Yukon who is who

Mark Baknes

Mark Baknes was a project geologist for Equity Exploration from 1992 to 2002.¹⁾ In 1995, Baknes pulled a rock core in the Finlayson district and could see zinc, lead, and copper in the sample. He guessed that gold and silver were also present. The mineral discovery led to a staking rush and, fifteen years later, the development of Yukon Zinc's Wolverine Mine. The mine went into production in 2011 and closed in January 2015 when mineral prices dipped. Baknes worked for David Daulfield and Henry Awmack [Equity] and the company had an agreement with Yukon Zinc for royalties equal to 0.555 percent of the net revenue from the sale of the recovered gold and silver. They began receiving royalties in 2001.²⁾

In 2002, Baknes was awarded the Association for Mineral Exploration’s (AMEBC) Excellence in Prospecting and Mineral Exploration for the Wolverine Discovery.³⁾ In 2003, Baknes was awarded the H.H. “Spud” Huestis Award honouring excellence in prospecting and mineral exploration in the Yukon and British Columbia.⁴⁾

In 2013 when production was at its peak, Baknes, Daulfield, and Awmack each received $128,577. In 2015 the three men received letters saying royalties were suspended after Yukon Zinc received creditor protection for $646 million in debt. Yukon Zinc also tried to disclaim royalties to two mining investment companies. The vice-president of Price Waterhouse Cooper, the company monitoring Yukon Zinc, said the case was the first of its kind in Canada. It was particularly unusual to see royalty disclaimers issued to individuals.⁵⁾