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Yukon gold has been legendary since bullion was first discovered in Dawson City in 1896, but a wave of investment from major miners in the past year suggests the territory could be on the brink of a 21st century gold rush.

Companies including Goldcorp Inc., Newmont Mining Corp. and Barrick Gold Corp. have lined up to invest more than US$600 million in the Yukon since 2016 — more than anywhere else in the world.

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“It’s a modern-day gold rush and, most surprisingly, it’s happening even though the Yukon has yet to host a significant hard rock gold mine,” said Gwen Preston, editor of the Resource Maven newsletter.

“Miners have pulled many millions of ounces from the Yukon’s rivers and gravel beds, but the territory has yet to offer up a large gold deposit that makes it to production.”

Yukon’s gold is as unique as it is curious. Massive amounts of gold have been found in loose soil and gravel in riverbeds, but the original deposits have yet to be discovered, adding a mysterious mythology to the territory’s riches.