The group that has organized four world gold-panning championships in Dawson City, Yukon, over the past 24 years has called it quits.

The Klondyke Gold Panning Association has turned over all of its assets — including $20,000 and some competitive gold-panning gear — to the Klondike Visitors Association and to the town of Dawson.

"It's always, shall we say, difficult to let things go, but I think it's time," founding member Akio Saito told CBC News on Thursday.

The volunteer-run association has represented Canada in the World Goldpanning Association, which includes Australia, Great Britain, France, South Africa, the Czech Republic, Japan and the United States.

The Klondyke Gold Panning Association hosted the World Gold Panning Championships in Dawson City in 2007, 1996, 1990 and 1984. Upwards of 450 competitors from around the world attended the August 2007 event.

The world-class competitions attracted tourists eager to watch the Yukon's rich Klondike-area gold-rush history put on display.

"The Klondike is the mecca of placer gold-panning, so it was just a natural fit and it's an important part of our history and culture here," said Bill Holmes, marketing manager with the Klondike Visitors Association.

"But the thought was that it'd been enough. Four world championships hosted in our jurisdiction was enough."

Saito said volunteer fatigue was a factor in the association's decision to disband.

He added that he hopes another part of Canada will step up and host the gold-panning championships.

Holmes said the visitors association intends to continue the gold-panning tradition in the Klondike.

"The Yukon gold-panning championships, which are held every Canada Day, we would make sure that they would carry on so that we would always be able to send a Yukon champion to the World Goldpanning Championships, wherever they may be held," he said.