Yukon Gold Explorer Starts Dual-Rig Drilling at Steller Project

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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.

Gold prices remain resilient in 2026 despite volatility, creating a favorable backdrop for exploration companies with high-quality assets in stable jurisdictions. Blue Jay Gold Corp. (JAY:TSX.V) has emerged as an active player in this environment by launching a fully funded Phase 1 drill program at its Steller Gold Project in southern Yukon.

The company stands out because of its combination of a past-producing asset base, more than 120,000 meters of historical drilling data, and a modern approach that includes real-time spectral logging. This positions Blue Jay to test both resource expansion and new discovery targets efficiently.

Key Investor Takeaways

• Two drill rigs are now operating at the Steller project, one on the Mt. Skukum epithermal corridor and one at the Skukum Creek gold-silver deposit.
• The 2026 program includes up to 16,000 meters of diamond drilling plus district-scale modeling using historical data and new technology.
• First assay results are expected toward the end of August, with additional results expected on a rolling basis through the remainder of the year.
• The project benefits from road access only 55 kilometers from Whitehorse, which reduces exploration costs compared with remote helicopter-supported programs.
• Gold market conditions remain supportive, with spot prices near US$4,376 per ounce and central-bank buying providing a structural bid.

Why the Steller Project Draws Attention Now

The Steller Gold Project combines a former producing mine at Mt. Skukum with the Skukum Creek deposit that never reached production despite extensive historical work. Past operators completed more than 44,000 meters of drilling at Skukum Creek alone and more than four kilometers of underground development. Blue Jay is now applying a district-scale lens that previous owners did not use, according to an August 5 release.

Modern Technology and Cost Advantages

Blue Jay is deploying its contracted LithologIQ system for real-time spectral core logging at both Mt. Skukum and Skukum Creek. This allows geologists to analyze hydrothermal alteration and structural features immediately rather than waiting for laboratory results. The company is also reinterpreting regional airborne magnetic data with 3D inversion and building the project's first district-scale geological model from oriented core. Proximity to Whitehorse further lowers costs by eliminating the need for helicopter support during much of the program.

Multiple Targets and Rolling News Flow

The current campaign targets resource expansion at Skukum Creek, Mt. Skukum, and Goddell while testing new discovery potential at RACA and Charleston. Becker-Cochrane is also part of the broader 2026 plan. Management expects assays to arrive on a rolling basis, creating a steady stream of exploration updates. On June 19, Caesars Report noted that the initial results should begin arriving at the end of August and that news flow should remain consistent thereafter.

Supportive Gold Market Backdrop

Spot gold traded around US$4,376.40 per ounce in mid-August after weaker-than-expected U.S. retail sales data reduced expectations for a September Federal Reserve rate hike. Spot silver also moved higher. Central banks continue to increase gold reserves, reflecting ongoing concerns about fiscal spending and currency stability, according to Kitco News on August 14. Kevin Williams, writing for CNBC on August 12, noted that gold has gained more than US$1,000 over the past year, even after recent swings.

Share Structure and Market Position¹

Blue Jay Gold Corp. has a market capitalization of CA$36.11 million based on 47.55 million shares outstanding. The 52-week trading range is CA$0.61 to CA$1.00. Institutions hold 33 percent of the shares, management and insiders hold 5 percent, and retail investors hold the remaining 62 percent.

Frequently Asked Questions

What is the current status of drilling at Steller? Two rigs are active, one testing the Mt. Skukum epithermal corridor and the second focused on expansion targets at Skukum Creek.

When will investors see the first drill results? Management expects the first assays toward the end of August, followed by additional results on a rolling basis through the rest of 2026.

What makes the project location advantageous? The property lies only 55 kilometers by road from Whitehorse, which reduces logistics costs compared with more remote exploration sites.

How does the gold price environment affect the story? Supportive macro conditions, including softer economic data and continued central-bank buying, have kept gold prices resilient near multi-year highs.