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) is rapidly advancing the Eagle Mountain project in Guyana, the country’s second-largest undeveloped gold deposit, CEO Steve Parsons told The Northern Miner.
On February 22, the Canada-based company published a new National Instrument 43-101 resource estimate update on the project, essentially doubling the indicated and inferred resource categories to just more than 1.7 million oz. gold. It is a milestone Parsons declares lends the project critical mass to move forward and for the company to contemplate a starter scenario on the expansive and highly prospective project.
The new resource estimate entails about 23 million tonnes grading 1.14 grams per tonne gold for 848,000 oz. of gold in the indicated category, and 25 million tonnes grading 1.09 grams per tonne gold for 868,000oz inferred.
Guyana was recently thrust back under the global mining investment spotlight. Gran Colombia Gold (TSX: GCM) announced in mid-March an all-scrip $252.5 million transaction through which it is acquiring Gold X Mining (TSXV: GLDX) and its Toroparu project.
