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.
Skeena Resources (TSX: SKE) is reporting more high grades from its 2021 phase three infill and exploration drilling at the Snip gold project in British Columbia’s Golden Triangle.
One of the best holes, UG21-202, returned 27.04 g/t gold over 12.5 metres. Subintervals included 209 g/t over 0.7 metre and 203 g/t gold 0.7 metre. This hole was drilled in the eastern footwall to upgrade the modeled vein mineralization used in the 2020 resource estimate.
Additional high-grade mineralization was intersected in the footwall corridor during the same drill campaign. The best results included 109.89 g/t over 1.19 metre in UG21-180, 29.31 g/t over 4.17 metres in UG21-181, 85.51 g/t over 3.50 metres in UG21-182, 84.68 g/t over 1.94 metres in UG21-184, and 164.50 g/t over 1.00 metres in UG21-189.
Skeena acquired the past-producing Snip mine from Barrick Gold (TSX: ABX; NYSE: GOLD) in 2017. Between 1991 and 1999 the mine produced about a million ounces of gold from an average ore grade of 27.5 g/t gold.
The 43-101 mineral resource released in July 2020 includes 539,000 indicated tonnes grading 14.0 g/t gold (244,000 contained oz) and 942,000 inferred tonnes graving 13.3 g/t gold (402,000 contained oz).
(This article first appeared in the Canadian Mining Journal)
