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.
Shares in Waymar Resources (TSX-V: WYM) shot up on Monday on 24 times higher than usual trading volumes, after announcing the best drill results yet from its Anza project in Colombia.
The Vancouver-based company reported as much as 41 metres @ 14.09 g/t Au, including a metre long intercept @ 176 g/t Au and 6.5 metre at 70.99 g/t Au.
Mineralization at Anzá in the Mid-Cauca Gold Belt in the South American nation extends at least 2,100 metres along the Aragón Fault structure, the company said in a statement.
The area is being explored by a number of companies including AngloGold Ashanti’s La Colosa project, Gran Colombia Gold, Continental Gold, Sunward Resources and Bellhaven Copper and Gold.
By the close afternoon the miner was trading up 49% at $0.395 on the Toronto venture exchange, after earlier spiking to $0.45. The micro-cap, worth $12.4 million, is still showing annual losses – it is down 21% year compared to this time last year.
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