Deep sea mining puts $560 billion in land extraction at risk — report
Even in optimal scenarios, the activity would generate only $6.25 million in tax revenue for countries involved, says Planet Tracker.
Galway Metals has released drill results from its 605-sq.-km Clarence Stream project in New Brunswick, Canada, which narrow the gap between the Richard and Jubilee zones down to 350 metres.
Drill highlights include 47 metres of 10.6 g/t gold and 32 metres of 1.2 g/t gold from hole 87, which was drilled between two previously completed step-out holes. Hole 93, which extended the Richard zone by 97 metres to the southwest, returned 10.8 metres of 4.5 g/t gold.
“The wide and high-grade intersection in hole 87 is among the best in the company’s history. Its location between two other wide and high-grade intersects bodes very well for the Clarence Stream resource update scheduled for the third quarter of 2020, both from the perspective of any pit-constrained or underground resource,” Robert Hinchcliffe, the company’s president and CEO, said in a release.
“Galway’s strong drill results demonstrate that Clarence Stream is an emerging new gold district in North America.”
galway ceo Robert Hinchcliffe
“Galway’s strong drill results demonstrate that Clarence Stream is an emerging new gold district in North America.”
Drill results from the 65-km long Clarence Stream project continue to suggest a single mineralized system over the 2.5 km-long stretch that hosts the George Murphy (GMZ), Richard and Jubilee zones.
Richard sits between the GMZ and Jubilee zones along a northeast-southwest striking trend. Based on recent results, Galway expects the Richard zone mineralization to expand with depth, potentially combining with the Jubilee zone down-plunge.
In February, Galway released drill results from the GMZ, which expanded this zone by 135 metres to the north.
In January, the company released results from the Richard zone which brought the gap between Richard and Jubilee zones down to 425 metres.
Since the 2017 release of a resource estimate for the North and South zones at Clarence Stream, Galway completed 36,377 metres of drilling along the 2.5 km trend host to Richard, GMZ and Jubilee. All five zones remain open with a resource update expected in the third quarter.
Current measured and indicated resources in the North and South zones total 6.2 million tonnes grading 1.96 g/t gold for a total of 390,000 ounces. with additional inferred resources of 3.4 million tonnes at 2.53 g/t gold totaling 277,000 ounces. Within these resources, a total of 8.6 million tonnes containing 505,300 ounces of gold is in the open-pit category.
This year, Galway plans to drill 25,000 metres at Clarence Stream.
(The article first appeared at the Canadian Mining Journal)
