Kinross Gold (TSX:K) is advancing exploration work at two greenfield projects, a signal that even established gold producers are seeing upside in exploration over acquisition to grow their resources.
The company has commenced drilling at the Williams Brook Gold Project under its option agreement with Puma Exploration (TSX-V:PUMA), with an initial 2,000m over seven holes following up on results from the 2026 winter drilling program.
Kinross’s current 2026 drilling is targeting the lateral and down-plunge extensions of mineralisation intersected over the winter.
The option agreement between the companies provides Kinross with the option to earn a 65% interest in the Williams Brook Project by funding a minimum of C$16.75 million ($17.02 million) in exploration expenditures over five years, with a firm commitment of C$2 million and 5,000m of drilling in the first 18 months.
Over at the Pipeline West/Clipper (PWC) Gold Project, located in the Cortez mining district of Nevada’s Battle Mountain–Eureka Trend, Kinross Gold U.S.A. is operating the project under an exploration earn-in agreement with Riley Gold (TSX-V:RLYG) signed in March 2024. Under the agreement, Kinross has the right to earn up to a 75% interest in PWC by spending US$20 million ($28.31 million).
The 2026 exploration program at PWC commenced in July 2026 and is targeting areas that have never been drill tested, including gold-in-soil anomalies that are coincident with structural features known and newly interpreted from work completed in spring 2026.
Kinross is also ramping up to complete key milestones including biological baseline surveys and cultural resources reports in order to complete the exploration plan of operations (EPO). Once the EPO is complete, subject to approval by the Bureau of Land Management (BLM) and the State of Nevada, Kinross will be able to conduct exploration across 14km2 of the project.
Global exploration trends: Grassroots risk vs majors’ spend
It remains unclear whether this will become a broader trend, as majors tend to be more risk-averse. S&P Global reports that while higher gold prices tend to promote investment into exploration, there does still tend to be a persistent decline in grassroots exploration.
Majors are leading in spending, accounting for 57% of global exploration expenditure. However, grassroots expenditure hit a record low in 2025, at 18% of total budgets, which S&P says signals a potential future supply gap.
Canada remains a top destination for overall exploration, with grassroots programs still forming the backbone of discovery despite declining budgets. Latin America follows, with Australia also gaining traction once again.
Over in Brazil, Stockworks Gold (TSX-V:STW) is focused on the greenfield Pirenópolis Gold Project in Goiás.
Brazil remains one of the world’s most underexplored gold jurisdictions, with more than 50% of the country yet to be geologically mapped. Stockworks notes that for every $1 spent on exploration in Canada, just $0.005 is spent in Brazil, despite the two countries having similar areas of prospective geology.
Stream sampling in 2025 at Pirenópolis returned ‘high-grade’ stream sediment results. Assay results include 6.38 parts per million (ppm) gold (Au), with four additional samples ranging from 1.64ppm to 0.424ppm Au in two streams.
Stockworks notes that Pirenópolis is in the same geologic belt and age of rocks as Kinross’s Paracatu gold mine which hosts more than 16 million ounces of gold.
White Gold (TSX-V:WGO) is actively involved in Yukon’s modern gold rush, with 21 properties over 300,000 hectares, with a mix of advanced, discovery, and early-stage exploration targets.
The company’s White Gold Project consists of four zones and remains open for expansion along strike and down dip.
A recent company update on the 2026 exploration program highlights intervals of 56.1m at 3.23g/t Au and 50.2m at 6.89g/t Au at Golden Saddle, with additional expansion drilling at Arc, Ryan’s Surprise, and VG.
White Gold has also identified multiple new, high-priority, advanced discovery-stage targets, including Golden Saddle 2.0 and VG East.
Kinross Gold’s exploration push signals a growing interest in greenfields discovery, potentially driving more interest and funding towards juniors who are advancing high-potential projects.
With juniors like Stockworks Gold in Brazil and White Gold in Yukon also advancing greenfield projects, the sector is set to see renewed momentum across diverse jurisdictions.
Whether this marks a broader shift among majors remains to be seen, but the combination of high gold prices and underexplored regions is setting the stage for a new cycle of discovery.
Write to Amy Rotman at Mining.com.au
Images: Kinross Gold, Stockworks Gold
