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.
The most recent five drill holes (and one re-drill hole) reported from Moneta Porcupine’s Golden Highway project, 110 km east of Timmins, extend the mineralization at the 55 deposit by up to 250 metres west and 150 metres east of the current resource boundaries.
Drill highlights include 9 metres of 2.2 g/t gold starting at 160 metres and 9.4 metres of 0.9 g/t gold from 259 metres; 5.6 metres of 1.68 g/t gold starting at 86.8 metres; and 4.2 metres of 2.07 g/t gold from 87.9 metres. This last intercept is from a hole that was re-drilled.
Current indicated resources at Golden Highway total 3.8 million tonnes grading 4.53 g/t gold for a total of 556,500 gold oz.
“The drilling at the 55 deposit has intersected gold mineralization in large step-outs at 55, extending the length of mineralization by over 400 metres,” Gary O’Connor, the company’s CEO and chief geologist, said in a release.
“We have confirmed the extensions of flat dipping veins near surface and steeper veins at depth, further extending the overall footprint of mineralization at 55.”
O’Connor added that the recently completed, 18,159-metre drill program has confirmed continuous gold mineralization over 4 km of strike at Golden Highway, from the 55 deposit in the west to the Windjammer South deposit in the east.
The company expects to update resources for the 55 and Windjammer South deposits this year – and post a maiden resource for the Westaway discovery, first announced in January. A preliminary economic assessment is also underway for the South West deposit at the site, with results expected later this year.
The gold mineralization at the 55 deposit consists of a series of mineralized veins, which are adjacent to a regional banded iron formation (BIF) unit.
Golden Highway covers 12 km of prospective strike along the Destor-Porcupine fault zone.
Current indicated resources at Golden Highway total 3.8 million tonnes grading 4.53 g/t gold for a total of 556,500 gold oz. Inferred resources of 8.5 million inferred tonnes, at 4.31 g/t gold, add 1.2 million oz. to this inventory. The 55 deposit contributes 216,000 indicated tonnes at 5.11 g/t gold and 327,000 inferred tonnes at 4.31 g/t gold to this total. Current resources are derived using a 3 g/t gold cut-off.
Moneta Porcupine owns six gold projects in the Timmins gold camp – Golden Highway, North Tisdale, Nighthawk Lake, DeSantis East, Kayorum and Denton – these cover a total of 618 sq. km.
(This article first appeared in the Canadian Mining Journal)
