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.
Following short on releasing a resource update that tops 3 million oz. gold across all categories on the flagship Douay project in Quebec, explorer Maple Gold Mines (TSXV: MGM; US-OTCQB) believes it is reaching critical mass as it looks to drill test other underexplored zones, president and CEO Matthew Hornor says.
The Douay project in the Abitibi Gold Belt of Quebec is held by a 50/50 joint venture between the company and Agnico Eagle Mines (NYSE: AEM, TSX: AEM).
Maple Gold recently released an updated resource estimate, reporting a pit-constrained indicated resource of 511,000 oz. at an average grade of 1.59 grams per tonne of gold. This entails 11% growth from the 2019 estimate.
Maple also slightly increased the pit-constrained inferred resource base to 2.045 million oz. gold grading 0.97 grams per tonne.
Notably, Maple also reported a 50% larger underground inferred resource of 460,000 oz. at 1.68 grams per tonne gold.
The JV also reported an initial indicated resource for the emerging high-grade Nika Zone of 30,000 oz. grading 1.13 grams per tonne gold, and the 531 Zone at 58,000 oz. at an average grade of 2.85 grams per tonne based on significant intercepts from the JV’s first drill campaign.
