Selkirk Copper Announces Updated Mineral Resource Estimate with 182% Increase in Measured & Indicated Copper and 184% Increase in Measured & Indicated Gold
Selkirk’s Minto mine-in-place resource jumps 182% in copper following Phase 1 results, with a preliminary economic assessment likely next.
Selkirk Copper Mines Inc. released an updated Mineral Resource Estimate for the Minto Project, effective mid-2026, incorporating results from the 52,288m Phase 1 drill programme. Measured and Indicated resources now stand at 47.8 million tonnes, containing 940 million pounds of copper, 530,000 ounces of gold, and 4.97 million ounces of silver. This represents an 182-184% increase in contained metals compared to the 2025 Mineral Resource Estimate, with tonnage increasing by 280%. Inferred resources add another 16.9 million tonnes, equivalent to 281 million pounds of copper.
The update confirms the expansion of all target zones, including a new high-grade discovery at Area 118 and a 238% jump in Indicated copper at Minto North. Underground Measured and Indicated resources now total 26 million tonnes at 1.14% copper, with 348,000 tonnes moving into the Measured category. A technical report will be filed within 45 days, and a Feasibility Study is scheduled to start in Q3 2026.
Selkirk Copper Mines Inc. (SCMI) delivered a Mineral Resource Estimate (MRE) update that management had consistently guided for in mid-2026, based on Phase 1 drill results. The update features a 182–184% gain in contained metals, a scale of increase that strengthens the company’s restart thesis and is expected to inform a more robust Preliminary Economic Assessment (PEA) and eventual Feasibility Study.
The company’s share price has already reflected successful drill results over recent months, rising from approximately C$0.18 prior to acquisition to C$2.10 in May before pulling back to C$1.81. While the resource upgrade likely exceeded some market models, the magnitude of the increase does not constitute a transformative event absent new strategic investment.
Selkirk Copper Mines Inc. (formerly Venerable Ventures) completed a reverse takeover in October 2025, acquiring a 100% interest in the past-producing Minto copper-gold-silver mine from the Selkirk First Nation. Minto is located in central Yukon on Category A settlement land. It operated from 2007-2023 (open pit and underground) and produced 16.6 Mt grading 1.74% Cu, 0.71 g/t Au, and 6.38 g/t Ag. Existing infrastructure includes a 4,100 tpd mill, 400-person camp, water treatment plant, and extensive underground workings – replacement value estimated >C$330 million.
The previous operator (Minto Metals) entered bankruptcy in Q2 2023, which extinguished a long-standing precious metals stream. As a result, all future gold and silver revenue flows directly to Selkirk, transforming the deposit into a co-product mine (roughly 65% revenue from copper, 35% from gold/silver). The company aims to prove up a 12-15 year mine life, complete feasibility studies, and make a restart decision by mid-2027, with first production targeted for mid-2028.
Selkirk owns 26,850 ha of claims along the Minto-Carmacks Copper Belt and holds a Quartz Mining Licence (QML-001) valid to 2030 and a Type A water licence valid to 2040.