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.
Tajiri Resources (TSXV: TAJ) announced on Thursday that it has entered into an agreement with Sahara Natural Resources to begin drilling at the company’s maiden exploration program on the Reo Gold project, located 130 km west of Ouagadougou in Burkina Faso.
The contract envisages 4,000-7,000 metres of reverse circulation drilling and 1,500- 2,500 metres of diamond core drilling with all work to be conducted by and supervised by Sahara.
Drilling is expected to start within the next 2 weeks.
The specific focus of the drill campaign will be at the advanced Morley and K4-K5 prospects with drilling commencing at Morley, where the previous project owner Middle Island Resources identified through drilling and trenching a potential high grade gold bearing structure of 3-10 metres width and 400 metres in strike.
According to the company, a minimum of 2,000 metres of reverse circulation drilling is scheduled for Morley with the objective of infilling gaps in previous drilling to demonstrating down continuity and extending the zone along strike.
“After drilling Morley additional work is planned to continue, without pause, at the K4/K5 prospect, where previous scout drilling of approximately 30,000 metres of various methods has identified a large gold bearing system that to date has been defined to be some 4 x 5 km in size.” said Tajiri CEO Graham Keevil.
Midday Friday, Tajiri’s stock was up 15% on the TSXV. The company has a C$16 million market capitalization.
