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.
Midland Exploration (TSXV: MD) announced on Thursday it has resumed drilling on the Maritime-Cadillac gold project in Quebec. The drill program was initially planned in March but was suspended due to mandatory confinement measures related to the covid-19 pandemic.
The Maritime-Cadillac property — located midway between the cities of Rouyn-Noranda and Val-d’Or, in the Abitibi region, and along the Cadillac Break — is a joint venture between Canadian gold major Agnico Eagle Mines (51%) and Midland (49%).
The property is contiguous to Agnico’s Lapa gold mine, with a new exploration drift up to the property boundary.
This new drilling program will include a drill hole totalling 850 metres in length, designed to test the down-plunge extension of the Dyke East zone at a vertical depth of 600 metres.
Another hole, totalling 400 metres in length, will be drilled to test two parallel gold-bearing zones (the South and North zones), previously intersected in a drill hole south of the Maritime-Cadillac zone in a historically underexplored area.
A second phase of drilling totalling 400 metres has been planned contingent on the results of the first phase.
Shares of Midland Exploration rose 3% by 1 p.m. EDT on news of drilling resumption. The Quebec-focused miner has a market capitalization of approximately C$71 million.
