en.Wedoany.com Reported - Selkirk Copper Mines (TSX-V: SCMI | OTCQB: SKRKF | FRA: IO20) launched the second phase of its drilling program at the Minto deposit in May 2026, targeting 50,000 meters of drilling over the entire program. Compared to the first phase, the second phase also clarifies two new objectives: geotechnical drilling and geometallurgical data collection, aimed at gathering necessary information for the planned Feasibility Study (FS), improving resource confidence, and advancing integrated mine planning. In the first month of the program, 14,000 meters of drilling were completed across 59 holes, representing 28% of the total planned.
The first phase, which ran from August 2025 to April 2026, completed 52,288 meters of diamond drilling across 175 holes, focusing on discovery and expansion: expanding known mineralized zones, identifying higher-grade intervals, discovering new mineralized lenses, testing high-quality exploration targets, and upgrading existing resources. During this phase, the high-grade Minto North West area expanded by approximately 90%, and two new lenses were confirmed at depth: the 117 Lens beneath the Area 2 Pit and the 301 Lens beneath Area 118.
The second phase is structured around different objectives: infill drilling to improve resource confidence and support resource definition updates, geotechnical drilling to provide engineering data for mine planning, and geometallurgical collection to inform processing models. Integrated mine planning and economic studies are listed as clear outputs, with the plan addressing geological and engineering issues concurrently rather than sequentially. Daily drilling productivity has also improved, with the four active rigs in the second phase averaging 120 meters per rig per day, compared to 94 meters in the previous phase.
Geotechnical and geometallurgical drilling are engineering activities, both generating quantitative inputs required for mine design, processing modeling, and cost estimation. At Minto, geotechnical work utilizes structural models developed from drilling and oriented core measurements for geotechnical design analysis. SRK Consulting (Canada) Inc. has been awarded the engineering work package, covering rock mechanics, geotechnical design, and water and waste management for trade-off studies and the Preliminary Economic Assessment (PEA).
Geometallurgical data collection is conducted in parallel with geotechnical work, directly linking ore physical properties to processing and infrastructure design inputs. Geologists and metallurgists are sharing information to form a feedback mechanism that informs downstream decisions. Hatch Ltd. has been awarded the engineering work package, covering mineral processing, infrastructure, and mining. The outputs from SRK Consulting and Hatch will directly feed into the trade-off studies and PEA planned for completion in mid-2026, with the second-phase drilling program serving as the primary engineering data source for mine design and processing assumptions in the subsequent Feasibility Study.
The Minto site boasts over $330 million in existing infrastructure, including a processing plant with a capacity of 4,100 tonnes per day, open-pit and underground workings, a tailings management facility, a 400-person camp, a water treatment plant, road access, and grid power. The previous operator, Minto Metals, ceased operations and entered bankruptcy proceedings in May 2023, clearing financial burdens including precious metal streams and concentrate offtake agreements. Selkirk Copper Mines President and CEO M. Colin Joudrie stated that the existing infrastructure is a key advantage in reducing restart capital requirements, eliminating the need to rebuild power lines, roads, and surface facilities. Historically, the site could produce up to 30,000 tonnes of copper, 35,000 ounces of gold, and 350,000 ounces of silver annually.
The Minto deposit is located in central Yukon, 250 kilometers north of Whitehorse along the Klondike Highway, within the Minto-Carmacks copper belt, and consists of over 85 structurally disrupted chalcopyrite-bornite-magnetite lenses. Current resources (effective date April 7, 2025) include: Indicated resources of 12.588 million tonnes at 1.20% copper, 0.46 g/t gold, and 4.27 g/t silver, containing 333.8 million pounds of copper; Inferred resources of 23.658 million tonnes at 1.05% copper, 0.387 g/t gold, and 3.90 g/t silver, containing 546.8 million pounds of copper. The total property area is 26,850 hectares, with only 3 kilometers of a 7-kilometer mineralized trend explored within the permit area.
The near-term study sequence begins with the trade-off studies and PEA planned for completion in mid-2026, followed by the Feasibility Study and Final Investment Decision (FID) planned for mid-2027, with first production expected in mid-2028. Each study phase builds on the output of the previous one: Phase 1 data collection informs the trade-off studies and PEA, which guide the scope and assumptions of the Feasibility Study, which is ultimately supported by Phase 2 drilling results. The trade-off studies and Feasibility Study will rely on updated property-wide resource models, mine plans, and permitting strategies to establish detailed capital and operating cost estimates, which are the basis for the restart decision. "Our approach is 'measure twice, cut once,' not to do business that damages the future viability of this project because we missed a permit or understanding of underground technical issues," Joudrie said. The trade-off studies and PEA planned for mid-2026 will be the first external checkpoint for updated economic viability of the Minto project, with the subsequent Feasibility Study and Final Investment Decision determining whether the Phase 2 shift from exploration data collection to engineering data collection has produced sufficient clarity to support a mine restart.
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