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.
Red Moon Potash Inc. (“the Company” – “Red Moon”) (TSX VENTURE:RMK) announces that drilling has commenced on its Captain Cook salt/potash deposit in Western Newfoundland. The summer drill program will consist of two holes, CC #4 located approximately 500 metres north of CC #2 which was drilled in 2013. CC #2 encountered 150 metres (303-453 m) of salt including an upper zone of stringer potash beds at 318 m – 329 m. CC #4 is a northeast stepout testing a seismic anomaly interpreted to be a thickened evaporite section (salt – potash bearing interval).
CC #5 is located approximately 1000 metres east of the discovery hole Captain Cook (CC) #1. This is the first hole to stepout in an easterly direction where the evaporite section thickens down dip. These two stepout holes are intended to add substantial tonnage to the salt deposit and further calibrate potash distribution in the basin. Drill location maps are available at www.redmoonpotash.com.
The holes are being drilled by a continuous coring rig operated by Logan Drilling Limited, an established and experienced driller in this geologic environment. Holes are not expected to exceed 600 meters in depth.
The Captain Cook salt/potash project is located in the Bay St. George Basin of Western Newfoundland near deep water ports and an airport. The Trans Canada highway and high voltage electrical power lines cross the property. The project is delineating an evaporite package of rocks analogous to the potash/salt mines in the Sussex basin of New Brunswick. Red Moon owns a 100% working interest subject to a 3% royalty to its parent company, Vulcan Minerals Inc. (TSX VENTURE:VUL). Vulcan is providing project management services to Red Moon, capitalizing on Vulcan’s drilling experience in the region.
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Hugo Cook
What will be love without hate?what will be us? May we illustrate and recreate by avoiding our own mistakes.