Gold Company Is Reviving Past-Producing Yukon Gold District

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1. Ownership and Share Structure Information

The information listed above was updated on the date this article was published and was compiled from information from the company and various other data providers.

Blue Jay Gold Corp. (JAY:TSX.V) has reported progress on its Phase 1 drilling campaign at the Steller Gold Project in southern Yukon, with two rigs now operating across the property, according to an August 5 release.

One drill is testing the Mt. Skukum epithermal corridor, which hosts the project's only former producing mine, while the second is focused on expansion targets at the Skukum Creek gold-silver deposit. Both rigs are continuing toward additional targets at their respective locations.

"There's a lot of ground on this property, and with drilling now underway on both Mt. Skukum epithermal targets and the Skukum Creek structural corridor, the program is advancing as planned (with) testing (of) structural extensions to current resources," said Geordie Mark, chief executive officer of Blue Jay Gold. "Chasing high-grade mineralization targets and revitalizing exploration here with a modern mindset is what excites me most about this stage of the program. Real-time spectral and optical logging through LithologIQ means our geologists can see more of what the rock has to tell at a pace that easily eclipses anything previously possible in the industry. We are excited by the ramp-up of drilling and completion of almost half of the LithologIQ 2026 program. We look forward to updating the market as assay results start to come back."

Blue Jay said it has begun drilling at Skukum Creek, a deposit that forms a central part of the Steller project's resource base.

The property has been explored for more than a century, with the Skukum Creek area originally staked in 1922. Successive operators have completed more than 44,000 meters of drilling along with more than four kilometers of underground development, the latest of which was completed in 2008. Despite the extensive historical work, Skukum Creek never advanced into production, unlike the nearby Mt. Skukum mine, which operated during the 1980s.

Past exploration at Skukum Creek has repeatedly encountered high-grade gold and silver mineralization hosted in steeply dipping, structurally controlled veins, the release noted. Successive drilling campaigns have expanded established mineralized zones, while the deposit remains open both along strike and at depth.

Blue Jay's 2026 exploration program is intended to improve the geological understanding of the mineralized structures and test known structural extensions of the deposits and nearby targets.

The company is using its contracted LithologIQ system to support drilling at both Skukum Creek and Mt. Skukum. The technology provides real-time spectral core logging, allowing Blue Jay's geological team to examine hydrothermal alteration and structural characteristics as the core comes out of the ground rather than waiting for laboratory assays. The company is also compiling historical information into a site-specific data library to support this work.

Mt. Skukum Mine Inactive Since 1988

Exploration at Blue Jay Gold's Mt. Skukum epithermal corridor began in 1980 after Agip Canada Ltd. identified a strong gold anomaly near the headwaters of Butte Creek through regional stream-sediment sampling, followed by more than 56,000 meters of drilling by various operators through 1997, the release said.

The site later became the Steller Gold Project's former producing operation, with Mount Skukum Gold Mining Corp. processing about 233,400 tonnes of mineralized material between 1986 and 1988 and recovering approximately 77,790 troy ounces of gold through its 270-tonne-per-day plant.

"Ownership of the claims and mill changed hands several times after mining ended, with the property eventually consolidated into its present configuration through a series of transactions in the 1990s and 2000s, followed by periods of more limited exploration.

The Catalyst: Results, Results, Results

Blue Jay Gold Corp. expects a steady flow of drill results from the Steller drilling campaign as its largest near-term catalyst.

According to the release, the two rigs now turning are testing the Mt. Skukum epithermal corridor and the Skukum Creek gold-silver deposit.

The program is designed to work on several targets at once: Skukum Creek, Mt. Skukum, and Goddell are being targeted for resource expansion, while RACA and Charleston are being tested for new discoveries, with Becker-Cochrane also included in the broader 2026 exploration plan.

 Management has said assays will be released on a rolling basis through the remainder of 2026, so the key catalyst is a continuous stream of drill results across multiple targets during the field season, supported by modern re-logging of historical core, spectral analysis, and district-scale structural modeling.

'Pretty Steady' News Flow Expected, Expert Says

On June 19, Caesars Report noted that although the project has already undergone approximately 120,000 meters of historical drilling, Blue Jay said it has never been assessed comprehensively from a district-scale perspective. The company now intends to take that broader approach, with information generated by the current program expected to improve its understanding of Steller's geology and overall exploration potential.

The first assay results are expected toward the end of August, potentially establishing a steady stream of exploration updates as the program progresses.

"We expect the initial assays to roll in at the end of August, and the company's news flow should be pretty steady from then on," Caesars Report said.

The Steller project benefits from its proximity to Whitehorse, located approximately 55 kilometers away by road, potentially reducing the need for costly helicopter-supported exploration logistics, according to Jay Lutz of The Deep Dive on June 4.

"The 2026 exploration program is the company's first at the property and is fully funded," Lutz said. "It centers on up to 16,000 meters of diamond drilling across several targets, including Skukum Creek, Mt. Skukum, and Goddell for resource expansion, with RACA and additional untested ground earmarked for discovery."

Blue Jay also plans to reinterpret regional airborne magnetic data using 3D inversion, create the project's first district-scale geological model based on oriented core, and modernize the interpretation of roughly 120,000 meters of historical drill core through updated spectral and analytical techniques, while environmental baseline studies and stakeholder engagement continue, Lutz noted.

"In this business, most exploration projects begin with a blank map. Steller hands us one that has already been partially drawn," Mark said, according to Lutz, citing the property's four decades of exploration and established high-grade resource.

Gold Is Still on Its Way Up

Spot gold and silver prices moved higher in early U.S. trading on Friday after a weaker-than-expected July retail sales report strengthened expectations that the Federal Reserve may keep interest rates unchanged in September, according to Kitco News on August 14. Spot gold traded around US$4,376.40 an ounce, up 0.60%, while spot silver reached US$64.740, gaining 0.66%.

Retail sales declined 0.6% in July versus expectations for a 0.1% increase, while sales excluding automobiles fell 0.3%, following softer-than-anticipated consumer inflation data and a flat headline producer-price reading earlier in the week, the report noted. Markets now assign roughly a 32% to 33% probability to a 25-basis-point September rate hike, down from nearly 50% a week earlier, while the 10-year U.S. Treasury yield hovered around 4.6% and the U.S. dollar index remained below 100.00.

The weaker economic figures generally support gold by reducing interest-rate pressure, although firmer oil prices and investor attention on the University of Michigan sentiment report limited the move. Geopolitical tensions surrounding the Strait of Hormuz continued to influence energy markets, inflation expectations, and demand for defensive assets after two UAE tankers came under attack while attempting to transit the waterway, while Washington indicated it could impose additional economic restrictions on Iran and maintain its blockade indefinitely.

In 2026, gold has proven difficult to trade, retreating as much as 18% from its early-year peak above US$5,300 an ounce, according to Goldprice.org, noted Kevin Williams writing for CNBC on August 12. The precious metal nevertheless posted its strongest weekly performance since January last week, while gold-mining shares recorded their best five-day stretch since 2008. With gold's recent swings leaving its year-to-date performance roughly flat, some investors believe the upward trend could continue, although risks remain. Despite the recent volatility, gold has still gained more than US$1,000 over the past year.

"Gold is the new gold," said Pippa Malmgren, a former special assistant to President George W. Bush and member of the National Economic Council.

Malmgren said the factors driving investors toward gold remain intact, with concerns that U.S. fiscal spending is excessive and that economic growth outside the U.S. could remain weak, Williams reported. "This implies inflation," Malmgren said. She also pointed to the Trump administration's costly foreign military engagements and support for cryptocurrencies as additional sources of uncertainty for some investors.

"This makes nervous investors turn to conservative methods for preserving value, such as buying gold," Malmgren said.

Central banks globally are also increasing their gold reserves, which she said reflects diminishing confidence in fiat currencies, with China continuing to play a major role in official-sector purchases, he wrote.

Ownership and Share Information¹

Blue Jay Gold Corp. has a market cap of CA$36.11 million, with 47.55 million shares outstanding. The company's 52-week range is CA$0.61-CA$1.00.

Institutions own 33% of shares, while Management and Insiders own 5%. The remaining 62% of shares are held by Retail.

Common Investor Questions

What did Blue Jay Gold announce? On August 5, 2026, Blue Jay Gold Corp. (JAY:TSX.V) reported that its Phase 1 drilling is underway at the Steller Gold Project in southern Yukon, with two rigs turning — one on the Mt. Skukum epithermal corridor and one testing expansion targets at the Skukum Creek gold-silver deposit.

What is the Steller Gold Project? A district-scale, past-producing gold-silver property in southern Yukon, about 55 km by road from Whitehorse (which keeps exploration costs down by avoiding helicopter support). It has been explored for over a century — first staked in 1922 — and has seen roughly 120,000 meters of historical drilling, but Blue Jay says it's never been assessed comprehensively at a district scale.

What does the 2026 program involve? A fully funded campaign of up to 16,000 meters of diamond drilling — the company's first at the property — working several targets at once: Skukum Creek, Mt. Skukum, and Goddell for resource expansion, and RACA plus untested ground for new discovery. It's paired with 3D magnetic reinterpretation, a first district-scale geological model, and modern re-logging of the historical core.

When are results coming — the key catalyst? Management expects first assays toward the end of August, then results on a rolling basis through the rest of 2026. As Caesars Report put it, "the company's news flow should be pretty steady from then on," making a continuous stream of drill results across multiple targets the main near-term catalyst.

How does the gold backdrop factor in? Gold has been volatile but resilient — trading around US$4,376/oz (about CA$6,083) on August 14 after a weak July retail-sales report (−0.6%) trimmed September rate-hike odds to ~32–33% from near 50%. Silver was higher as well. The macro setup — softer data, fiscal concerns, and central-bank buying — remains supportive for gold, which is roughly flat year-to-date but up more than US$1,000 over the past year.