Selkirk Copper Discovers a New Mineralized Zone and Commences a Phase 2 Drill Program Targeting 50,000 Additional Metres
New lens discovery and immediate 50,000 m Phase 2 drill program keep Minto’s restart story advancing, but the real catalyst remains the PEA due mid‑year.
On May 11, 2026, Selkirk Copper announced the discovery of a new mineralized zone – the “117 Lens” – located beneath the previously mined open pit at the Minto Mine. The release also launched a Phase 2 drill program of up to 50,000 m, targeted for completion by November 2026. Several high‑grade intercepts from the Phase 1 program were reported, including: - 2.93% Cu, 1.50 g/t Au, 16.37 g/t Ag (4.19% CuEq) over 5.0 m (117 Lens) - 2.36% Cu, 0.85 g/t Au, 5.44 g/t Ag (3.04% CuEq) over 5.8 m (Minto East) - 2.57% Cu, 0.66 g/t Au, 7.66 g/t Ag (3.13% CuEq) over 9.1 m (Minto East)
Phase 2 will be executed with two rigs already active and two more arriving. The program scope includes resource expansion, infill, geotechnical, and geometallurgical drilling to underpin feasibility study work. The release also confirmed that only 78% of Phase 1 assay results have been published; the remainder are expected within a month.
The most recent announcement is a follow‑on to the Phase 1 drill program (completed April 2026) and does not represent an unexpected, market‑moving event. Discovery of the 117 Lens is positive but incremental – the deposit already hosts multiple high‑grade lenses, and new intercepts, while solid, do not exceed the best prior results (e.g., 8.3% CuEq in Area 118 on April 30). The commencement of Phase 2 is a logical progression that was well‑flagged by the company’s strong cash position (C$35 M raised in April 2026), the stated goal of expanding resources before the PEA, and management’s repeated references to expanding the resource base. Consequently, the news does not alter the fundamental investment thesis; it confirms that exploration momentum continues but adds no major new dimension. No new strategic investor, acquisition, or resource estimate was announced. The rating is therefore Routine – Positive.
Selkirk Copper Mines acquired the past‑producing Minto copper‑gold‑silver mine in central Yukon via a reverse takeover completed in October 2025. The Minto property consists of 26,850 ha in the Minto‑Carmacks copper belt and contains a 4,100 tpd mill, open‑pit and underground workings, a camp, water treatment plant, and road/barge access – infrastructure valued at over C$300 M. The legacy gold‑silver stream was extinguished through a 2025 bankruptcy, freeing approximately 35% of ore value for Selkirk.
The current resource (effective April 2025) stands at 12.6 Mt Indicated (1.20% Cu, 0.46 g/t Au, 4.27 g/t Ag) and 23.7 Mt Inferred (1.05% Cu, 0.39 g/t Au, 3.9 g/t Ag). The company’s restart plan targets a PEA mid‑2026, feasibility study mid‑2027, construction decision H2 2027, and first production mid‑2028, aiming for a 12‑15 year mine life at ~30,000 tpa CuEq.