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.
Goldsource Mines (TSXV: GXS) on Friday provided a summary of its highlights and accomplishments over the past year and presented an outlook for 2020.
In 2019, the company made a new discovery at the Salbora deposit, which was considered the highest-grade (weighted average of 2.58 g/t) near-surface gold mineralization on the Eagle Mountain property. The Salbora discovery is also a “significant complement” to the nearby Eagle Mountain deposit.
This ongoing work will be used for an updated resource estimate by the middle of the year
This year, Goldsource has work planned to advance the project towards prefeasibility stage.
The company is now aggressively exploring several targets, including the Salbora discovery and Eagle Mountain gold project extensions. A third drill will be added in the first quarter to the current two drill rigs on the project.
This ongoing work will be used for an updated resource estimate by the middle of the year that will include Salbora and other peripheral mineralized targets.
A large amount of infill drilling (approximately 4,000 metres) is also expected to improve the resource categorization of the existing near-surface gold ounces (saprolite and hard rock) at Eagle Mountain.
