Mining exploration expenditure in Canada’s Yukon Territory is expected to continue to rise in 2010, with 2009’s expenditure already double the amount projected by the government earlier in the year.
The government also projected mining production in the territory would triple next year.
According to the Yukon Economic Update, the Yukon Government predicts mining exploration spending will be $85m, much more than the figure projected in the May economic update.
The report said the increase in estimates is attributed to the high level of interest in properties close to Underworld Resources’ White Gold property following positive drilling results early this year.
Victoria Mining’s Eagle Gold, Northern Freegold and Western Copper’s Casino are expected to further fuel mining sector growth.
Yukon Geological survey head of mineral services Mike Burke said investment in development is escalating mostly due to Yukon Zinc’s Wolverine Mine project.
Burke said gold accounts for 47% of Yukon’s exploration expenditure followed by silver with 23%, and base metals with 30%.