Kaminak Gold founders back in business in Alaska

Infomine

After its $520 million exit in 2016, the core team that found, developed and sold the Coffee Gold project in Yukon to Goldcorp Inc. (TSX:G) took a breather, and then regrouped.

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Eira Thomas, one of Kaminak Gold Corp.’s executives, took on the CEO job at one of the other companies she co-founded, Lucara Diamond (TSX:LUC) – a role she still holds.

But she and two other Kaminak executives, Robert Carpenter and Tony Reda, knew they wanted to keep working together, even though they had no particular project in mind.

“We knew we wanted to work together, so we looked at a bunch of different endeavours collectively,” said Reda, who was Kaminak’s vice-president of corporate development and is now CEO of their new company, Tectonic Metals (TSX-V:TECT).

Reda became convinced that their next project should be just across the border from Yukon, where they had developed the Coffee project.

“That political border is not a geological border. The rocks carry over. It’s completely untapped, elephant-sized deposits, seven producing mines. The Yukon at that time had zero”

Tony Reda

“The three of us got together and I said, ‘We’ve got to get into Alaska,’” Reda said, “because the Yukon was becoming a crowded place, especially with the Goldcorp-Kaminak transaction.

“That political border is not a geological border. The rocks carry over. It’s completely untapped, elephant-sized deposits, seven producing mines. The Yukon at that time had zero.”

The real clincher was the regional corporations that welcome mining and own vast tracts of land as a result of the Native Claims Settlement Act in the early 1970s, which awarded 44 million acres to Alaska’s Indigenous people, known as Alaskan Natives.

“On Native-owned land, it’s fee simple land,” Reda said. “There’s limited regulatory involvement. If I want to build a road, I work directly with them.”

Typically, a new exploration company starts with a potential deposit, raises some risk capital and forms a management team. Tectonic’s founders formed the team first, and then went prospecting.

“If the team is the ultimate driver for value, why don’t we start there?” Reda reasoned.

In addition to the three core Kaminak founders, the company has brought along other former key players who worked on the Coffee project.

“We built a company around a team, around a business model,” Reda said.

Tectonic didn’t …read more

Source:: Infomine