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.
Metals Creek Resources (TSXV: MEK) announced that it has received all necessary exploration permits and has kickstarted a diamond drilling campaign on the Dona Lake gold project in Ontario.
In a press release, Metals Creek said the permits allow for an initial, approximately 1200-metre drill program. The plan is that two shallow holes will test the Main Zone and B Zone of the project and a deep hole will be drilled to confirm the continuation of gold mineralization below the lowermost level of the mine or 455 level.
Currently, there are four known gold-bearing oxide iron formations that host gold mineralization on the property
The Thunder Bay-based miner optioned Dona Lake from Newmont Corporation back in 2019. The 1063-hectare project is located in the Pickle Lake Greenstone Belt which is host to several historic mines including the Dona Lake mine, the Central Patricia mine and the Pickle Crow mine.
According to Metals Creek, currently, there are four known gold-bearing oxide iron formations that host gold mineralization on the property.
“During compilation work by company personnel, it was determined that the deepest hole found to date was drilled approximately 100m below the mine workings of the Main Zone (455m),” the media brief states.
“This hole (455-2) returned a downhole intercept of 4.36 g/t Gold over 21.08 meters indicating the continuation of mineralization at depth below the bottom level (455 Level) of the Dona Lake Mine Main Zone.”
