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Selkirk Copper Completes Phase 1 Drill Program and Assumes Site Responsibility for Minto Copper-Gold-Silver Mine

Selkirk Copper Advances Minto Restart Plan with Drill Completion and Site Takeover

By The Northwire Desk — AI Analysis Apr 15, 2026 · 07:01 SCMI · 1.47 Selkirk Copper Mines Inc.

Executive Summary

Drill Program Completion: Selkirk Copper has completed its Phase 1 drill program at the Minto Mine, totaling 52,288 metres across 175 holes (exceeding the original 50,000m plan).
New Discovery: A new mineralized lens was discovered in Area 118, located approximately 120 meters below previously known resources.
Operational Control: As of April 1, 2026, the company assumed site operations and care-and-maintenance responsibilities from the Yukon Government.
Next Steps: Geological modelling for an updated Mineral Resource Estimate is expected in June 2026, followed by a Preliminary Economic Assessment (PEA) mid-2026.
Restart Timeline: The site transition supports a potential restart decision targeted for mid-2027.

Material Impact

Execution Confirmation: The completion of the drill program validates the company's ability to execute its exploration plan, which was previously scheduled for early 2026. This reduces execution risk regarding resource definition.
Operational Shift: Assuming site responsibility from the Yukon Government is a tangible milestone that moves the project from "care and maintenance" status to active development control. However, this also transfers operational liabilities and costs to the company.
Resource Upside: The discovery of a new lens in Area 118 adds potential upside to the resource model prior to the PEA. However, only 48% of assay results have been released as of April 15, meaning full economic implications are not yet quantified.
Market Expectations: Given the significant price appreciation from $0.16 (April 2025) to $1.47 (April 2026), much of this progress appears priced in. The news confirms existing guidance rather than introducing a fundamentally new catalyst like a PEA result or Feasibility Study.
Financing Context: This follows a $20 million bought-deal financing on April 9, 2026, which provides capital for the development phase but introduces dilution risk.

SCMI · Price

Company Overview

Company Name: Selkirk Copper Mines Inc. (formerly Venerable Ventures Ltd.).
Flagship Project: Minto Copper-Gold-Silver Mine, located in central Yukon (~250 km north of Whitehorse).
Project Status: Restart phase; transitioning from care and maintenance to active development.
Infrastructure: Existing 4,100 t/d processing plant, open-pit and underground mine infrastructure, power line, water treatment facilities, and road/barge access valued at >C$300M historically.
Production Target: First production anticipated mid-2028 with a design throughput of 4,100 tpd (~1.5 Mtpa).
Mine Life Goal: Targeting a 12–15 year operational life post-restart.

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