![]() ![]() ![]() Modern, open-pit operations in the Klondike have doubled production in the region over the past decade 1.ĭespite extensive mining activity nearby, Australia Creek itself was not historically mined due to its importance as a source of water and hydro-electric power for the floating dredge operations that were conducted in the area between the 1920s and 1960s. Australia Creek and its benches are now recognized by Yukon Geological Survey as the eastern continuation of the highly productive Klondike Goldfields, which is the largest placer gold producing area in the Yukon. Australia Creek is part of the historic Klondike gold district that is estimated to have produced over 20 million ounces of gold since its discovery in 1898. Metallic Minerals holds a 100% interest in 36.4 square kilometres of mining rights along the Australia Creek drainage south of Dawson City, Yukon. Under the terms of the Australia Creek property agreement, Little Flake must complete a $1 million minimum annual work commitment and pay Metallic Minerals an annual advance royalty plus a variable royalty on all gold production. The companies will be working together closely to ensure a rapid and successful start-up for the partnership. The agreement is effective immediately with production targeted to begin by June. This under-explored part of the Klondike shows vast potential for new discoveries, and we believe our collaboration with the veteran exploration team at Metallic will unlock this potential for both our groups.” Planning is underway for a 400-hole drill program this winter on the property and we anticipate beginning mining operations this spring. ![]() Parker Schnabel, owner and operator of Little Flake Mining, commented, “Our award-winning team looks forward to working with Metallic Minerals and we plan to hit the ground running on Australia Creek. An important criterion for our evaluation of potential additional alluvial operators will be demonstrated operational excellence and environmental stewardship that aligns with Metallic Minerals focus on ESG values.” Starting with exceptional operators like Little Flake, we anticipate the potential for the generation of significant production royalties, which will provide funding toward our hard rock silver and copper exploration projects in Yukon and Colorado. Metallic Minerals is one of the largest owners of alluvial gold mining claims in the Yukon Territory, including this large block of unmined claims in the Klondike. “Our recent gold discoveries at Australia Creek represent a major extension of the Klondike to the east and is one of the biggest new discoveries in this historic district in decades. "We are excited to be working with Parker and the highly experienced Little Flake mining team and believe this partnership will be lucrative for both our companies, given Little Flakes track record of impressive alluvial gold production,” said Greg Johnson, Metallic Minerals Chairman & CEO. Leckie Award for Excellence in Environmental Stewardship by the Yukon Government for reclamation work in the Klondike goldfields. Schnabel is recognized as a highly experienced miner and, in December 2022, was awarded the Robert E. This partnership will combine Metallic Minerals’ expertise in mineral exploration and Little Flake’s experience in gold mining to maximize production and profitability for both groups in the region. Under the terms of the agreement, Little Flake will be granted exclusive rights to extract gold from the Australia Creek property, with Metallic Minerals receiving a percentage of the production as a royalty. (TSX.V: MMG OTCQB: MMNGF) (“Metallic Minerals” or the “Company”) is pleased to announce signing a production royalty agreement on 5 ½ miles of alluvial gold claims at its Australia Creek property in the Klondike Gold District of Canada’s Yukon Territory, with Little Flake mining, a company owned and operated by Parker Schnabel of Discovery Channel‘s top-rated television series, “ Gold Rush”. Janu– Vancouver, BC – Metallic Minerals Corp. ![]()
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