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.
Stuhini Exploration (TSXV: STU) has provided a pit-constrained mineral resource estimate for the Ruby Creek molybdenum deposit located 35 km east of Atlin, BC. The resource estimate was undertaken by Mine Development Associates (MDA), a division of RESPEC.
According to MDA calculations, Ruby Creek contains pit-constrained measured and indicated resources of 433.0 million lb. molybdenum, hosted within 369.4 million tonnes at an average grade of 0.053% molybdenum. There are also 43.7 million lb. molybdenum hosted within 42.0 million tonnes at an average grade of 0.047% molybdenum in the inferred category.
“MDA has developed a very robust resource model that will form the basis for future economic studies,” Ehsan Salmabadi, Stuhini’s VP of exploration, noted. “Our efforts in the coming months will focus on internal scoping studies to give us guidance on our next steps in assessing the economics of the Ruby Creek molybdenum deposit.”
The Ruby Creek property, also known as Adanac (named after its former operator), is located in the heart of the Atlin gold camp, with seven significant placer creeks within the tenures that are also prospective for base and precious metals. The molybdenum deposit was advanced by Adanac through feasibility, permitting and funding, until its mine construction was derailed by the 2008 financial crisis.
Stuhini currently has an option agreement with Global Drilling Solutions to acquire the asset, which can exercised by making share and cash payments totalling C$1.06 million over a four-year term.
