Victoria Gold has poured the first gold at its new Eagle gold mine in central Yukon, Canada, approximately 85 kilometers (km) from the town of Mayo. The inaugural bar weighed in at 1,001 ounces (oz) of gold. At full production, the mine will produce approximately 200,000 oz per year (oz/y) of gold over a 10-year to 11-year mine life and will be the largest gold mine in Yukon history.

The Eagle mine is situated on Victoria Gold’s Dublin Gulch property, which covers an area of about 555 km2. The mine will produce doré from a conventional open-pit operation with a three-stage crushing plant, in-valley heap leach, and a carbon-in-leach adsorption-desorption gold recovery plant. The site has year-round road access and a 250-person, all-season camp. Commercial grid power is available approximately 45 km by road from the site, and an airstrip suitable for commercial planes is located 80 km to the south.

A focus on Yukon hiring has achieved 54% of the 251 operational employees hired to date being Yukoners, including several citizens from the Nacho Nyak Dun First Nation.

The Eagle and Olive deposits host proven and probable reserves estimated at 2.7 million oz of gold in 123 million mt at a grade of 0.67 grams/mt gold. As of December 2018, measured and indicated resources inclusive of reserves were estimated at 208 million mt averaging 0.66 g/mt, containing 4.4 million oz of gold. A further 20 million mt averaging 0.64 g/mt, containing 0.4 million oz of gold, were classified as inferred.