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.
Minera Alamos (TSX VENTURE:MAI) announced on Wednesday additional drill results from its Phase 2 drill program at the Santana gold project in Sonora, Mexico.
Phase 2 was completed over the past year and was initiated as a follow-up to the company’s first drill program at Santana during 2018 and 2019. The results include intersection of 202 meters of 0.51 g/t gold (from surface) ending in mineralization in hole S20-141.
The company has also finalized initial plans for the Phase 3 drill program which will commence shortly following the resumption of mining activities in Mexico.
Phase 2 was completed over the past year and was initiated as a follow-up to the company’s first drill program at Santana during 2018 and 2019
Minera plans to add 20-25 holes at Nicho totaling approximately 4000m as well as the company’s first drill holes at the Zata and Gold Ridge targets.
“We have now extended the lateral extents of the mineralized zone by almost 150m from what was identified previously and to overall vertical depths beyond 200m. The mineralization appears to remain open in multiple directions as well as at depth,” said CEO Darren Koningen in the media release.
“We are also excited to commence the drill testing of numerous new targets that have been identified within the Santana project boundaries over the last 18 months. During that period, our geological team has been able to put together a much more complete understanding and appreciation for the larger mineralizing events responsible for the emplacement of this cluster of gold-bearing breccia pipes.”
Midday Wednesday, Minera’s stock was up 5.6% on the TSXV. The company has a C$191 million market capitalization.
