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.
Sixty North Gold Mining (CSE: SXTY) is planning to install a temporary camp at its Mon gold project near Yellowknife, NWT, to replace the camp trailers destroyed by a wildfire last year. Plans include restarting mining of the A zone at the historic mine.
The company previously widened the North ramp to 3 by 4 metres to accommodate its larger mining equipment and advanced the ramp by 132 metres to within 60 metres of the planned first stopes, about 20 metres below the historic stopes.
Crews are expected to take four weeks to reach the initial mining level before crosscuts will be driven into the vein and bulk sampling can begin, the Canadian gold junior said.
The former Mon mine produced 15,000 tonnes of ore grading 30 g/t from a folded quartz vein. Recent and historic drilling shows the vein continues to the planned depth and beyond with widths and grades similar to what was mined before.
Sixty North believes the A zone is similar to the Discovery mine, located 45 km to the north, where a million tonnes of ore yielded the same number of gold in ounces from a marginally smaller vein.
CEO Dave Webb said: “We are well positioned to take advantage of the recent record high gold prices, with our potential for early gold production.
“Our next two milestones to production are within reach – the completion of the underground development with bulk sampling of the vein, and once grade and tonnage are confirmed, installation and commissioning of the mill circuit.”
The company holds permits for both mining and milling at Mon.
