By Charles Pitts
Selkirk Copper (TSXV: SCMI) has released the latest assay results from its Phase 2 diamond drilling program at the Minto project in central Yukon, reporting significant high-grade copper-gold-silver mineralization. The headline intercept from hole 26SCM178 returned 2.33% Cu, 1.98 g/t Au, and 22.3 g/t Ag (4.28% CuEq) over 4.3 meters, effectively extending the known high-grade footprint at the Minto East and North zones.
The results arrive as Selkirk continues its aggressive 50,000-meter drill campaign, currently operating with four rigs on site. This Phase 2 program is designed to convert inferred resources to the indicated category and test immediate extensions of several high-grade lenses, including the 117 Lens and Area 118. With an updated Mineral Resource Estimate (MRE) and Preliminary Economic Assessment (PEA) scheduled for release in the second half of July 2026, these results provide critical data points for the mine’s eventual production restart.
Phase 2 Assay Results: Breaking Down the High-Grade Intercepts
The Phase 2 program at Minto has been focused on defining the geometry and continuity of the high-grade lenses that characterize this multi-lens copper system. Hole 26SCM178 is a standout, located within the Minto East zone, a region that has consistently outperformed historical grade expectations.
The 2.33% copper hit, combined with nearly two grams per ton of gold, underscores the polymetallic value of the Minto deposit. In the current 2026 market, where copper deficits are beginning to constrain global supply chains, these high-grade concentrates are increasingly prioritized by smelters facing falling treatment and refining charges (TC/RCs).
Key Intercept Highlights (July 2026 Release)
| Hole ID | From (m) | To (m) | Interval (m) | Cu (%) | Au (g/t) | Ag (g/t) | CuEq (%) | Zone |
|---|---|---|---|---|---|---|---|---|
| 26SCM178 | 245.2 | 249.5 | 4.3 | 2.33 | 1.98 | 22.3 | 4.28 | Minto East |
| 26SCM183 | 312.0 | 316.5 | 4.5 | 2.22 | 0.41 | 5.3 | 2.59 | Minto North |
| 26SCM175 | 188.0 | 210.7 | 22.7 | 1.10 | 0.28 | 3.5 | 1.35 | 117 Lens |
The intercept in hole 26SCM183 is particularly noteworthy as a step-out hole, located approximately 30 meters west of previous drilling at Minto North. This confirms that the high-grade mineralization remains open to the west, suggesting that the resource footprint could continue to expand as the four rigs move further into the Minto Copper Belt.
Expansion of Minto East and North Zones
The Minto project is situated within the traditional territory of the Selkirk First Nation and has a long history of production, having operated intermittently since 2007. The current exploration strategy by Selkirk Copper is built on the premise that previous operators left significant high-grade tonnage behind, particularly in the deeper extensions and parallel lenses.
By deploying four diamond drill rigs, Selkirk has managed to complete over 27,000 meters of the planned 50,000-meter Phase 2 program. The focus remains on “Minto Main,” “Area 118,” and the “117 Lens.” Infill drilling at the 117 Lens (Hole 26SCM175) has confirmed broad intervals of moderate-to-high grade mineralization (1.35% CuEq over 22.7m), providing the volume required for a potential bulk-mining scenario in certain areas of the deposit.
Geologically, the mineralization at Minto is hosted within the Minto pluton, primarily occurring as chalcopyrite and bornite in foliated granodiorite. The structural control at Minto East appears to be tightening as drilling density increases, allowing the geological team to better predict the plunge of these high-grade “shoots.”
The 2026 Copper Deficit: Why Grade is King
The timing of Selkirk’s exploration success coincides with a tightening global copper market. As of July 2026, analysts from the International Copper Study Group (ICSG) and J.P. Morgan have revised their market balances to reflect a refined copper deficit between 150,000 and 330,000 metric tons.
Several factors are driving this structural shortage:
- AI Data Center Build-out: The massive expansion of hyperscale AI facilities, which can consume up to 50,000 tons of copper each, has added a significant new demand vector that was undercounted in previous years.
- Grid Modernization: Large-scale electrification projects in North America and Europe are requiring unprecedented volumes of copper for transmission and distribution.
- Mine Disruptions: Continued operational challenges in Latin America, particularly in Chile and Peru, have hindered the expected supply response to higher prices.
For investors, projects like Minto represent a strategic hedge. While many new copper discoveries are low-grade (sub-0.5% Cu) porphyry deposits in challenging jurisdictions, Minto offers high-grade intercepts (above 2% Cu) in a Tier-1 mining jurisdiction. High-grade assets generally offer better margins and lower energy intensity per pound of copper produced: a critical metric for ESG-conscious investors and operators.
Infrastructure and Timeline to Production
Unlike many junior exploration stories, Minto is a “brownfield” site with significant existing infrastructure. The site includes a fully permitted processing plant, a water treatment facility, and a tailings storage area. This pre-existing capital expenditure drastically reduces the timeline to first production.
According to the company’s current guidance, the path forward is clearly defined:
- H2 July 2026: Release of the updated Mineral Resource Estimate (MRE) and Preliminary Economic Assessment (PEA). This will incorporate all results from Phase 1 and the initial half of Phase 2.
- Late 2026/Early 2027: Completion of the remaining Phase 2 drilling and initiation of the Feasibility Study.
- Mid-2027: Expected delivery of the Feasibility Study (FS), which will outline the final mine design and capital requirements for a full restart.
The transition from exploration to development is often where the most value is unlocked for mining equities. Selkirk’s ability to maintain a steady flow of high-grade assays while moving toward an updated PEA suggests a management team focused on the de-risking process.
Market Snapshot: July 9, 2026
The following table provides a snapshot of the primary commodities associated with the Minto project as of current market pricing.
| Commodity | Price (USD) | 24-Hour Change | 2026 Forecast Trend |
|---|---|---|---|
| LME Copper | $12,145 / tonne | +0.8% | Bullish (Deficit) |
| Gold | $2,455 / oz | -0.2% | Neutral/Strong |
| Silver | $31.42 / oz | +1.1% | Bullish |
Strategic Implications for the Yukon Mining Sector
The Yukon has seen a resurgence in mining activity throughout 2026, driven by a favorable regulatory environment and the strategic importance of critical minerals. Selkirk’s success at Minto is a bellwether for other projects in the region, such as those in the Finlayson District.
The high-grade nature of the 26SCM178 intercept (4.28% CuEq) places Minto among the highest-grade undeveloped or restarting copper assets in North America. For an industry that has seen average head grades fall globally for decades, Minto’s results are a reminder that high-grade pockets still exist within established mining camps.
As the company prepares for its H2 July 2026 MRE/PEA update, the market will be looking closely at the “tonnage vs. grade” tradeoff. While the 117 Lens provides the necessary scale, the “sweeteners” coming from Minto East and North will likely be the primary drivers of the project’s internal rate of return (IRR).
Final Outlook
Selkirk Copper’s Phase 2 results validate the geological model that Minto is far from exhausted. With 2.33% copper intercepts and a massive 50,000-meter program in full swing, the company is positioning itself to be a primary contributor to the North American copper supply chain by the late 2020s.
For operators and investors, the focus remains on the upcoming PEA. If Selkirk can demonstrate a low-CAPEX restart plan backed by these high-grade assays, Minto could quickly move from a “discovery” story to a “producer” reality in a market starved for copper.
