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.
Pan American Silver (NASDAQ, TSX: PAAS) has released results from 14,300 metres of drilling completed during Q3 2019 on the La Colorada skarn discovery in Mexico. Preliminary metallurgical testing of samples indicates high recoveries across all metals can be expected, the company said.
Shares of Pan American Silver were up more than 3% at midday during Wednesday’s trading session. The Vancouver-based precious metals miner has a market capitalization of C$4.5 billion.
“The most recent drill results feature some of the highest grade intercepts we have seen to date, with widths up to 379 metres,” Christopher Emerson, Pan American’s VP Business Development and Geology said. Standout results from drilling at La Colorada include 253 metres grading at 67 g/t silver, 3.84% lead and 6.56% zinc.
The company expects to complete more than 50,000 metres of drilling this year. The plan is to provide an initial resource estimate of the skarn discovery by the end of 2019.
Pan American Silver first announced the La Colorada discovery in October 2018. Additional drill results were provided by the company in February, May and August of this year.
