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.
Wallbridge Mining of Toronto says it has recovered more than 13,300 oz. of gold so far from the 35,000-tonne bulk sample and underground exploration at the Fenelon property. The project is located 75 km northwest of Matagami.
The ore is being processed at the Camflo mill belonging to Monarques Gold. The first 25,000 tonnes of material had an average grade of 17.34 g/t gold. It was treated in four separate mill runs. When all 35,000 tonnes have been processed, between 21,000 and 24,000 oz. of gold will be recovered from material grading 19 to 22 g/t gold.
Wallbridge has plans to start its 2019 drilling program in mid-February. One underground and one surface drill will sample between 50,000 and 75,000 metres. The underground portion of the drilling will be carried out from the new 5130 level (about 125 metres below surface). The target is the main high grade shoots down plunge at about 200 metres deep.
(This article first appeared in the Canadian Mining Journal.)
