Victoria Buys Golden Predator from Sabre
“We are expanding our footprint and asset base in our own backyard,” said John McConnell, president and CEO of Victoria. “With our track record of exploration, permitting, development and operations in Yukon, we believe we can add value to this portfolio of assets.”
Brewery Creek is a former producing heap leach project, covering 181 km2, located in northwestern Yukon, approximately 55 km east of Dawson City and approximately 120 km west of Victoria’s Eagle gold mine. It has 34.5 million metric tons (mt) of measured and indicated mineral resources grading 1.03 g/mt gold, containing 1.14 million oz of gold, and 36 million mt of inferred mineral resources grading 0.88 g/mt gold, containing 1.02 million oz of gold. Brewery Creek is also the subject of a Preliminary Economic Assessment (PEA) with an effective date of January 18, 2022.
The Gold Dome property is road accessible and covers 95 km2 and is located approximately 25 km west of the village of Mayo, Yukon. The Grew Creek property covers approximately 135 km2 and is located on the Robert Campbell highway, approximately 6 km west of Ross River, Yukon.
Victoria acquired all of the shares of Golden Predator and it is now a subsidiary of Victoria. It will pay an initial consideration of C$1.5 million in cash and an additional C$7 million in cash or Victoria shares, payable on closing; C$500,000 in cash and an additional C$2.5 million in cash or Victoria shares, payable on the 12-month anniversary of the closing date; and C$500,000 in cash and an additional C$1.5 million in cash or Victoria shares, payable on the 24-month anniversary of the closing date.
All required approvals for the transaction have been obtained and the transaction closed on September 14, 2023.