Golden Predator Mining Corp. announced it is selling its 3 Aces gold project to focus on the Brewery Creek mine, picured, near Dawson City. (Golden Predator)

Golden Predator sells 3 Aces project

Golden Predator Mining Corp. is selling its 3 Aces gold project in southeast Yukon to Seabridge Gold Corp.

Golden Predator and Seabridge Gold made the announcement in press releases March 30.

The 316-square-kilometre project, located off Nahanni Range Road near the border with the Northwest Territories, sits on several promising gold deposits, believed to be among the richest in the world.

Seabridge Gold will be giving Golden Predator 300,000 common shares as well as paying $263,000 to cover already-incurred project costs.

The deal also secures Golden Predator a 0.5 per cent net smelter return royalty on the project, and up to $2.25 million in future potential payments — Seabridge Gold must pay $1 million upon confirming the presence of 2.5 million ounces of gold on the 3 Aces property and another $1.25 million on the confirmation of five million ounces.

Golden Predator’s CEO Janet Lee-Sheriff said in her company’s press release that the deal will allow Golden Predator to focus its efforts entirely on its other main project in the Yukon — the Brewery Creek mine, a more developed property located about 55 kilometres east of Dawson City and which Golden Predator has been trying to reopen.

Lee-Sheriff added that Golden Predator was looking forward to being a shareholder in Seabridge Gold.

“With this world class gold endowment in a rising gold market, we believe the shares have excellent upside potential,” Lee-Sheriff said in the release. “Our involvement with 3 Aces will continue as a royalty holder and we look forward to assisting Seabridge in the transition to their team.”

In a separate press release, Seabridge Gold chairman and CEO Rudi Fronk called 3 Aces a “worthy addition” to the company’s existing properties in British Columbia, Nevada and the Northwest Territories.

“Golden Predator has done an excellent job of demonstrating the exploration potential at 3 Aces, confirming the project’s positive metallurgy and establishing excellent relationships with local First Nations and communities,” Fronk said. “… Our exploration team is keen to get going on 3 Aces, beginning with a review of the extensive data generated by Golden Predator.”

Contact Jackie Hong at jackie.hong@yukon-news.com

mining

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Just Posted

In a Feb. 17 statement, the City of Whitehorse announced it had adopted the what3words location technology used for emergency response. (Haley Ritchie/Yukon News)
Three words could make all the difference in an emergency

City of Whitehorse announced it had adopted the what3words location technology

Jesse Whelen, Blood Ties Four Directions harm reduction councillor, demonstrates how the organization tests for fentanyl in drugs in Whitehorse on May 12, 2020. The Yukon Coroner’s Service has confirmed three drug overdose deaths and one probable overdose death since mid-January. (Crystal Schick/Yukon News file)
Three overdose deaths caused by “varying levels of cocaine and fentanyl,” coroner says

Heather Jones says overdoses continue to take lives at an “alarming rate”

Wyatt's World for Feb. 24, 2021.
WYATT’S WORLD

Wyatt’s World for Feb. 24, 2021.

Approximately 30 Yukoners protest for justice outside the Whitehorse courthouse on Feb. 22, while a preliminary assault hearing takes place inside. The Whitehorse rally took place after the Liard Aboriginal Women’s Society, based in Watson Lake, put out a call to action over the weekend. (Crystal Schick/Yukon News)
Courthouse rally denounces violence against Indigenous women

The Whitehorse rally took place after the Liard Aboriginal Women’s Society put out a call to action

Susie Rogan is a veteran musher with 14 years of racing experience and Yukon Journey organizer. (Yukon Journey Facebook)
Yukon Journey mushers begin 255-mile race

Eleven mushers are participating in the race from Pelly Crossing to Whitehorse

Legislative assembly on the last day of the fall sitting in Whitehorse on Nov. 22, 2018. As the legislature prepares to return on March 4, the three parties are continuing to finalize candidates in the territory’s 19 ridings. (Crystal Schick/Yukon News file)
Nine new candidates confirmed in Yukon ridings

It has been a busy two weeks as the parties try to firm up candidates

David Malcolm, 40, has been charged with assaulting and attempting to disarm a police officer after an incident in Whitehorse on Feb. 18. (Phil McLachlan/Capital News)
Man resists arrest, assaults officer

A Whitehorse man has been charged with assaulting and attempting to disarm… Continue reading

Yukon Energy in Whitehorse on Aug. 4, 2020. A site on Robert Service Way near the Alaska Highway has been selected as the future home of Yukon Energy’s energy storage project. (Crystal Schick/Yukon News file)
Site selected for Yukon Energy battery project

Planned to be in service by the end of 2022

The Yukon government and the Yukon First Nations Chamber of Commerce have signed a letter of understanding under the territory’s new procurement policy. (Crystal Schick/Yukon News file)
First Nation business registry planned under new procurement system

Letter of understanding signals plans to develop registry, boost procurement opportunities

US Consul General Brent Hardt during a wreath-laying ceremony at Peace Arch State Park in September 2020. Hardt said the two federal governments have been working closely on the issue of appropriate border measures during the pandemic. (John Kageorge photo)
New U.S. consul general says countries working closely on COVID-19 border

“I mean, the goal, obviously, is for both countries to get ahead of this pandemic.”

Legislative assembly on the last day of the fall sitting in Whitehorse on Nov. 22, 2018. (Crystal Schick/Yukon News file)
Start of spring sitting announced

The Yukon legislature is set to resume for the spring sitting on… Continue reading

Whitehorse City Hall. (Joel Krahn/Yukon News file)
City hall, briefly

A look at decisions made by Whitehorse City Council this week

Most Read