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.
Canadian gold exploration and development company Columbus Gold (TSX:CGT) reported that, by late August, its field crew expects to complete the relogging of the historical drill core and validate the database for future resource estimates at the Maripa gold project in French Guiana.
In a press release, Columbus said that in conjunction with this work, field validation of drill hole locations and prospecting is being conducted over priority drill targets.
Past exploration at Maripa includes 134 core holes, for a total of 9,000 metres, which partially defined five broad gold zones
In detail, its experts are currently focused on a prospect called Filon Dron, which was tested by only 10 holes and returned two of the best gold intersections at Maripa, namely 4.3 g/t gold over 36 metres and 2.5 g/t gold over 25.5 metres.
“Surface oxidation is deep over the prospect with 80 to 100 metres of saprolite cover, which increases the potential for oxide ore,” the company’s media brief states.
The Vancouver-based miner also said that by year-end, it expects to complete the interpretation of the five partially drill-defined gold zones previously identified on the project; plan and commence a 5,000-metre confirmation and extension drill program on select prospects; and acquire additional regional data for geological interpretation and targeting.
Maripa is located in eastern French Guiana, 50 kilometres south of the capital city of Cayenne. According to Columbus, the geological setting of the project is similar to IAMGOLD’s world-class Rosebel gold mine, located in neighboring Suriname.
The project is made up of five contiguous exploration permits and has a historic gold production of around 40,000 ounces of gold, mined between 1985 and 1996.
