46 <strong>SEG</strong> NEWSLETTER No 90 • JULY 2012 ... from 45 Exploration Reviews (Continued) EXPLORATION REVIEWS CONTIGUOUS UNITED STATES Regional Correspondent: Roger C. Steininger (<strong>SEG</strong> 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 <strong>of</strong> 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 <strong>of</strong> their current value. Of course, we know that turkeys cannot fly so out <strong>of</strong> the hundreds <strong>of</strong> 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 <strong>of</strong> 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 <strong>of</strong> 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 <strong>of</strong> 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 <strong>of</strong>fered an opinion that the district has the potential for 8 Moz <strong>of</strong> gold. This is the center <strong>of</strong> activities in eastern Nevada, but given the number <strong>of</strong> 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 <strong>of</strong> the name has been eliminated) at about 7 Moz <strong>of</strong> total gold. Given the number <strong>of</strong> drills on the property, the re ported intercepts outside <strong>of</strong> the re - source, and the construction <strong>of</strong> a “man camp” for the drillers, the ultimate de - posit will likely be very large. Speaking <strong>of</strong> new gold trends, one may be developing as a subset <strong>of</strong> the Cortez area. At least two companies have drilled at the edge <strong>of</strong> the Pine Valley road just south <strong>of</strong> 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 <strong>of</strong> the vehicle. Since this part <strong>of</strong> 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
JULY 2012 • No 90 <strong>SEG</strong> NEWSLETTER 47 Come and join the biggest event <strong>of</strong> Geology <strong>of</strong> Brazil! Visit the congress website to discover the opportunities for participation in EXPOGEO!
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