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.
Pure Gold Mining (TSX-V: PGM, LSE: PUR) has restarted operations at Red Lake, Ontario, after a forest fire that broke out south of the town last week was contained.
According to the company, both surface and underground inspections have been completed and confirm that there is no damage to infrastructure or equipment at the mine site.
Power and access has been restored to site and Pure Gold is transitioning to a full resumption of mine activities, it said.
Pure Gold reported that the temporary shut down had no material impact on its development schedule with first gold pour expected in Q4 2020.
Probable reserves at the site are at 3.5 million tonnes grading 9 g/t gold, for a total of 1 million oz. Mineral reserves are reported using cut-off grades between 4 g/t gold and 4.75 g/t gold. The PureGold property covers 47 sq. km and features a 7-km long gold system that remains open.
Monday morning, PureGold’s stock was up 4.5% on the TSXV. The company has a C$800 million market capitalization.
