GOLD – Pacific Ridge Exploration Ltd. Sept. 18 said it has entered into an agreement to option an interest in its King Solomon gold project located in Yukon’s Klondike Gold District near Dawson to Centerra Gold Inc. In accordance with the agreement, Centerra can earn a 70 percent interest in King Solomon by paying a total of C$665,000 to Pacific Ridge and/or the underlying property vendors, and completing a minimum of C$4.5 million in exploration work on the project, in each case by Dec. 31, 2017. The King Solomon project consists of 372 claims held under option from Yukon prospector Shawn Ryan and Wildwood Exploration Inc. as well as 40 adjacent claims held under option from 39242 Yukon Inc. The property covers 7,500 hectares in the heart of the historic Klondike Gold District and hosts one of the largest and strongest gold-in-soil anomalies in the Klondike that has not yet been trenched or drilled. The main target of interest is the King Zone, a 1,600 meters long gold-in-soil geochemical anomaly that lies near the summit of King Solomon Dome. Within this anomaly, gold values range to a maximum of 1,377 parts per billion, or 1.38 grams-per-metric-ton gold, above an anomaly threshold value of 30 ppb gold. The Prince Zone, measuring 600 meters by 800 meters, is located just west of the main target zone. In 2013, Pacific Ridge conducted a surface exploration program that included the collection of 481 soil samples, followed by high-resolution induced polarization-resistivity surveys and close-spaced GeoProbe regolith sampling over the key soil and geophysical anomalies. The high-resolution IP survey defined a number of linear structural zones that correlate with the gold-in-soil geochemical anomalies. The regolith sampling, which used the GeoProbe track-mounted mechanical sampler, penetrated to depths of up to three meters, and sampled rock fragments just above bedrock. Analytical results obtained by the GeoProbe sampling program include values in the range of 0.1-2.8 g/t gold within the King Zone and 2.1-74.5 g/t silver within the King Zone SE. Centerra’s exploration plans are expected to initially include geological mapping, additional soil sampling, ground geophysical surveying and a RAB (rotary air blast) drilling program.

LAYOFFS – Capstone Mining Corp. has laid off another 50 people at the Minto Mine in addition to the 44 people laid off in January, CBC News reported Sept. 18. Capstone Mining hasn’t received the quartz mining license or the water license it needs to begin work on a new pit. Cindy Burnett, Capstone’s vice-president for investor relations and communications, says everything is on hold until the licenses come through. Pelly Construction provides the crew at Minto, which is located 240 kilometers (149 miles) north of Whitehorse near Pelly Crossing. It expects to keep 15 people employed at the mine, doing miscellaneous work. Capstone laid off 44 workers in January to avoid a total shutdown while winding down work on the existing pit and waiting for the permits for the new pit to be issued. Yukon officials have indicated that they are working to try to speed up regulatory approvals for mining projects, CBC News said.

GOLD/SILVER – Rockhaven Resources Ltd. Sept. 17 reported results for 22 holes from drilling at the Western Klaza Zone of its Klaza property, located in the Dawson Range Gold Belt of southern Yukon. Situated, 1,000 meters northeast of the Western BRX Zone, Western Klaza represents another high-grade gold-silver discovery. Highlights from recent drilling at Western Klaza are: 25.3 grams per metric ton gold and 637 g/t silver over 0.96 meters in hole 178; 20.6 g/t gold and 93.8 g/t silver over 1.06 meters in hole 180; 14.60 g/t gold and 778 g/t silver over 0.82 meters in hole 182; 15.25 g/t gold and 789 g/t silver over 0.78 meters in hole 218; and 15.38 g/t gold and 741 g/t silver over 1.46 meters in hole 220. “The numerous high-grade gold and silver intercepts at the Western Klaza Zone confirm the significant potential for new discoveries at our Klaza project,” said Rockhaven CEO Matt Turner. “The strong and increasing gold grades in the deeper holes provide good encouragement to continue testing further to depth in future drill programs.” The Western Klaza Zone is a linear vein that was extended both along strike and to depth during the 2014 drill program. The zone has now been traced over a 500 meters strike length and from surface to a maximum down-dip depth of 250 meters. Rockhaven says the Western Klaza and Western BRX Zones share many similarities, but mineralogy and geochemistry suggest Western Klaza was formed in a more distal or higher level part of the hydrothermal system. Gold to silver ratios are increasing at depth in the Western Klaza Zone, and the veins appear to be wider and more distinct than they are near surface. The 2014 field program at Klaza is now complete with over 19,000 meters drilled in 104 holes. Drilling focused on delineating areas of high-grade gold and silver mineralization in the BRX and Klaza zones. Condemnation and geotechnical drilling was also completed in strategic areas to aid in advanced permitting of the Klaza project. Gaps in the numeric sequence of the released holes result because drills were operating in more than one target simultaneously. Assay results from the remaining 57 diamond drill holes will be released on a target by target basis once assays from each target have been received, compiled and evaluated.