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.
Toronto-based Anaconda Mining (ANX: TSX) announced today positive results from its first drill program at the Goldboro Project in Nova Scotia.
According to a press release sent out by the company, multiple occurrences of visible gold and assays with high-grade tenor were observed in their five-hole diamond drill program, which totaled 649 metres and was conducted in the Boston Richardson and East Goldbrook gold systems of the Goldboro deposit.
The miner spotted the highest grades yet recorded in the area:
Talking about these results, Anaconda’s CEO Dustin Angelo said there is potential for expansion. “As with historical exploration work, we continue to see significantly high-grades and very good thickness in the drill core. We are encouraged by the predictable geological model, which gives us confidence in the mineral resource and our ability to expand the deposit. Over the coming months, we expect to plan and initiate additional drilling to demonstrate the mineral expansion potential of Goldboro.”
The Goldboro project is said to contain a Measured and Indicated Mineral Resource of 457,400 gold ounces at a grade of 5.57 grams per tonne gold and an Inferred Mineral Resource of 372,900 gold ounces at a grade of 4.35 g/t gold.
