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.
Imperial Metals (TSX: III) has drilled additional high grade mineralization in the newly discovered East Ridge zone of the Red Chris copper-gold mine 80 km south of Dease Lake, B.C. The East Ridge discovery is outside the current resources.
At East Ridge, the best hole was RC684 which returned 170 metres of 1.1 g/t gold and 1.1% copper within a 344-metre section grading 0.70 g/t gold and 0.75% copper from a depth of 776 metres.
In the Main zone, hole RC683 returned 300 metres grading 0.41 g/t gold and 0.5% copper from a depth of 200 metres. Included in this hole were 114 metres of 0.67 g/t gold and 0.9% copper and 22 metres of 1.1 g/t gold and 1.4% copper.
Previously reported hole RC684 intersected 252 metres grading 0.46 g/t gold and 0.5% copper from 814 metres, including 98 metres at 0.85 g/t gold and 0.5% copper and 16 metres of 1.2 g/t gold and 1.2% copper.
There are currently eight diamond drill rigs turning at Red Chris. Imperial holds a 30% interest in the mine and Australia’s Newcrest Mining purchased the balance in 2019 and became the operator. The mine produced 88.3 million lb. of copper and 73,787 oz. of gold in 2020. A pre-feasibility study is underway on a potential underground block cave mine; it is due mid-year.
(This article first appeared in the Canadian Mining Journal)
