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.
Maple Gold Mines (TSXV: MGM) has drilled 334 g/t gold over 1 metre at the Douay project 55 km southwest of Matagami, Que., one of the highest grade intervals ever reported at the project. Maple Gold is the operator of the Douay project along with 50% partner Agnico Eagle Mines (TSX: AEM; NYSE: AEM).
Hole DO-21-295 intersected 1 metre averaging 334 g/t gold from 57 metres downhole within the west part of the Porphyry zone. The same hole also returned 0.7 metre grading 72.7 g/t gold from 358 metres downhole within a broader envelope that intersected 15 metres grading 1.6 g/t gold.
At the Main zone, hole DO-21-304 returned 15 metres grading 1.5 g/t gold from 428 metres downhole, a sediment-hosted intercept. The hole also intercepted 5 metres grading 4 g/t gold from 143 metres downhole, within a broader intersection of 15 metres at 1.6 g/t gold.
Maple Gold plans to release an updated Douay resource estimate by the end of the year. This will include results from 19,000 metres of additional drilling since the resource was last updated in 2019.
“Encountering multiple bonanza grade gold zones flanking either side of the Casa Berardi North fault highlights the significant exploration potential for the sparsely drilled northern flank of the Porphyry zone. The deeper bonanza grade gold mineralization in hole DO-21-295 remains open to the east, with just a single drill hole over more than 600 metres, which provides a compelling exploration target for follow up drilling,” said Maple Gold’s VP exploration Fred Speidel. “We are excited to build upon the impressive results from the JV’s initial drill campaign, with drilling expected to resume in the Nika and 531 zones in the fourth quarter of 2021.”
The previous estimate included 8 million indicated tonnes grading 1.52 g/t gold and 65.8 million inferred tonnes grading 0.97 g/t gold within the proposed pit shell. The underground portion included 5.4 million tonnes grading 1.52 g/t gold.
(This article first appeared in the Canadian Mining Journal)
