TerraX president David Suda says the Yellowknife City Gold project is still five to ten years away from entering production.
“If we meet our goals … it shouldn’t be long before the project gets momentum and then decisions start to get made about if this becomes a mine,” said Suda at a Yellowknife Chamber of Commerce business lunch last Friday in response to a question from Premier Bob McLeod.
The junior mining company will be continuing an exploratory drilling program this summer.
Suda explained that there will be an effort to focus on drilling in “hot spots” on the Yellowknife City Gold property.
“The team has been working very hard to identify where our next program will go to find the most gold, the most efficiently and the most quickly,” he said.
The company has named the main hot spots Homer, Barney, Sam Otto and Crestaurum.
“We’ve got a data driven model that shows us where to go,” said Suda. “We’ve identified some new exciting places and we also found opportunities within the targets we had already earmarked.”
This comes after gold was discovered in 16,000 metres of historic core samples that were left on the Giant Mine site.
“There is gold running along those structures north of fault at Giant Mine,” said Suda.
He said the company will spend time this summer proving that gold structures from the Con and Giant mine run up to the Barney site.
The TerraX Yellowknife City Gold Project is a 783 square kilometre property that consists of land directly south, east and north of the city.
Suda mentioned that the site’s approximation to Yellowknife makes it an ideal candidate for mining projects.
“Our geologists like to say that they can get a coffee from Tim Hortons and it will still be too hot to drink when they get to the drill rig,” said Suda.
He said that Yellowknife is known internationally as a place with good infrastructure and a “mining friendly” mentality.
“What we want to do is move away from what Giant Mine was and be what TerraX can be,” said Suda.
Mayor Rebecca Alty attended the luncheon and said resource development plays an important role in Yellowknife’s economic health.
“The presentation was very informative and presents a great opportunity for responsible gold mining in the Yellowknife area,” said Alty.