Idled mine gets new life with First Nation partnership

A definitive agreement has been announced between Venerable Ventures and the Selkirk First Nation, paving the way for the formation of Selkirk Copper Mines. This new venture will take complete control of the currently inactive Minto copper-gold mine, situated about 250 km north of Whitehorse in the Yukon.

The C$15 million transaction, structured entirely in shares, will result in the Selkirk First Nation becoming the majority stakeholder in the reorganized company.

The Minto mine, which was in operation between 2007 and 2023, was deserted and placed under the control of a receiver the previous year. The Selkirk First Nation successfully obtained the mine's assets in June 2025 after legal proceedings and discussions with the Yukon government.

During its 16 years of activity, the Minto mine extracted over 500 million pounds of copper, in addition to gold and silver as secondary products. However, financial difficulties and operational problems precipitated its sudden shutdown in May 2023. In the aftermath, the Yukon government took charge of the site, managing environmental safeguards and upkeep while searching for a new operator.

Following more than a year in receivership and unsuccessful efforts to find a buyer, the Selkirk First Nation proposed a plan to take over the mine. In June 2025, after finalizing a two-stage procedure approved by the courts and fulfilling all licensing and permitting conditions, the Selkirk First Nation achieved the distinction of being the first Indigenous governing body in Canada to possess full legal ownership of a mining operation.

With the acquisition finalized, Selkirk First Nation quickly teamed up with Vancouver's Venerable Ventures, a mineral exploration firm, to form Selkirk Copper Mines, aiming to control and revitalize the Minto Mine.Top of Form

Selkirk First Nation Chief Sharon Nelson said: “We are proud to take ownership of this important copper-gold mine located on our settlement land. We believe there still are significant resources beneath our land and nearby . . . we will be in a position to ensure the highest standards of environmental performance.”

Nelson added: "We intend to commence an extensive drilling program as soon as possible in 2025 to expand the resource base. And, as owners, we will be in a position to ensure the highest standards of environmental performance for the company. I am grateful to our citizens for their support of this strategic initiative by our First Nation.”

The company will undertake a non-brokered private placement of up to C$2.52-million ahead of the transaction’s close, with additional financing planned to support exploration and restart activities. A resource update and engineering studies are under way.

Upon closing, the company will be renamed Selkirk copper Mines, with Selkirk First Nation appointing two directors to the board. The transaction is classified as a reverse takeover on the TSX-V and is subject to regulatory approval.