What's Happening?
Sitka Gold is set to expand its drilling operations at the RC Gold project in Yukon after a new discovery at the Rhosgobel target. The company, which has already completed over 32,000 meters of drilling this year, plans to increase its efforts with a 50,000-60,000 meter program next year. This expansion is aimed at growing the existing deposits at Blackjack and Eiger, as well as advancing the Rhosgobel target. Sitka Gold's Vice-President for Corporate Development, Mike Burke, emphasized the company's focus on the Yukon region due to the success of their current operations. The company is financially prepared for this expansion, with $43 million in cash and no debt.
Why It's Important?
The expansion of Sitka Gold's drilling operations in Yukon is significant for
the mining industry, particularly in the context of gold exploration. The discovery at Rhosgobel and the planned increase in drilling activities could lead to substantial economic benefits for the company and the region. This development may attract further investment in the Yukon mining sector, potentially boosting local economies and creating job opportunities. Additionally, the success of Sitka Gold's operations could encourage other mining companies to explore similar opportunities in the area, contributing to the overall growth of the mining industry in Canada.
