Carson Block Points to the Elephant: Why Snowline in the Yukon Is Too Big to Ignore
Carson Block shocks the investment world with an unusually bullish call, naming Snowline Gold as one of the most strategically valuable takeover targets in the global mining sector.
Editorial Team (ET)November 21, 2025
Carson Block, the hard-edged short seller who built his reputation exposing weak balance sheets and fragile business models, surprised the global investment community with a dramatic pivot. Speaking at the Sohn London Investment Conference, Block delivered one of the most uncharacteristically bullish pitches of his career, singling out Canadian junior miner Snowline Gold as one of the most attractive takeover targets in the global mining sector. For a man who has spent years betting against companies, praising a stock is news in itself. Praising a mining exploration company is even more extraordinary.
Snowline Gold (TSXV: SGD | OTCQB: SNWGF), valued at roughly C$2.1 billion, has emerged as the most closely watched exploration success story in the Yukon. Its discovery at the Valley deposit in the Rogue project represents what Block calls a first of its kind in the territory. He argues that the find is so significant it has shifted the geological narrative of the Yukon from a peripheral exploration region to what could become one of the world’s newest multi deposit gold camps. In Block’s view, Snowline is no longer a speculative junior. It is an elephant.
A Discovery That Changes the Yukon
At the heart of Block’s confidence is the Valley deposit, an emerging gold system containing an estimated eight million ounces in the measured and indicated category at an average grade of 1.21 grams per ton. In an industry where major producers are fighting declining reserves and struggling to replace production pipelines, a coherent system of this scale is rare. Snowline also controls a vast land package around the Valley discovery, giving it room to prove out an entire district rather than a single isolated deposit.
Block emphasized that the Valley asset alone is enough to attract the eye of global producers. It is large enough and high enough quality to materially shift the reserve profile of a mid or large cap mining company. Over the past decade, gold majors have increasingly turned to consolidation because exploration success has been scarce. Snowline’s discovery stands out in a market hungry for new ounces.
Snowline’s story also reflects how quickly a transformative deposit can rewrite expectations. The company’s share price has increased more than tenfold since early 2022 after its initial discovery hole signaled that the Valley system was something far more substantial than a conventional Yukon exploration play. Even after that run, Block believes the market still has not priced in the real strategic value of the resource.
