FULL DISCLOSURE: Canacom Group is long the equity of Blue Jay Gold.
Blue Jay Gold (TSXV: JAY) has begun drilling at its Steller gold project in the Yukon, with a second rig already mobilizing to site as the company opens a fully funded program that could reach 16,000 metres this year.
The work has started along the Skukum Creek structural corridor, with initial drilling focused on the silver and gold rich Raca zone to the north. The corridor hosts the existing Skukum Creek resource, and this first phase is designed to extend that mineralization and test whether the system continues along strike.
Raca is an early target as a result of historical drilling suggesting high grade mineralization exists outside the current resource boundary. Historical drilling here saw hole RACA 21-03 intersect 581 g/t silver and 0.76 g/t gold over 3.23 metres, along with 489 g/t silver and 0.27 g/t gold over 2.65 metres. The zone is found just 300 metres from the current Skukum Creek resource.
“The commencement of drilling on the Skukum Creek structural corridor is a significant moment for Blue Jay,” said Chief Executive Officer Geordie Mark, “What excites me most about 2026 is what we are doing to leverage the drilling itself. Steller has over 120,000 metres of historical drilling that has never been evaluated as a district-scale system.”
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The 2026 campaign is fully funded through a $14.7-million brokered private placement that closed in April. The company plans to advance several targets concurrently, with the goal of expanding the current resource alongside drilling previously untested targets.
Running alongside the drilling is a broader technical effort, including a reprocessing of regional magnetic data and a re-logging of more than 120,000 metres of historical core using modern analytical methods, intended to sharpen targeting across the property.
Blue Jay is positioning Steller as a brownfield asset rather than a grassroots exploration play. The project includes a past producing mine that yielded roughly 80,000 ounces of gold at 13 g/t, and it carries an existing resource of 400,000 gold equivalent ounces indicated at 9.06 g/t and 450,000 gold-equivalent ounces inferred at 6.45 g/t.
Blue Jay Gold last traded at $0.69 on the TSX Venture.
FULL DISCLOSURE: Canacom Group, the parent company of The Deep Dive is long the equity of Blue Jay Gold. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security.
