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.
Lakeland Resources (TSX-V:LK) was up nearly 30% at the close of trading Tuesday, after the company said it made a new gold discovery on its Midas property in Ontario, Canada.
A 1500-metre drill program returned grab sample values ranging from 2 g/t to 130 g/t, Lakeland said, with one non-assayed sample containing 5.92 g/t gold over 4.70 metres.
“The discovery of a new, high-grade gold occurrence along the projection of the Midas Gold Trend continues to highlight the potential of the project which is road accessible and located proximal to currently producing gold mines in the Wawa area,” Lakeland President Jonathan Armes said in a prepared statement. “The new discovery adds a significant strike component to the trend and will lead to an expanded surface mapping and sampling program on the property.”
Highlights from the five hole, Phase I drill program included 4.7 metres of 5.92 g/t gold, including 8.88 g/t gold over 2.6 metres, 12.07 g/t gold over 0.8 metres and 7.03 g/t gold over 2.0 metres.
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