Deep sea mining puts $560 billion in land extraction at risk — report
Even in optimal scenarios, the activity would generate only $6.25 million in tax revenue for countries involved, says Planet Tracker.
QMX Gold has released highlights from the last four holes of its seven-hole drill program at the River target in Val-d’Or, Quebec, including 3.5 metres of 38.7 g/t gold from 40.3 metres depth.
Other highlights include: 9.4 metres of 3.28 g/t gold starting at 73.6 metres downhole depth; 3 metres of 34.93 g/t gold starting at 125.5 metres; and 3.6 metres of 4.53 g/t gold starting at 133.5 metres.
A total of 1,130 metres have been drilled at the River target, which was originally discovered in 2011, but not drilled until late last year.
The drill program was meant to evaluate the continuity of grades and structures at River, where gold mineralization is hosted in quartz-tourmaline veins in east-west shear zones.
Results from the initial three drillholes were released in late January, with highlights including: 2.9 metres of 7.76 g/t gold; 2 metres of 39.83 g/t gold; and 4 metres of 17.71 g/t gold
Results from the initial three drillholes were released in late January, with highlights including: 2.9 metres of 7.76 g/t gold; 2 metres of 39.83 g/t gold; and 4 metres of 17.71 g/t gold.
The River target is located in the Bourlamaque zone, 1 km west of the past-producing Lac Herbin mine, which turned out 172,000 oz. of gold in 1.2 million tonnes grading 4.6 g/t gold.
QMX holds about 200 sq. km of prospective land in the Val-d’Or camp, as well as the permitted Aurbel mill and tailings facility.
“We are thrilled with the results from the fall 2019 drilling program on the River target, which exceeded our expectations this early in the program. We are particularly encouraged by the grades relatively close to surface,” said Brad Humphrey, president and CEO.
“We continue to be impressed with the drilling to date across our entire land package in the Val d’Or East area.”
After the latest results were released, QMX announced a $6-million bought-deal financing of 33.3 million flow-through units priced at $0.18 each, in which Eric Sprott and O3 Mining are expected to participate.
(The article first appeared in the Canadian Mining Journal)
