they guarantee that such deposits exist on their ground.
Fishpot Exploration Technology: GoldInxs advanced its Fishpot targeting program by combining a conventional 3D IP survey with emerging Virtual DRILL™ remote-sensing technology as an additional targeting layer, using multiple geological, geochemical and geophysical datasets to refine and prioritize targets ahead of a planned ~2,000-metre drill program.
Fishpot Drill Permit & Expansion: GoldInxs has received the required drilling permits and expanded Fishpot to 5,509 hectares, positioning the Company to proceed with its inaugural ~2,000-metre modern drill program on a property that has seen very limited historical drilling, while refining targets through integrated geological, geochemical and geophysical data.
Despite multiple encouraging exploration indicators, Fishpot has been subjected to only two historic drill holes totaling 378 metres, leaving the broader mineral system largely untested and providing significant leverage to future exploration success.
Recent exploration completed by GoldInxs generated the highest reported gold value on Fishpot to date, returning up to 5.65 g/t Au from surface sampling, while airborne geophysical surveys identified multiple coincident magnetic and geochemical anomalies that have strengthened the Company's exploration model and target pipeline.
The 2025 program returned rock samples of up to 5.65 g/t Au, 11.35 g/t Ag and 0.42% Cu, while historical work reportedly returned up to 4.36 g/t Au and 3.2% Cu.
The property exhibits the potential low-sulphidation epithermal targets at Fishpot North, intermediate-sulphidation signatures at Fishpot East, and a large central magnetic high being evaluated for potential porphyry mineralization at depth. The Company is focused on finalizing drill targeting and preparing for the inaugural diamond drill campaign at Fishpot in the coming months following completion of the IP survey. GoldInxs is preparing to drill-test a 5,509-hectare, largely undrilled hydrothermal system in central British Columbia where high-grade surface gold-silver-copper results, Blackwater-style geological characteristics and multiple coincident geophysical targets have converged to define a portfolio of high-priority exploration targets.
Management Team
Nick Michael – President and CEO
Mr. Michael is a veteran mining executive and technical director with over 37 years of global experience spanning mine development, engineering and operational leadership. His expertise covers the full project lifecycle, including design, construction, technical due diligence and Independent Engineer assignments for institutional investors and project financiers. He also leads CJK Milling, a company focused on reprocessing historical mine waste to recover discarded gold decades ago, when it was less valuable.
Carlo Rigillo, CPA, Chief Financial Officer
Mr. Rigillo is an experienced Chartered Professional Accountant with over two decades of experience. He holds a Bachelor of Commerce from the University of Toronto.
Barry Miller – Executive Chairman and Director
Mr. Miller brings over 30 years of experience in public markets, including roles as a broker, consultant and financier. He is the founder of GoldInxs and has been actively involved in the resource sector through leadership positions, including as director of Tinova Resources Corp., an exploration company focused on tin and rare earth elements in British Columbia and Alaska.
Tara Asfour - Vice President, Corporate Development and Communications
An executive consultant with over 13 years of experience, Tara Asfour holds expertise in corporate development, capital markets, investor relations and strategic communications. She has led strategic financings, partnerships and offtake initiatives within the resource sector through previous corporate development and investor relations roles with multiple publicly listed companies.
Al Fabbro – Director
With over three decades of experience spanning both the mining and finance sectors, Mr. Fabbro previously led Yorkton Securities’ retail trading department and was part of its Natural Resources Group. He later served as Lead Director of Roxgold Inc. and currently holds executive leadership roles in the mining industry.
Darcy Vis, P.Geo. – VP Exploration and Director
Mr. Vis is an economic geologist with over 17 years of experience in mineral exploration. He has held senior technical roles across multiple exploration companies and is the President of Tripoint Geological Services Ltd. His expertise includes target generation, project evaluation and exploration program execution.
Stephen Soock, P.Eng., CFA – Director
Mr. Soock is a mining professional with nearly 20 years of experience spanning both technical operations and capital markets. He currently serves as Vice President, Investor Relations and Development at Heliostar Metals.
Christopher Kelly, PQS, FCIArb – Director
Mr. Kelly has over 15 years of experience in construction and natural resources. He holds a BSc in Construction Economics and Management and an MSc in Construction Law and Dispute Resolution, and runs Trachtala Consulting Ltd.