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.
Kore Mining has released assay results from the top of hole FG-20-368 completed at its wholly owned 130-sq.-km FG Gold property, 100 km east of Williams Lake in British Columbia.
This drill hole returned an impressive 76.5 metres of 1.1 g/t gold, which starts at 5.5 metres and includes seven quartz vein intervals. Assays for the bottom 40 metres, with three additional quartz vein intersections, are still pending.
“This is an exciting start to our exploration program at FG Gold,” Scott Trebilcock, the company’s CEO, said in a release.
“The objective is to better define structural controls and extend the shallow known mineralization at depth. We believe with continued drilling, there is potential to increase the grade while adding to the existing FG Gold resource.”
FG Gold hosts an orogenic gold deposit, with an existing measured and indicated resource of 15.2 million tonnes grading 0.78 g/t gold for a total of 376,000 oz. and an additional 27.5 million inferred tonnes at 0.72 g/t gold totalling 634,900 oz.
Hole FG-20-368 targeted structural controls of the known mineralization – its bottom 40 metres are below the existing resource.
The FG Gold property features a 20-km-long soil geochemical and geophysical anomaly around a regional structural feature – this resource is on its northeast limb.
Prior drilling at this property targeted shallow bulk-disseminated gold and has been completed down to an average depth of 93 metres. Kore believes that there are mineralized corridors or chutes within the current resource that are open at depth.
Additional assays are pending; Kore plans to continue drilling at the property once the spring break-up is complete in mid-June.
In addition to FG Gold, Kore holds the Imperial and Long Valley gold projects in California as well as the Gold Creek project in B.C.
Kore’s stock was trading down 5.1% at Wednesday’s close on the TSXV. The company has a C$70.9 million market capitalization.
(This article first appeared in the Canadian Mining Journal)
