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.
Acadian Mining (TSX:ADA) shares were up 32% in mid-day trading on Monday after the company announced strong drill results from its Fifteen Mile Stream gold project in Nova Scotia, Canada.
Drills intercepted 2.03 g/t over 106.8 metres, including 2.81 g/t over 72.9 metres, and 1.82 g/t over 26.75 metres.
“This is the first drilling program conducted at the Fifteen Mile Stream project in over 20 years, and the initial results released today confirm our expectations that the project has excellent potential to host a significant bulk tonnage gold deposit,” said Grant Ewing, Acadian Mining President and CEO.
Acadian says the gold mine produced 20,000 ounces of gold from 42,000 tonnes of ore during the late 1800s and early 1900s, with grades in the 10-15 g/t range. The current drill program plans to expand the resource estimate from the 1980s which included:
