Mining’s old guard needs strong medicine
A new report details subpar investor returns in the mining industry over the last decade, particularly big cap diversified companies which have not adapted to new realities.
ALX Uranium (TSXV: AL) announced that it acquired mineral claims prospective for copper-zinc-gold-silver mineralization at its 100%-owned Draco project located in the Grong mining district of central Norway.
In a media statement, ALX said that it staked 10 claims totaling approximately 5,959 hectares, following its study of surface mineral showings integrated with historical airborne magnetic and electromagnetic survey data, which identified trends that could represent potential zones of volcanogenic massive sulfide style mineralization.
The Grong-Stekenjokk area of central Norway and west-central Sweden hosts important copper-zinc VMS deposits
The miner also said that Draco consists of three sub-projects, namely, Valkyrie, comprised of six claims totaling 4,350 hectares, with target areas located approximately 9 kilometres WSW of the past-producing Joma mine; Vektor, comprised of two claims totaling 796 hectares with target areas located approximately 5 kilometres NNW of the past-producing Gjersvik mine; and Fero, comprised of two claims totaling 813 hectares, with target areas located approximately 1 kilometre from the Skiftesmyr VMS deposit.
“Four mines have operated in the area (Stekebjokk, Skorovas, Joma, and Gjersvik) with a total production of 24.5 million tonnes in the period 1952 to 1998,” the press release reads.
According to the Vancouver-based miner, over the last four decades, there has been a lack of exploration for minerals in Norway due to a greater focus on oil and gas. Thus, the company decided to take advantage of the opportunity and apply its “first pass” geoscientific techniques to select areas within under
