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.
Russian gold producer Nordgold announced that it has more than doubled the mineral resources at its Pistol Bay gold project, located in Canada’s Nunavut territory.
In a press release, Nordgold said that a NI 43-101 compliant Mineral Resource Estimate for the project’s Vickers gold deposit reveals a 114% increase in inferred open-pit resources, reaching 1.58 million ounces of gold at a grade of 2.2 g/t from the previous estimate of 739 koz at 2.95 g/t (RPA, 2016).
Norgold said the increase follows an extensive 2019 drilling program to evaluate a potential extension of the high-grade mineralized zone at Vickers.
“The 2019 drilling program was a clear success, and we are pleased to have more than doubled the resources at the project,” Nikolai Zelensk, Nordgold’s CEO, said in the media brief. “This gives us even greater confidence in its potential and justifies our decision to invest a further $3 million in a 2020 exploration campaign.”
Pistol Bay consists of 860 square kilometres of mineral rights within the underexplored Rankin-Ennadai greenstone belt, on the west coast of the Hudson Bay.
