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.
Beauce Gold Fields (TSXV: BFG) is seeking the hard rock source for its flagship project, the St-Simon-Les-Mines project in Beauce, Quebec, south of Quebec City. This is the site of placer mining from the 1860s to the 1960s and produced some of the largest gold nuggets – 50 to 71 oz. – in Canadian history.
Beauce recently identified an important 4-km-long saddle reef formation along an antiform fold structure observed north of the Gilbert River and north of the historical placer gold channel. The stockwork exhibits crack-and-seal-type quartz veins that can be up to 10 metres wide at the apex of the folds, said the company.
A year ago, trenching identified multiple gold-bearing bedrock structures 25 metres from the placer gold channel and within 10 metres of a recently discovered major fault line.
In 2021, 38 diamond drill holes were bored in the first program on the property. The company observed small grains of visible gold in cores from hole SM-21-08. The cores were logged and split and sent for assays, but the results have not been received.
Beauce recently raised C$436,800 with which to continue exploring.
The St-Simon-Les-Mines property holds the largest historical placer gold deposit in eastern North America, says Beauce.
The historical channel may contain as much as 61,000 oz. of gold in 2.2 million cubic metres grading 0.87 gram gold per cubic metre (not 43-101 compliant). There are another 2.2 million cu. metres at 5.22 grams gold per cubic metre. A previous owner secured permits for trial placer mining.
(This article first appeared in the Canadian Mining Journal)
