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.
Unity Metals Corp. (TSXV: UTY) has expanded its operational footprint in southwestern British Columbia by staking an additional 739 hectares of land – known as the Loughborough claims – in the Phillips Arm gold camp.
The latest acquisition increases the Vancouver-based explorer’s holdings in the gold camp to 2,686 hectares and “consolidates the most prospective targets” in the area under the company’s control.
As recently as last week, the company completed phase 2 surface drilling at Hewitt Point, one of two projects it currently holds in the Phillips Arm gold camp. Highlights of assay results include 6.18 g/t gold and 8.1 g/t silver.
Its other project, Margurete, was first explored in 2015. Historical drilling returned as high as 58.35 g/t gold over 30 metres. The Hewitt Point and Margurete projects cover 530 and 678 hectares respectively.
Shares of Unity Metals jumped over 9% on Monday. The company’s market capitalization now sits at approximately C$12.8 million.
