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.
Toronto-based Wesdome Gold Mines says that recent drilling at the Eagle River gold mine has extended the high-grade 303 lens another 300 metres down plunge, and the mineralization remains open. The 303 lens was first discovered in 2015 at the mine 50 km west of Wawa.
The 303 lens was initially outlined from the 750-metre level to the 1,000-metre level, and recent drilling has traced it down plunge to the 1,300-metre level. The mineralization consistently returns high grades and widths.
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The drill results will be incorporated into a new resource estimate by the end of the year.
Wesdome president and CEO Duncan Middlemiss said exploration continues with five underground and one surface drill. Besides the 303 lens, the 7 East and 311 West zones are being tested. Another target is the new Falcon zones on the surface, that he says exhibit good potential in a location near the mine infrastructure.
The Wesdome gold mine has produced 1.1 million oz. of gold in its 30 years of continuous operation.
(This article first appeared in the Canadian Mining Journal)
