What's Happening?
T2 Metals Corp. has commenced fieldwork at its newly optioned Shanghai gold-silver project located in Yukon's Tombstone Gold Belt. The project, which spans 27.4 square kilometers, is situated near Hecla Mining Company's Keno Hill silver mine. The Shanghai property was first explored in the 1960s, revealing high-grade polymetallic veins. T2 Metals plans to revisit these historical results using modern sampling and mapping methods. The company has entered Yukon through an option agreement with Shawn Ryan, who has held the property for over two decades. Ryan's previous work outlined large gold-in-soil anomalies, but the project remained undrilled until now. T2 Metals aims to earn full ownership of Shanghai over seven years through staged cash and share payments tied to exploration spending.
Why It's Important?
The initiation of exploration at the Shanghai project by T2 Metals is significant for the mining industry in Yukon, a region known for its rich gold deposits. The project has the potential to uncover substantial gold and silver resources, contributing to the economic development of the area. The involvement of Shawn Ryan, a successful Yukon prospector, adds credibility and expertise to the exploration efforts. If successful, the project could attract further investment and exploration activities in the Tombstone Gold Belt, enhancing the region's status as a premier gold exploration district. The discovery of new gold deposits could benefit local communities through job creation and increased economic activity.
What's Next?
T2 Metals plans to conduct a comprehensive exploration program, including rock chip and soil sampling around anomalies and historic workings. High-resolution lidar will be used to relocate trenches first dug in the 1960s. The existing Class 3 permit provides a clear path to drilling once results are obtained. The company aims to identify new undrilled targets by combining historic trench sampling with modern lidar technology. The exploration program will focus on two target areas: the southern zone around the historic Shanghai Silver Mine and a northern zone with soil geochemistry indicating intrusion-related gold mineralization. The results of this exploration could lead to further drilling and development activities.
Beyond the Headlines
The exploration at the Shanghai project highlights the importance of revisiting historical mining sites with modern technology. The use of lidar and advanced sampling methods can uncover new opportunities in areas previously considered exhausted. This approach reflects a broader trend in the mining industry, where technological advancements are enabling the discovery of new resources in established mining regions. The collaboration between T2 Metals and Shawn Ryan also underscores the value of local expertise and partnerships in successful exploration endeavors.
