Doyon Boosts Tectonic Metals Investment
The regional Native corporation for Interior Alaska, already the largest single shareholder of a Canadian mining company, is upping the ante with another investment.
Doyon, Limited announced an additional investment of C$3 million, in association with Colorado-based Crescat Capital, into Tectonic Metals of Vancouver, British Columbia. Doyon owns 22.3 percent of Tectonic shares, and Crescat is another major investor. In 2020, Doyon put more than C$2 million toward Tectonic’s exploration of mineral prospects in the Interior.
Doyon President and CEO Aaron Schutt says, “2022 marks the 50th anniversary of the Alaska Native Claims Settlement Act and the formation of Doyon, Limited. Since that day, our mission has been clear: continually enhance our position as a financially strong Native corporation in order to promote the economic and social well-being of our shareholders and future shareholders, to strengthen our Native way of life, and to protect and enhance our land and resources. Our investment in Tectonic is our mission in action.”
Tectonic is exploring the Tibbs and Maple Leaf projects on state land in the Goodpaster Mining District, in the mountains east of Pogo Mine. Its third current project is Seventymile, in the Eagle Mining District near the Canadian border, where a 25-mile-long greenstone gold belt has been unexplored for twenty years. Its final project, Flat, in the Kuskokwim Mountains, presents a rare opportunity: “a large scale, underexplored, intrusion-hosted gold system with mineralization beginning at surface,” according to the company’s website.
Crescat’s geologic and technical director, Quinton Hennigh, says, “Tectonic has assembled an enviable portfolio of high-quality gold projects in Alaska, all ready for drilling. They have a very strong technical team able to execute on multiple exploration campaigns, and importantly, they have a drill available for the 2022 season. We are fully supportive of their plans to drill at the Seventymile and Tibbs projects, both with exceptional potential for large-scale intrusive related and orogenic gold mineralization.”
The net proceeds of the offering of 50 million units for C$0.06 apiece will be used to advance the Tibbs and Seventymile properties and for general working capital.
“Working on Native Owned Land is one thing, but being funded by Alaska Natives to explore on their land is something completely different,” says Tony Reda, president and CEO of Tectonic Metals. “Our strong partnership with Doyon is a vital pillar of not only our exploration success in Alaska but also of our company.”
Reda says the additional capital pays for two drill programs this year to test two promising targets, as well as exploring the Flat project for the first time in twenty years.
Doyon is the largest private landholder in Alaska, with more than 12.5 million acres, and one of the largest in North America. About two-thirds of the corporation’s land is for mineral exploration and prospecting. In 2018 Tectonic was granted exclusive rights to explore, develop, and mine all minerals, ores and mineral products extracted from the Seventymile and Northway projects, which are situated on Doyon land.