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4.2.9.wavIf there was gold at the headwaters of the Yukon River and gold near the mouth of the Yukon River, prospectors thought that tributaries through the river's middle reaches must also have gold. They were right. On July 22, 1902, Italian immigrant Felix Pedro found gold in the Tanana Hills, and his discovery led to the founding of Fairbanks.Â
Unlike placer gold, the gold in the Fairbanks area was buried deeply. Miners often had to dig 200 feet through permafrost ground to reach bedrock and find the paystreak. Since expensive equipment was needed to thaw and remove the rock from the ground, mining was primarily done by companies instead of individual miners. But it was worth the effort. Over the years, the total production of the Tanana gold fields was greater than that of other northern gold fields, even the Klondike.
Felix Pedro
The dominant role of mine companies in Fairbanks was the beginning of a change in mining in the state. After the initial strikes of the Gold Rush, large corporations moved in to recover gold on a large scale. Wealthy absentee owners often financed the operations. The big companies purchased claims, brought in industrial equipment, and hired large crews. With large machinery and an industrial-scale operation, they could work ground that had been unprofitable for miners with gold pans and sluice boxes.
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