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.
Forum Energy Metals (TSXV: FMC) announced Tuesday that Rio Tinto Exploration Canada (RTEC) plans to begin in July both drilling and an airborne geophysical survey on Forum’s Janice Lake sedimentary copper project in Saskatchewan.
As part of its C$3 million commitment to exploration under the option to joint venture agreement announced in May, a comprehensive compilation of all exploration data has been completed, exploration permit applications have been submitted to the government of Saskatchewan, and helicopter and drill contracts have been signed.
A helicopter-borne, high-resolution magnetometer survey should begin in early July. The low level survey will be flown on 100m line spacings over the entire 5km width and 52km length of the property to define other targets for drilling. Two drills will be mobilized to the property in July for a planned 20-30 hole drill program totalling up to 7,000 metres.
Initial drill targets continue to be defined with several high priority areas identified:
• Jansem – one of four holes drilled by Forum intersected 18.5 metres (true thickness of 18 metres) grading 0.94% copper and 6.7 g/t silver including 5.2 metres grading 2.22% copper and 16.5 g/t silver.
• Janice- Noranda drill hole PL-93-11 intersected 33 metres grading 0.77% copper.
• Kaz – Noranda drill hole PL-93-05 intersected 15.1 metres grading 0.32% copper.
• Genie- Forum reports 0.76% Cu across 10m of channel sampling.
