Deep sea mining puts $560 billion in land extraction at risk — report
Even in optimal scenarios, the activity would generate only $6.25 million in tax revenue for countries involved, says Planet Tracker.
Explorer UrbanGold has released the results of the three maiden holes completed at the Cressida block, which is part of the company’s Troilus holdings and located in Canada’s Quebec province.
The drill highlights include:
All of these intercepts are from the first 96 metres down-hole.
When combined with the interpreted location of historical drill holes, these results extend the mineralized zone to 400 metres of strike; it remains open. The drilling has only tested mineralization down to a depth of 120 metres with follow-up work planned.
“We are pleased to see that our small maiden drill program on the Cressida block returned gold mineralization over significant widths in all holes and that we were able to extend the known gold corridor towards the northeast,” Mathieu Stephens, the company’s president and CEO said in a release. “Our view is that the block shows many similarities with that of the old gold mine and that more work is required to determine the extent of the mineralization, especially at depth.”
UrbanGold’s Troilus property is located 14 km southwest of the past-producing Troilus mine, currently held by Troilus Gold.
In September 2019, UrbanGold signed an option agreement with Argonaut Gold to earn a 50% interest in certain claims, combining properties to form the 60-sq.-km Bullseye project. The Cressida block is included within this option agreement. At the time of the agreement, the known mineralized corridor at the site extended over 200 metres of strike.
The company’s greater Troilus claims total 155 sq. km, contained within three principal blocks: Bullseye, Larabel and Troilus Base Metals.
(This article first appeared in the Canadian Mining Journal)
