The Minto copper mine in central Yukon produced concentrate as recently as May 2023. Its old offtake agreement and precious metals stream were later removed through a bankruptcy process. On September 29, the company working to restart it reported one of the highest-grade drill holes ever recorded on the property.
Selkirk Copper Hole 26SCM209 Hits 15.11% CuEq at Minto North
Selkirk Copper Mines Inc. (TSXV: SCMI) (OTCQX: SKRKF) (FSE: IO20) reported that hole 26SCM209 at Minto North cut 9.27% copper, 7.43 g/t gold and 54.9 g/t silver over 5.4 meters, which works out to 15.11% copper equivalent. Copper equivalent, or CuEq, rolls the gold and silver into a single copper-grade figure using assumed metal prices and recoveries.
The hole was a 35-meter step-out, drilled beyond the edge of earlier drilling in the southern part of what the company calls the 202 Lens. According to the release, its grade ranks in the 99th percentile of a historical database holding more than 4,300 significant intercepts at Minto. Single one-meter samples inside the interval peaked at 17.5% copper and 15.9 g/t gold.
Higher up the same hole, a second interval returned 3.11% CuEq over 9.0 meters.
A second step-out, 26SCM224, returned 1.25% CuEq over 17.6 meters on the northwest side of the lens, which the company says remains open in that direction. Holes south of 26SCM209 have been drilled; their assays are pending.
Reported widths are core lengths, not true widths. Selkirk estimates true widths at roughly 80% to 90% of core length, based on the shallow dip of the mineralized zones. Its CuEq math assumes US$4.60 per pound copper, US$3,300 per ounce gold and US$40 per ounce silver, with recoveries of 90% for copper and 80% for gold and silver taken from historical processing results.
Selkirk Copper Holes at Copper Keel and Minto Main Come In Weaker
Not every hole in the batch landed. At Copper Keel, four of the nine holes reported returned no significant intercept, and the company acknowledged that parts of the area carry grades that may not justify inclusion in a mine plan. More geological modeling is planned there.
Minto Main was mixed. All four holes hit mineralization, but two came in below expected grade; the best, 26SCM235, returned 1.42% CuEq over 9.7 meters in one lens and 0.94% CuEq over 32.1 meters in another.
Area 118 was steadier. All five holes there intersected mineralization, including 3.45% CuEq over 3.0 meters inside a broader 1.43% CuEq over 14.8 meters in hole 26SCM216, within 100 meters of the existing underground decline.
Minto Restart PEA Puts After-Tax NPV at C$494 Million
The drill results arrived one week after Selkirk published a Preliminary Economic Assessment on September 22. A PEA is an early-stage study of a project’s potential economics, less detailed than a feasibility study. Using planning prices of US$5.00 per pound copper, US$3,600 per ounce gold and US$50 per ounce silver, it estimates an after-tax net present value (NPV, discounted at 7%) of C$494 million and an after-tax internal rate of return of 47.8%. Initial capital is put at C$186 million for a 13-year mine life at 4,100 tonnes per day.
That capital figure is low because much of the old mine is still standing. The existing mill, camp, power line and water treatment plant were assessed as largely in good working order, according to the PEA release.
The PEA includes Inferred resources, which are considered too speculative geologically to be classified as reserves, and its capital estimate carries a stated accuracy range of minus 50% to plus 100%. None of the Phase 2 drilling, 26SCM209 included, is in the PEA or the current resource.
That resource, an NI 43-101 estimate (the Canadian technical disclosure standard for mineral projects) with an effective date of June 10, 2026, totals 47.8 million tonnes Measured and Indicated at 0.89% copper, 0.34 g/t gold and 3.2 g/t silver, plus 16.9 million tonnes Inferred at 0.76% copper, 0.26 g/t gold and 2.7 g/t silver. The technical report behind it is dated September 14 and filed on SEDAR+.
Copper Price and Permits Drive Selkirk Copper’s Restart Risk
Copper price is the project’s largest sensitivity, per the company. In the PEA’s downside case of US$3.50 per pound copper, US$2,500 gold and US$35 silver, after-tax NPV falls to C$10 million and IRR to 9%, with payback stretching to 6.5 years.
The restart still needs amended permits. Selkirk plans to submit amended permit applications in Q4 2026, and a restart decision is targeted only after a feasibility study and permit amendments land in the second half of 2027. First concentrate is targeted for the second half of 2028, with full ramp-up by the first half of 2029; first concentrate is not the same as sustained commercial production. The company has no concentrate sales contracts.
Selkirk First Nation indirectly holds a controlling equity stake in Selkirk Copper, and the PEA applies a 1.5% net smelter return royalty payable to the First Nation. Selkirk describes itself as well-financed. No specific cash balance or runway was identified in the sources reviewed, and both releases list a potential inability to continue as a going concern among their forward-looking risk factors.
Selkirk Copper Milestones: October 2 Webinar Through Q1 2027 Resource Update
Selkirk hosts an investor update on the PEA on Friday, October 2, 2026, at 11:00 a.m. EDT. Phase 2 drilling, at 52,485 meters in 224 holes as of September 28, is expected to continue until mid-October. Assay turnaround is running about eight weeks, and results are slated for release through the fall and winter.
The full PEA technical report is due on SEDAR+ within 45 days of September 22. Amended permit applications and the start of feasibility study work are both targeted for Q4 2026. An updated resource estimate incorporating Phase 2 drilling is scheduled for Q1 2027.
Sources
- Newsfile: Selkirk Copper Drills 9.3% Cu, 7.4 g/t Au and 54.9 g/t Ag (15.1% CuEq) over 5.4 Metres at Minto North as Part of the Ongoing Phase 2 Drill Program, September 29, 2026
- Newsfile: Selkirk Copper Announces Positive PEA for the Minto Project, Delivering After-Tax NPV of C$494M with 48% IRR, September 22, 2026
Editorial Disclosure
This article is based entirely on publicly available information, specifically Selkirk Copper Mines Inc.’s September 29 and September 22, 2026 news releases distributed by Newsfile. The security discussed is Selkirk Copper Mines Inc. (TSXV: SCMI) (OTCQX: SKRKF) (FSE: IO20). aktiego.com has not received any compensation from Selkirk Copper, its management, investor relations representatives, or any third party. No staff member or principal of aktiego.com holds a position in this security at the time of publication.
All drill intervals cited are core lengths; the company estimates true widths at approximately 80% to 90% of core length. Copper equivalent (CuEq) grades for the drill results are company calculations using US$4.60/lb copper, US$3,300/oz gold and US$40/oz silver with assumed recoveries of 90% copper and 80% gold and silver, and they are not directly comparable to CuEq figures calculated on other assumptions. The Phase 2 results discussed are not included in the current Mineral Resource Estimate or in the PEA. The Mineral Resource Estimate cited is NI 43-101 compliant, has an effective date of June 10, 2026, and is supported by a technical report dated September 14, 2026: 47.8 million tonnes Measured and Indicated at 0.89% copper, 0.34 g/t gold and 3.2 g/t silver, and 16.9 million tonnes Inferred at 0.76% copper, 0.26 g/t gold and 2.7 g/t silver. Mineral resources that are not mineral reserves do not have demonstrated economic viability.
The PEA is preliminary in nature and includes Inferred Mineral Resources considered too speculative geologically to be categorized as Mineral Reserves; there is no certainty its projections will be realized. Its capital cost estimate is stated as an AACE Class 5 estimate with an accuracy range of minus 50% to plus 100%. At the PEA’s downside prices (US$3.50/lb copper), after-tax NPV falls to C$10 million. No restart decision has been made. That decision is targeted after a feasibility study and receipt of amended permits in the second half of 2027, and the targeted first concentrate in the second half of 2028 would be a first step, not sustained commercial production or full ramp-up. The company has not entered into any concentrate sales contracts.
Selkirk First Nation indirectly holds a controlling equity stake in Selkirk Copper and receives a 1.5% NSR royalty under the PEA’s assumptions. The qualified person who approved the September 29 drill release, Leif Bailey, P.Geo., is the company’s Director of Geoscience and Exploration, and the PEA release was approved by Scott Fulton, P.Eng., the company’s VP Engineering, described as a non-independent qualified person. No specific cash balance or runway was identified in the sources reviewed. Both releases list a potential inability of the company to continue as a going concern among their forward-looking risk factors. Neither the TSX Venture Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of the company’s releases, per the company’s own standard disclosure.
Small cap and micro-cap stocks listed on the CSE, TSX, TSXV, and OTC markets are speculative investments carrying significant risk including potential total loss of capital. Coverage on aktiego.com is provided for informational and educational purposes only. aktiego.com is not a registered investment advisor. Nothing in this article constitutes financial, investment, or professional advice. Readers are encouraged to conduct their own due diligence and consult a qualified financial advisor before making any investment decisions. For more information please see our full DISCLAIMER.
