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.
Greenstone Gold Mines, a 50/50 joint venture between Canadian miners Centerra Gold (TSX:CG) and Premier Gold (TSX:PG), has kicked off a core and reverse circulation drilling program at its Hardrock project in southern Ontario.
The company, which received the province’s final approval for the proposed gold mine last month, aims to develop an open pit operation that could be in production for almost 15 years.
The announced program is the second phase of a two-phase drilling strategy launched last year with the purpose of validating and de-risking the 2016 feasibility study block model.
According to that technical report, gold production is expected to average 350,000 ounces annually over the first four years.
The asset consists of four claim groups, Hardrock, Brookbank, Key Lake and Viper, located along, or close to the Trans-Canada Highway between the towns of Beardmore and Longlac, about 275 km northeast of Thunder Bay.
