SEG - Society of Economic Geologists

46 SEG NEWSLETTER No 90 • JULY 2012
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Exploration Reviews (Continued)
EXPLORATION REVIEWS
CONTIGUOUS
UNITED STATES
Regional Correspondent:
Roger C. Steininger (SEG 1978)
COO & Director, Acquisitions & Exploration
NuLegacy Gold Corp.
4790 Caughlin Parkway #765
Reno, NV 89519-0907
Tel. 1-775-742-6333
E-mail: audoctor@aol.com
I spent several days in March with
30,000 of my closest friends at PDAC.
One would think there is a commodity
bull market in progress, given the attendance
and hype. The overlying theme
was that each company is only one drill
hole away from the next major discovery.
If that were true, metal prices would
be only a fraction of their current value.
Of course, we know that turkeys cannot
fly so out of the hundreds of companies
attending only a few will be in business
in the future. Therein is the problem,
where to risk your future (either career or
investment). To me the key is management,
people who can keep the company
funded, select quality properties, and
SYMPOSIA
Structural Geology and Resources
2012
East Asia: Geology, Exploration
Technologies and New Mines 2013
have the persistence to make discoveries.
Without good management, the odds for
discovery are greatly reduced. As we all
know, the majors are mining through
reserves faster than they can replace
them. Therefore, juniors who can make
discoveries will be sought after to supply
the new resources. This makes me wonder
about those companies that staff
their booths with non-technical people
who cannot answer the difficult questions.
Do they not have enough faith in
their programs to meet the public?
Finally, most of the majors had a presence;
when was the last time that happened?
Is this signaling a turning point
in commodities? You pick, up or down.
The new Nevada gold production figures
are out for 2011 at 5.5 Moz, which
is a modest increase over 2010.
The south end of the Carlin-trend is
heating up. Newmont is developing
the Emigrant Springs gold deposit,
and Premiere Gold has formed a venture
with Newmont for the Rain deposit
and the continuation to its Saddle property.
Both Evolving Gold and Gold
Standard are exploring Carlin-type gold
deposits in the area.
The Australian Institute of Geoscientists
with Geoscientists Symposia
present
Kalgoorlie, WA: 26th-28th Sept
Bali, Indonesia: 27th-29th May
Newmont continues to explore the
Long Canyon “district” and has offered
an opinion that the district has the
potential for 8 Moz of gold. This is the
center of activities in eastern Nevada,
but given the number of companies
working the area, a new gold belt is
likely to develop.
Barrick has released a new resource
estimate for Gold Rush (the Red Hill part
of the name has been eliminated) at
about 7 Moz of total gold. Given the
number of drills on the property, the
re ported intercepts outside of the re -
source, and the construction of a “man
camp” for the drillers, the ultimate de -
posit will likely be very large. Speaking of
new gold trends, one may be developing
as a subset of the Cortez area. At least
two companies have drilled at the edge
of the Pine Valley road just south of
Gold Rush. The drills are so close to the
road that the geologists can drive to the
site and pick up samples without getting
out of the vehicle. Since this part of the
road is straight it must be mimicking a
linear, which must be the exploration
target. Why else are several (at least six)
drill holes at the road’s edge? 1
FIELD TRIPS AND SHORT COURSES 2012
Yilgarn Field Excursions
Porphyry Copper Workshop
Up-skilling Workshop: Structure
and Exploration
Non-linear Processes and Nonequilibrium
Thermodynamics
without Complex
Mathematics Workshop
WA: 20th-23rd Sept
& 29th-3rd Oct
Perth, WA: 21st Sept
Kalgoorlie, WA:
24th & 25th Sept
Kalgoorlie, WA: 29th Sept
Presenting a paper or sponsorship:
Julian Vearncombe: julian@sjsresource.com.au
or Trade booths and registration:
Jocelyn Thomson: jaytee@iinet.net.au
For details:
www.aig.org.au