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.
Maritime Resources (TSXV: MAE) announced it has just started a drill program on the Whisker gold project in Newfoundland and Labrador, Atlantic Canada.
In detail, the project is located some 10 kilometres from the Hammerdown gold deposit, which sits within Maritime’s 100%-owned Green Bay property and is expected to produce 180,000 ounces of gold over a 5-year life.
According to the Vancouver-based company, the drill program will consist of approximately 1000 metres of drilling and focus on a gold vein system that was trenched and channel-sampled last year.
In a news brief, the miner explained that results from that initial program showed continuous gold values in individual veins that occur in a zone that has been traced at surface for over 200 metres strike length.
Following the trenching, Maritime completed a detailed IP Survey designed to test the depth potential of the known vein system as well as search for extensions to the east and west ends of the veins.
“The IP Geophysical Survey provided a coincident chargeability response with the Whisker Gold Vein system and extended the footprint of the mineralized zone to a potential 500 metres strike length. The gold veins carry disseminated pyrite and base metals sulphides which appear to provide the IP response,” the corporate release reads.
