6 Junior Mining Companies
Gold, Silver, Copper
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Week 19 on Resource Talks (May 4 - May 10)
Billions in Silver & Zinc in the US, but Can it Actually be Mined?
🔸 Bunker Hill Mining interview with Richard WilliamsNear-Term Revenue From Mining Waste, But Can It Build a Real Mining Business
🔸 ESGold CEO interview with Gordon RobbBig Copper Project, But is 1,000m of Drilling Really Enough?
🔸 Tribeca Resources interview with CEO, Paul Gow & President, Thomas Schmidt4km Gold Trend in Finland, But is the Grade High Enough For a Real Mine?
🔸 Gemdale Gold interview with Executive Chairman, Patrick Chidley
& Vice President Corporate Development, Paul Durham16 g/t Gold at Surface, But Can it Be Big Enough to Matter?
🔸 Sun Peak Metals interview with CEO Greg Davies1 Million Ounce Gold Target in BC, But How Much Longer Will it Take?
🔸 Independence Gold interview with CEO Randy Turner
Billions in Silver & Zinc in the US, but Can it Actually be Mined?
Bunker Hill Mining is restarting the historic Bunker Hill mine in the Coeur d’Alene district of Shoshone County, northern Idaho, a past-producing zinc, lead, and silver operation that ran for roughly 90 years before shutting in 1981. Executive Chairman Richard Williams, formerly COO at Barrick Gold, walked through restart timing, the asset’s geology and history, environmental status as a former Superfund site, capital structure, and the path from commissioning into ramp-up.
TL;DR
Exec Chair Williams told us first concentrate production is targeted for June 2026, roughly 40 days from the recording, with a six-month ramp to 1,800 tpd. Construction is said to be near 90% complete. The company is funded through restart, with cash on hand plus a US$10M standby facility from Teck and no plan to return to equity markets before cash flow. Initial revenue mix will be zinc-heavy, with management aiming to bring more galena (silver-lead) ore into the mine plan via near-mine drilling. Teck holds about 30% and Sprott Streaming and Royalty about 29%, leaving a tight float. Insiders own roughly 1%, which Williams explained as a structural choice at inception rather than a recent dilution.
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What have they done for shareholders lately?
Williams said the restart is on budget and on schedule for June, with all major equipment in place. Refurbished mill components sourced from Teck’s Pend Oreille facility, a ball mill acquired from Barrick’s Golden Sunlight site, brand new leased Cat underground equipment, and an added tailings filter press as a risk-mitigation change versus the original PFS design. He flagged 3.5 years without a lost-time injury. The company recently graduated to the TSX main board and completed a 1-for-35 share consolidation alongside a C$33.7M brokered financing, a smaller non-brokered placement, and roughly US$5M of warrant exercises. Restructuring of the Sprott stream and royalty was completed as part of bringing Teck in with US$40M.
How much money do they have and what are they spending it on?
Richard said the company is sufficiently funded to reach production without returning to equity markets, backed by a US$10M standby facility from Teck on top of cash on hand. Spending priorities now are completing commissioning, underground development, working capital through ramp-up, and exploration drilling on near-infrastructure galena targets reportedly within 50 feet of existing workings. Longer term, the company is in discussions with the US Export-Import Bank for low-cost government debt to fund “Bunker 2.0,” an expansion to 2,500 tpd via new ramps and an electric conveyor system, taking advantage of Idaho power costs Williams cited at 6 to 12 cents per kilowatt hour.
Upcoming catalysts
Operational: first concentrate production targeted for June 2026; ramp to 1,800 tpd sustainably and cash-flow-positive within roughly six months; full production guidance expected to be issued going into 2027. Technical: drill results from the near-infrastructure galena program expected in coming weeks, with successful intercepts to be incorporated into the mine plan and future reserve and resource updates; the PFS covers roughly 5 to 6 years and the PEA extends to 11 to 13 years, with management targeting a rolling 7-year reserve life. Corporate: planned listing on NYSE American to broaden US institutional access; potential secondary sales by Teck or Sprott to improve float and liquidity; possible future acquisition of the on-site water treatment plant from the EPA / Idaho DEQ.
Risks in the next months
Williams was direct that the riskiest phase of any mining project is the move from construction through commissioning into operations, which is where Bunker Hill sits now. Equipment availability and breakdowns during ramp-up are the main operational risk he flagged, partly mitigated by new leased mining equipment, in-house maintenance, and proximity to Spokane. The share register is concentrated, with Teck at about 30% and Sprott at about 29%, which limits float and liquidity. The PFS life of mine is short at 5 to 6 years and depends on continued conversion of inferred material and exploration success to extend reserves. Revenue is zinc-weighted in the early years, so the silver re-rating thesis depends on successfully bringing more galena ore into the plan. Although Williams said historical environmental liability is capped under a settlement with the EPA, the asset still operates inside a Superfund cleanup area, which can weigh on investor perception.
Near-Term Revenue From Mining Waste, But Can It Build a Real Mining Business
ESGold is advancing the past-producing Montauban project in Quebec, located about three hours from Montreal and one hour from Quebec City. The company plans to generate near-term cash flow by reprocessing historical tailings for gold and silver, while using internally generated revenue to fund exploration of what management describes as a clustered VMS-style system in the Grenville. CEO Gordon Robb walked through the Montauban build-out, recent financing, the offtake with Ocean Partners, the upcoming maiden drill program, and a recently completed ambient noise tomography (ANT) survey.
TL;DR
The story is now production-first, exploration-second, with all major mill equipment ordered and a timeline targeting late summer or early fall 2026 equipment arrivals and first pour during 2026. The company raised C$7.2 million in a brokered LIFE deal at C$0.68 with a half three-year warrant at C$0.80 to upsize the build directly to 1,000 tpd rather than starting at 500 tpd, and Robb said they hold roughly C$19.5 million against an C$18 to C$19 million capex with a C$9 million Ocean Partners credit facility as a backstop. The 2025 PEA on tailings showed 7,800 oz indicated and 4,200 oz inferred gold, plus close to 1 Moz silver, with after-tax NPV5 of C$24.3 million, 60% IRR, and a roughly two-year payback at US$2,900 gold and US$31 silver. Mine life on tailings alone is about 3.3 years at 1,000 tpd, so the bridge to a longer life depends on converting a historic surface crown pillar resource and testing district-scale geophysical targets.
What have they done for shareholders lately?
Robb said the management team and CFO have been replaced, the corporate secretary changed, the compliance refreshed, and a new VP of Operations has been brought in, alongside a new compensation committee. Equipment procurement is well advanced with the Falcon concentrator and concentrator table on site, the splitter arrived, and the two 500 tpd ball mills custom-fabricated in China and expected in August, with the company sending its French-Canadian engineer to oversee final fabrication. They closed the C$7.2 million LIFE financing to fully fund the 1,000 tpd build, signed an offtake with Ocean Partners that includes a C$9 million credit facility and minimum deliveries of 50,000 oz gold and 1 Moz silver over the life of the relationship, and just completed a 70 sq km ANT survey that follows last year’s 10 sq km study, which mapped to roughly 900 m depth.
How much money do they have, and what are they spending it on?
Robb said ESGold has about C$19.5 million in the bank against a C$18 to C$19 million capex, with the C$9 million Ocean Partners facility available on opex if needed. The most recent raise was C$7.2 million at C$0.68 with a half three-year warrant at C$0.80, and a smaller flow-through round was closed in late 2025 to fund 2026 exploration. Spending priorities are the remaining mill equipment payments tied to letters of credit and shipping milestones, installation and commissioning at Montauban, the 2026 drill campaign of roughly 5,000 m, split between defining the surface crown pillar to bring it to a 43-101 resource and testing geophysical step-out targets, plus marketing through a newly hired West Coast IR and marketing firm. G&A has been cut from prior levels and is expected to rise modestly as operational and exploration hires come in.
Upcoming catalysts
Technical: results from the 70 sq km ANT survey expected in the coming weeks. Maiden drill program of roughly 5,000 m targeted to start in May pending final permit, with results from the surface crown pillar drilling expected by late summer and step-out hole results from previously untested geophysical targets later in the year, with top-to-bottom assays for copper, zinc, gold, and silver. Operational: arrival of the two 500 tpd ball mills in August, ongoing equipment installation through summer, and first doré pour targeted within 2026, with Robb saying he had hoped for first bar by Beaver Creek but is prioritizing doing it properly over speed. Corporate: ramp from initial production toward the full 1,000 tpd run rate, and conversion of the historic surface crown pillar mineralization into a 43-101 compliant resource to feed the mill after tailings are exhausted.
Risks in the next months
The biggest near-term risk is execution on the build. Shipping delays on equipment still in transit or fabrication in China, installation sequencing since some equipment is sitting in cans on site or at the Port of Montreal awaiting upstream pieces, and commissioning recoveries during the first month of operations, particularly given variable mica content across the Anacon, Tetro and railroad bed piles and the chemistry complications typical of VMS tailings. Mine life on tailings alone is roughly 3.3 years at 1,000 tpd, which puts pressure on the surface crown pillar drilling and permitting amendment process to deliver a hard rock resource on time. There is an identifiable overhang from legacy holders, including the DNA Precious Metals shareholders rolled back at around C$4 per share, and ongoing small sales by founder and COO Paul Mastantuono tied to CRA tax bills on share-based compensation. CEO Robb also flagged general jurisdictional, environmental remediation, and capital markets risks, and noted that without further drilling success, the company will need either a hard rock resource or another asset to extend the runway beyond the tailings phase.
Big Copper Project, But is 1,000m of Drilling Really Enough?
This company has paid for the production of this interview❗
Tribeca Resources is a junior copper explorer focused on a portfolio of three projects in northern Chile, with management based partly on the ground in Iquique. The flagship is La Higuera in the coastal IOCG belt, alongside Chiricuto in the Mantoverde/Mantos Santo Domingo district and a newly added porphyry target called Jiguata in the high Andes. The interview with CEO Paul Gow and President Thomas Schmidt covered drilling now underway at the Chirsposo Sur target, exploration progress at Jiguata, the option payment due on Gabby, financing position, and marketing strategy.
TL;DR
Tribeca has just started a roughly 1,000 metre, three-hole diamond program at the Chirsposo Sur target on La Higuera, testing a blind, gravel-covered IOCG target the company says looks geophysically similar to its Gabby discovery (best historical hit 268 metres at 0.66% copper and 0.14 g/t gold). They closed an oversubscribed C$6.5 million LIFE offering in October 2025 and held about C$5.5 million in cash at the end of February. Jiguata, optioned in October 2025 for US$15 million backend-loaded over 5 years plus a 2% NSR, is shaping up as a larger and deeper porphyry play than first scoped, with drilling targeted for September. Management flagged that holes there will likely need to go deeper than the original 600 to 700 metres, which could pressure the budget. Stock is trading around the 23 cent placement price despite the copper bull market, which management attributed to short-term holders from the broadened October financing book exiting.
What have they done for shareholders lately?
In the past year, they finished drilling Chiricuto, where five holes did not deliver economic copper but reinterpreted the system as a gold-rich porphyry rather than IOCG, and the project is now on the back burner pending consolidation talks with the neighbouring iron ore producer whose ground hosts the apparent vector to better grades. They sourced and closed the Jiguata option in October 2025, completed the C$6.5 million financing, and ran an extensive pre-drill program through to April 2026 across the 10,000-hectare property, including geological mapping, around 720 soil samples, 170 to 180 rock chips, ground magnetics, reprocessed historical IP with new 3D inversions, and a magnetotelluric (MT) survey that finished late April. Drilling restarted at La Higuera last week on Chirsposo Sur.
How much money do they have, and what are they spending it on?
At the end of February, they had about C$5.5 million in cash with no debt, following the October 2025 life offering that was upsized from C$5 million to C$6.5 million at 20 cents with a warrant attached. Paul said the Chirsposo Sur program will cost roughly US$400,000 (around C$550,000), G&A is running just under C$1 million per year, inclusive of Paul and Thomas’s salaries of C$150,000 each, and the Jiguata drill program of 2,000 to 3,000 metres at over 4,000 metres altitude will be more expensive on a per-metre basis than coastal drilling. Management and the part-time CFO own 23% of equity, with a further 33% held by five high-net-worth or family office holders out of Europe (overlapping with names like Meridian Mining, Hercules, and MCC). Thomas acknowledged that if they decide to upsize the Jiguata program meaningfully or exercise the US$1.5 million Gabby option (due September) on top of the planned work, they may need to revisit the market, though the cash to make the Gabby payment technically exists, subject to life-offering use-of-proceeds restrictions.
Upcoming catalysts
Technical: assay results from the three Chirsposo Sur holes (drilling expected to wrap by mid-June, lab turnaround currently around 8 weeks, so first results plausibly July to August); release of remaining Jiguata soil and rock chip assays, hyperspectral (TerraSpec) data, and final MT inversions, which together drive target selection (one to two news releases expected May to June); announcement of Jiguata drill targets and program design (early to mid Q3); spud of Jiguata drilling targeted for September 2026. Corporate: updates on Chiricuto consolidation talks with the neighbouring iron ore producer; decision on the Gabby US$1.5 million option payment ahead of September expiry, with renegotiation conversations underway with the vendor; potential opening of a Jiguata data room to producers as the data set is finalised, with majors such as Codelco, Glencore, BHP, Freeport, Anglo, and Teck holding surrounding ground.
Risks in the next months
The three-hole Chirsposo Sur program is short and shallow (around 350 metres per hole) under 30 to 35 metres of gravel cover, and Paul flagged that even at Gabby holes can pass through the system with little copper, so a clean miss does not necessarily kill the target, but a hit is needed to move the share price. Jiguata is a much larger and likely deeper system than originally scoped, with the company now leaning toward holes deeper than 600 to 700 metres, which raises the risk of a budget shortfall and a potential financing before drilling generates news. The Gabby option requires a US$1.5 million payment by September, and use-of-proceeds restrictions on the life offering complicate funding it from current cash. Lab turnaround times in Chile have stretched to roughly 8 weeks, delaying news flow. The share price has lagged the broader copper move and remains near the placement price, and management itself flagged investor criticism around the company being too small (under roughly C$50 million market cap) for many institutional brokers and around insufficient marketing.
4km Gold Trend in Finland, But is the Grade High Enough For a Real Mine?
Gemdale Gold is focused on the Pontio gold project in western Finland, with a portfolio of additional gold and critical metals licenses across the country. The interview covered the flagship Pontio asset, the current 6,000 metre drill program, the company’s path to a maiden resource, the recent strategic investment from Eldorado Gold, and the broader project portfolio and earlier-stage critical metals ground.
TL;DR
Gemdale operated privately for eight years before listing in February at a dollar, currently trades around $1.95 with roughly $40 million market cap, and is run by founders who collectively hold around 40 percent of the company. The drill bit is in the ground at Pontio with 4,000 to 5,000 metres already completed of a 6,000 metre infill program targeting a Q1 2027 maiden resource on the M2 zone. The company is fully funded for that resource with about $4 million in the bank after closing a $2.4 million raise that brought in Eldorado Gold as a 9 percent strategic shareholder with a right to go to 19.9 percent and a right of first refusal on certain projects. The deposit is a low grade bulk tonnage near surface gold system, and management is targeting a one to three million ounce resource over time, drawing comparisons to Nordique Resources and Goldsky’s Barsele project.
What have they done for shareholders lately?
Patrick told us the founders put in eight years of sweat equity, took minimal salaries, raised most early money at 50 cents to a dollar per share, and none of the four founders have sold a share. They listed via direct listing rather than a shell, brought Eldorado Gold in at $1.20 with a half warrant at $1.50, and got the company onto the OTC in the US. Operationally they are ahead of schedule on the 6,000 metre Pontio drill program, are sitting on roughly 10,000 metres of historical drilling on the property (about three quarters of which Gemdale itself drilled), and JV’d the Isoneva high grade project to Nordique Resources who are earning in by spending $3 million over three years. Centerra Gold previously funded around C$7.5 million into two of their projects over four years before exiting Finland, leaving Gemdale with 100 percent ownership and no encumbrances.
How much money do they have, and what are they spending it on?
About $4 million in the treasury after the recent $2.4 million non-brokered financing at $1.20 with half warrants at $1.50. Patrick said the budget to deliver the maiden resource is roughly $2 million, which covers the remainder of the 6,000 metre diamond drill program, metallurgical testwork including flotation testing on the small copper component, another mag survey, and additional geological interpretation work. He said the current cash gets them to the resource but they would not want to run cash too low and will be thinking about the next raise. License holding costs across the broader portfolio run to a couple of hundred thousand dollars annually, with Finnish exploration license fees stepping up from roughly €2,000 per square kilometre at issuance to €3,000 then €4,000 over time.
Upcoming catalysts
Technical: assay results from the current Pontio drill program expected in roughly four to six weeks. Drill program wrap up imminent, followed by structural reinterpretation, then deeper drilling at the back end of the year testing 150 to 300 metre depths. An IP chargeability anomaly west of M2 is to be tested in this program. Metallurgical testwork to assess copper flotation and tails leaching. Maiden resource estimate targeted for Q1 2027.
Corporate: ongoing JV discussions on the non gold critical metals projects (copper, copper nickel, cobalt, PGMs). Potential license grants on three properties currently in application in southeast Finland which carries a historical resource of 276,000 ounces at 2.7 g/t. Continued earn in spending by Nordique Resources.
Operational: conference attendance at 121 London, 121 New York in June, Calgary, Toronto, Denver Gold Forum, and a return to Europe later in the year. Digital marketing campaign to follow.
Risks
Liquidity is the most obvious near term risk and management acknowledged it directly, with average daily volume around 11,000 units and a tight float dominated by insiders, Eldorado, and institutions leaving only about 21 percent in retail hands. The company will need to return to the market for additional financing beyond the maiden resource. The deposit is low grade bulk tonnage near surface, so the maiden resource needs to demonstrate sufficient continuity and scale to justify the current valuation, and the cutoff grade and dilution assumptions have not yet been disclosed. Assay turnaround has already been delayed once due to a core saw failure. Permitting risk in Finland is real, although management said they consider Pontio’s western Finland location materially easier.
16 g/t Gold at Surface, But Can it Be Big Enough to Matter?
This company has paid for the production of this interview❗
Sun Peak Metals is working on VMS and gold targets across roughly 1,000 square kilometres in the Arabian-Nubian Shield in Saudi Arabia. The portfolio includes Safra, Halahila, Al Miyah, two pending Southeast and Southwest Massa licenses, and seven new licenses acquired in Round 9. The conversation focused on the start of the company’s maiden drill program at Safra, the planned follow-up at Halahila, the Round 9 ground, treasury position, and the broader Saudi operating environment.
TL;DR
Drilling has started at Safra with an initial 1,500 metre program, with assays expected around end of June. The rig then moves to Halahila for a roughly 2,500 metre program, with the drill plan to be released in two to four weeks. Geologically, Safra is unusual due to base metals and a dolomite horizon in the gossan, while Halahila looks closer to a traditional VMS gossan with up to 18 g/t gold and 180 g/t silver in surface samples over a 650 metre strike that may extend several kilometres. Cash sits near C$4 million, projected to be C$2.5 to C$3 million by end of August, with a larger raise planned in the fall on the back of drill results and a possible smaller raise sooner tied to Round 9 work. G&A is running near C$300,000 per month.
What have they done for shareholders lately?
Since the last interview about three months ago, Sun Peak completed mapping, sampling, trenching, gravity and time-domain EM (Crone SQUID) work across Safra and, brought in a structural geologist at Halahila, and finalized seven Round 9 licenses in late March/early April after winning a multi-round auction out of roughly a dozen blocks they targeted. They started soil geochem, prospecting and detailed mapping on the new ground immediately. The Safra drill program started on the scheduled date, which CEO Davis said is the first time in his career a drill campaign has hit its planned start to the hour. Operations continued through the recent Persian Gulf tensions with only a two week pause for Ramadan.
How much money do they have and what are they spending it on?
Treasury was approximately C$4 million at the time of the interview, with no debt. G&A is around C$300,000 per month for a team of 12 geologists plus consultants. Budget projections show C$2.5 to C$3 million in cash by end of August, which Davis said covers the planned drilling at Safra and Halahila and the Round 9 work commitments. Drilling cost per metre was not disclosed but Davis said it is the lowest he has paid in over 20 years, helped by cheap fuel (roughly C$0.60 to C$0.70 per litre) and easy road access. Water is trucked in from Hanakia, about 80 km west of Safra. Plan A is to drill first and raise capital on the back of results in the fall, with a possible smaller earlier raise to accelerate Round 9 work, and ongoing discussions with strategic investors including Saudi-based parties interested in taking equity.
Upcoming catalysts
– Technical: completion of the 1,500 metre Safra drill program and first assays expected around end of June 2026; release of the Halahila drill plan in roughly two to four weeks followed by a circa 2,500 metre program. Initial mapping, geochem and target prioritization results on the seven Round 9 licenses, including renaming the project from “Round 9” to target-specific names.
– Operational: drill rig move from Safra to Halahila after the 1,500 metre program regardless of results, to meet the 2,000 metre commitment there. Ongoing compilation of gravity, EM and structural data to finalize Halahila drill targeting.
– Corporate: a possible smaller financing in the next month tied to Round 9 acceleration, a larger planned raise in the fall, potential strategic investment from Saudi parties, and participation in Round 10 and Round 11 license auctions. Davis also mentioned the Exploration Enablement Program providing up to 25% cost rebates and potential development loans of up to 75% of capex if a project advances.
Risks in the next months
Safra is geologically atypical for the region, with base metals and a dolomite horizon in the gossan that the team has not fully modeled, meaning the deposit model and continuity are unproven until drilling. Halahila structural geometry is still being worked out, with a worst case scenario of an eroded anticline where only the gossan remains. Assay turnaround at the Jeddah labs is untested for Sun Peak. The company will need to raise capital in the fall, with the size and terms dependent on drill results, creating dilution risk. Regional geopolitical tensions in the Persian Gulf have not affected operations but have weighed on inbound investor interest and broader market sentiment. The Ethiopian assets remain under force majeure with no near-term resolution visible, costing roughly C$15,000 per month to maintain.
1 Million Ounce Gold Target in BC, But How Much Longer Will it Take?
Independence Gold’s flagship project is a low-sulfidation epithermal vein system about 16 km from Artemis Gold’s Blackwater mine in central British Columbia. The company also holds the Boulevard project in the Yukon, adjacent to Newmont’s Coffee deposit, and the Ootsa block within the same Nechako plateau land package. The conversation focused on the current 10,000 metre drill program at 3Ts, the path to a 1 million ounce resource, financing position, and the company’s exit-oriented business strategy.
TL;DR
CEO Randy Turner was explicit that the model is to drill, grow ounces, and sell, not build a mine. The 3Ts currently hosts roughly 765,000 gold-equivalent ounces (about three-quarters gold, split roughly evenly between indicated and inferred at around 4 to 4.3 g/t). The current 10,000 metre program is about 25 percent complete (2,500 metres across 16 holes), targeting the 1 million ounce threshold Turner believes puts the project on mid-tier acquirer radars. All-in drill cost is roughly C$400 per metre, total program cost about C$3.6 million, with a couple of million in hard dollars expected to remain after completion. First assays from step-out holes are expected within roughly a month. Newmont fully liquidated its position last year, which Turner identifies as the source of prior selling pressure. Insiders hold about 3.5 percent, with Turner the largest individual holder at around 10 million shares, all bought in the market.
What have they done for shareholders lately?
Independence updated the 3Ts MRE in late 2025, converting roughly half the prior inferred ounces into the indicated category. They also secured five-year exploration permits for both the 3Ts and Ootsa in January, allowing up to 275 drill stations at 3Ts and around 100 at Ootsa, which removes prior restrictions on road building and drill pad count. They discovered three new veins last season, with only two or three holes in each so far, and these are now incorporated into the resource model. The current 10,000 metre program is underway with 2,500 metres drilled across 16 holes in both known and new veins.
How much money do they have and what are they spending it on?
The last financing was C$750,000 at 10 to 12 cents in March, following a C$3.5 million raise in December 2024. The current drill program will cost approximately C$3.6 million at about C$400 per metre all-in (camp, gulches, fuel included). Turner expects to finish the program with a couple of million hard dollars plus some flow-through dollars remaining. Spending is concentrated on drilling, with a planned summer exploration program (trenching, mapping, geochem) on the southern land package added during the field season. Marketing budget is set at a minimum of C$100,000. Fuel cost inflation was flagged as a contingency already built into the per-metre number.
Upcoming catalysts
Technical: first assay results from the 16 holes drilled so far are expected within roughly a month. Ongoing assay flow through summer as the 10,000 metre program continues into late June or July. Drilling at Ootsa later in the program (untested at depth, potential copper-silver-gold system). First-ever drilling at the Dobby vein and up to ten other untested veins now accessible under the new permit. Summer trenching, mapping, and geochem program on the southern claims targeting airborne geophysics anomalies flown late last year. Operational: targeting a 1 million ounce gold-equivalent resource under the current program. Corporate: a PEA is being considered for late 2025 or early 2027, contingent on reaching the 1 million ounce threshold first. Turner acknowledged inbound interest in Boulevard but would not confirm specific discussions.
Risks
Assay lab queues are a real bottleneck given what Turner described as one of the busiest drilling seasons in BC history, which could delay news flow. Diesel cost inflation is rising. Forest fire risk in the Nechako plateau is recurring and shut operations down for six weeks last year. The 1 million ounce target is not guaranteed under this program and may require an additional season. The company will likely need to return to market before a PEA is commissioned. Artemis is unlikely to be a near-term acquirer while focused on bringing Blackwater into production, which removes the most logical strategic buyer from the table in the short term.
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