Blue Jay has committed to an incentive payment of $5/oz of gold equivalent identified beyond 2moz within five years.
Blue Jay will pay Tincorp C$300,000 in cash or equity at closing, followed by C$275,000 on the one-year anniversary. A C$25,000 deposit was paid upon signing a letter of intent. Blue Jay also agreed to pay C$5 per ounce of gold equivalent for resources exceeding two million ounces within five years, per an updated technical report.
Geordie Mark, CEO of Blue Jay Gold, said: “The Blue Jay team is thrilled to be assuming stewardship of the Skukum Au-Ag Project, a large-scale, high potential asset spanning approximately 170km². The project already hosts close to one million ounces of gold-equivalent resources and benefits from excellent existing infrastructure, which positions us well to advance it efficiently and responsibly.” The acquisition fits Blue Jay’s approach to exploration in established mining areas, like its Ontario projects.
The Skukum project includes a 50-man camp, geological facilities, a process plant, and exploration roads. Blue Jay must address a C$2.93 million reclamation security requirement from the Yukon Government, securing funds as a transaction condition.
Victor Feng, Tincorp’s interim CEO, stated: “This transaction represents an important step forward in Tincorp’s strategy to sharpen our focus on our Bolivian projects and pursue new exploration and acquisition opportunities. It also ensures that the Skukum Gold Project is transferred to a steward looking to undertake responsible exploration in the Yukon.” Tincorp may gain from a potential equity stake in Blue Jay, which prioritizes efficient exploration in Ontario and Yukon.
On May 22, 2025, Blue Jay Gold completed a spin-out from Riverside Resources, distributing one Riverside share and one-fifth of a Blue Jay share per share held to shareholders. The acquisition enhances Blue Jay’s portfolio, supporting exploration and development in Yukon with existing infrastructure.
