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.
Harte Gold’s (TSX: HRT) regional exploration at its Sugar Zone property has made the discovery of a new greenfield mineralized area, about 8.5 kilometres (5.2 miles) northwest of the producing Sugar Zone mine in Ontario.
The Sugar Zone property covers a large greenstone belt 36 km in length and up to 10 km wide, part of the Abitibi-Wawa subprovince. There are over 15 targets identified by Harte on the property prioritized for advanced exploration.
The new discovery, named the “007 Showing”, was a result of the company’s ongoing efforts to concentrate exploration efforts on priority areas across its 81,287-hectare land package.
This newly discovered area consists of a 7m wide zone of strong deformation situated on the Dayohessarah greenstone belt with mineralized felsic and mafic volcanics, intruded by mineralized felsic dykes and abundant quartz veining.
Channel sampling at the 007 Showing is underway, with initial results showing anomalous gold values of up to 4.4 g/t Au.
“Our regional exploration program continues to reinforce the tremendous potential of the Sugar Zone property,” David Schonfeldt, Harte Gold’s VP Exploration said in a media release. “The recent discovery of the 007 Showing is a promising new area of mineralization that will be followed up with further prospecting.”
Meanwhile, at the TT8 Zone, discovered in 2019, further drilling has expanded mineralization from the previously defined 600m strike length to over 3,000m, extending mineralization to the south towards the Big Bear showing.
“The extension of the TT8 Zone along the fully permitted Kabinakagami (Kabi) greenstone belt continues to return promising grades at shallow depths. We are excited with what the potential TT8 could deliver as exploration continues to the south, where we see steepening lithologies with the potential for larger zones of mineralization,” Schonfeldt added.
The company is now in the process of completing a fully integrated 3D geological model, which will be used to generate and advance regional targets.
Shares of Harte Gold jumped 18.2% by 12:30 p.m. ET Friday, giving the Canadian gold miner a market capitalization of C$67.6 million.
