The copper and gold resource at the Minto mine in Yukon has more than doubled compared to its previous official estimate, according to a new report released by Venerable Ventures Ltd. (TSXV:VLV.H). The update marks a key development nearly a year after the Selkirk First Nation (SFN) gained ownership of the mine, one of the few such cases of Indigenous control of a mining operation in Canada.

Venerable Ventures’ updated estimate, published last week, outlines 12.6 million tonnes of indicated resources grading 1.2% copper, 0.46 grams per tonne (g/t) gold, and 4.3 g/t silver. This translates to a total of 334 million pounds of copper, 187,000 ounces of gold, and 1.7 million ounces of silver.

Inferred resources amount to 23.7 million tonnes grading 1.05% copper, 0.38 g/t gold, and 3.9 g/t silver. These inferred figures contain an estimated 547 million pounds of copper, 295,000 ounces of gold, and 2.97 million ounces of silver.

The revised estimate is based on a database of 376,089 metres of drilling across 1,781 holes, including 210 holes drilled during 2021 and 2022.

Although the overall resource has increased, the average grades have slightly declined, and the update does not include any measured resources. The company attributes the increased tonnage primarily to the discovery of a new mineralized domain in the Minto North area.

Indigenous Ownership and Corporate Changes

The updated resource comes in the wake of a significant ownership change. In 2024, the Yukon Supreme Court approved the Selkirk First Nation’s purchase of the mine after Minto Metals, the previous operator, shut down the operation in May 2023 due to financial problems. The mine was subsequently placed into receivership by PricewaterhouseCoopers and listed for sale.

On July 1, 2025, Vancouver-based Venerable Ventures and SFN signed a binding letter of intent to create a new entity called Selkirk Copper Mines. As part of the agreement, the Selkirk First Nation will become the largest shareholder through a C$15 million all-share deal. SFN will also appoint two directors to the company’s board.

Before the agreement is finalized, Venerable Ventures plans to raise up to C$2.52 million through a non-brokered private placement. Further financing is expected to support exploration and potential restart efforts at the mine site.

Exploration Plans

According to Ryan Weymark, strategic adviser to Venerable Ventures, upcoming drilling will aim to expand and upgrade both open-pit and underground resources, with particular focus on high-grade zones near Minto North. These efforts are intended to refine the resource model and inform future development decisions.

The Minto mine is located about 240 kilometres northwest of Whitehorse on SFN’s traditional territory. It began production in 2007 and operated until its closure in 2023, producing approximately 500 million pounds of copper over its 16 years of operation.

The mine has changed hands multiple times over the years and experienced operational and financial difficulties, culminating in the 2023 shutdown. The transition to Indigenous ownership represents a shift in control over natural resources in the region.

The resource expansion and the creation of Selkirk Copper Mines mark a significant chapter in the ongoing story of the Minto mine. With the Selkirk First Nation assuming a leadership role and new drilling campaigns on the horizon, the project appears set to enter a new phase focused on exploration, partnership, and potential redevelopment. The mine’s future remains dependent on financing efforts, resource conversion, and regulatory approvals, but its increased scale and new ownership structure signal a departure from past challenges and a potential path forward.