India – Here’s A Big Drill Program To Watch In This Emerging Gold Frontier by Dave Forest, Pierce Points
India’s national Cabinet approved a new National Mineral Exploration Policy for the country this week. With the bill spearheaded by Prime Minister Modi aimed at jumpstarting mineral work across India’s high-potential terrains for gold, copper, platinum, iron ore and beyond.
The scheme itself appears somewhat questionable. With India proposing to conduct exploration via a “reverse auction” — where successful explorers get a royalty on the deposits they discover, while failed projects are reimbursed for their expenditures.
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We’ll see if that unusual arrangement draws many takers. But at the same time, another area of India’s re-emerging minerals sector is getting a lot of attention — the revamping of historic mines recently put out for bids to the private sector.
One of those projects is the Baghmara gold mine in the east-cental state of Chhattisgarh. Which was won in a bid round last February by top India mining firm Vedanta — a company today run by ex-Rio Tinto head Tom Albanese.
And Vedanta said Wednesday they are preparing to go full-steam on reinventing the mine. Which will give us one of the first modern looks at the potential of India’s prolific past-producing gold fields.
Albanese told local press that Vedanta geologists see big potential here. Saying they believe a deep drilling program could unlock substantial new resources at the old mine site.
The results of such advanced work will be a very interesting data point on India’s mineral potential. With mines like this one being some of the most important gold-production centers the world over during past decades and centuries.
That bodes well for the chances of a world-class discovery, when modern exploration methods are applied. Meaning all eyes in the gold industry should be tracking the developments on this project — and other historic mines being awarded to the private sector around India.
Watch for drill results from the Baghmara program in the fall — with work expected to kick off after the monsoon season, likely in September or October.
Here’s to drilling down,