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.
FenixOro Gold (CSE: FENX) received the environmental authorization required to start its maiden drilling program at the Abriaqui project in Antioquia, Colombia.
In a press release, the Canadian miner said that the surface owners in all areas to be drilled are members of a local, legal small miner’s cooperative that is FenixOro’s partner in the venture. Access arrangements have also been finalized.
According to FenixOro, the principal target of the ongoing and future drill program is a series of over 80 ‘Buritica-style’ high-grade gold veins that are present in northwest and east-west trending corridors up to 400 metres wide and up to 1200 metres in strike length.
Each corridor contains numerous semi-parallel, sub-vertical veins and each inclined drill hole will test several veins. The veins crop out over more than 800 vertical metres on the property with high grades (20+ g/t gold) throughout that vertical interval.
The company also said that an additional phase-one drill target is a large magnetic anomaly of about one square kilometre to a depth of 700 metres. “At least one hole will test the idea that it represents the depth continuation of a small area of gold-bearing, porphyry-style magnetic, potassic alteration seen on the surface,” the media brief states.
