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.
Bonterra Resources (TSXV: BTR) continues to drill its Gladiator gold project where the latest bonanza grades were 139.5 g/t gold over 0.5 metre within a wider intersection of 1.4 metres grading 50 g/t. This is only the most recent high grade mineralization drilled at the project, 170 km northeast of Val d’Or, Quebec.
Two other intersections in the North Dipper zones returned 7.9 g/t gold over 2.2 metres, including 16.8 g/t over 1 metre and 20.6 g/t gold over 0.5 metre. All of these intersections were drilled outside the area covered by the 2021 resource estimate.
The Gladiator deposit has an indicated resource of 1.4 million tonnes grading 8.61 g/t gold for 391,000 contained ounces. There is an inferred resource of 570,000 tonnes grading 5.37 g/t gold for 98,000 contained ounces. The Gladiator deposit has been drilled to a strike length of 1,600 metres and a depth of 1,100 metres.
Bonterra has so far drilled 229,691 metres at Gladiator and discovered 1.4 million oz. of gold, or 6 oz. per metre drilled. Including the Barry and Bachelor-Moray projects, the company has discovered over 3 million oz. of gold at an average 5.4 oz. per metre drilled.
The drill rigs at Gladiator have been moved to land for the winter months to focus on deeper drilling to test new targets.
Bonterra intends to use the existing Bachelor mill with some modifications. The rod mill and three existing ball mills will be removed. They will be replaced with a 6.4 by 4 metre SAG mill and a 4.7 by 6.4 metre ball mill. A 23-metre thickener and nine leaching-adsorption tanks will also be installed. The company says there is also the potential to expand the mill to 2,400 t/d from its current 800 t/d.
(This article first appeared in the Canadian Mining Journal)
