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.
Minaurum Gold (TSXV: MGG) announced that it has expanded its presence in the Alamos Mining District in Sonora, Mexico by acquiring control of the Aurífero gold project.
Minaurum has signed a five-year option to acquire 100% of a large block of claims covering 1,198 hectares in exchange for $2.7 million with no royalties outstanding
In a press release, Minaurum said that the 1,229-hectare project lies 35 kilometres northwest of its Alamos silver property. In the middle of both projects is Mexico’s third-largest copper mine, Cobre Del Mayo’s Piedras Verdes mine.
According to the Vancouver-based miner, Aurífero contains a swarm of gold- and silver-bearing epithermal veins within a NW/SE-trending zone measuring 3 kilometres long and more than 400 metres wide.
“Historical data shows that the project has never been drilled deeper than 135 metres and some of the deepest holes stopped in mineralization,” Darrell Rader, Minaurum’s president and CEO, said in the press brief. “Our due diligence found evidence that past exploration and current mining targeted only the highest levels of a substantial epithermal gold and silver system. We will permit and drill several deep holes in 2020 to test our geological model.”
