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.
Falcon Gold (TSXV: FG) received an exploration and drill permit to carry out activities on the gold, silver, and copper prospects on its Central Canada project in Ontario.
In a press release, Falcon said that the permit includes over 20 drill pad locations, overburden trenching, and geophysical surveys to test historic prospects and expand the company’s geologic understanding.
The 3,200-hectare Central Canada project consists of 13 claims located approximately 21.5 kilometres east of Atikokan, and about 160 kilometres west of Thunder Bay
“The company has also compiled multiple historic assessment reports and files that date from 1903-2017. Fieldwork and GPS location confirmation of the prospects has been completed to ensure the accuracy of the data before larger-scale drilling, trenching and geophysics is commenced,” the media brief states.
According to Falcon, multiple gold, copper, cobalt and other metals occurrences have been discovered on the property in a variety of geological settings – none of which has been sufficiently pursued to determine their economic potential for mining.
The miner reports that gold prospects on the project are typically associated with metavolcanics and felsic intrusive rocks which are cross-cut by quartz-porphyry dykes and sills with later-stage quartz veining.
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News JD
Based on known reserves, estimates suggest that gold mining could reach the point of being economically unsustainable by 2050, though new vein discoveries will likely push that date back somewhat. New technologies may also make it possible to extract some known reserves that aren’t currently economical to access, but it is unlikely that large-scale gold mining will continue past 2075 without either huge mining technology advances or the discovery of currently unknown massive gold deposits.