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.
Based on high-grades returned by definition drilling at its mine near Red Lake, Ontario, Pure Gold Mining (TSXV: PGM; LSE: PUR) anticipates higher grades and continuity in near-term production stopes. The company also says there is potential to expand the resources.
Highlights of drilling done in the fourth quarter of 2021 include the following:
“Our recently expanded definition drilling program continues to provide a stream of precise geological information which supports optimized final stope designs and, ultimately, enhances our high-grade scheduling flexibility,” said Troy Fierro, president and CEO of Pure Gold, in a release.
“These drill results also highlight the fantastic opportunities for increased head grades and resource expansion that we see in many of the mining areas currently under development for production in the next six to 12 months.”
Currently two surface and three underground diamond drills are turning in both the East and West ramp areas.
Earlier this month, Pure Gold announced changes to its leadership team, including departure of president and CEO Darin Labrenz and the appointment of Fierro in his place. The changes are meant to strengthen the operational team in order to achieve more consistent production as well as profitability. The 800 t/d PureGold mine began commercial production in August 2021.
(This article first appeared in the Canadian Mining Journal)
