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.
UrbanGold Minerals (TSXV: UGM) has announced that it has started surface work at its Kiyask property in Quebec, Canada.
In a press release, UrbanGold said that although the property is known to contain at least five gold occurrences, the work will focus on the historical Gunnar showing which has reportedly been traced by near-surface drilling in the late 1950s over a 200-metre strike length within a shear zone.
The initial program will focus on reconnaissance work and surface sampling in preparation for ground geophysics
Based on this legacy information, the miner said the initial program will focus on reconnaissance work and surface sampling in preparation for ground geophysics. The campaign will follow-up on the airborne magnetic survey completed earlier this year, which was designed to cover the potential extensions of mineralized shears zones located approximately 1.5 kilometres from where historical drilling has recorded 40 g/t gold over 3 metres and where 70.6 g/t gold in a grab sample was taken from another location.
Kiyask is a 1,325-hectare property located in Le Sueur Township, approximately 8 kilometres west of the now-closed Lac Shortt mine which produced 2.7 million tonnes averaging 4.6 g/t gold in the 1980s.
The project consists of several blocks of claims all located between 5 and 20 kilometres northeast of the Urban-Barry mill operated by Bonterra Resources.
