Sunday, 3 August 2014

Brent Cook - Discovery Panel with Tim Coughlin, Eira Thomas & Miles Thompson

Discussion of the Discovery Process chaired by Brent Cook at the Sprott Symposium

  • Tim Coughlin - Tigris in Turkey ex Lydian
  • Eira Thomas - Kaminak
  • Miles Thompson - Reservoir
  • Miles - "real estate" picking up ground in less popular areas, well endowed district
  • Eira - Good science, first principles, unrecognised. Apply science in the field.
  • Tim - strategy - conviction - first movers in a country - time/space rock relationships
  • Financings - small  - can be slow to get backing. Backing from majors on concepts / science. Miles lost all savings first - became prospect generator - JV everything.
  • Recognise real discoveries very high grade/length / concept. Near other mines => potential. Sometimes remote - high grade but a lot of work to prove economic.
  • Second drill programmes more significant - confirm or not what you think has been found.
  • Monetising a discovery. Speed to evaluate. Not diluting - market volatility - protecting the value. 
  • Government risks
  • Learning from failures - metallurgy is key - is it recoverable - walk early. Open to new ideas, find something different. Fail as often as possible as cheaply as possible, accept failures and move on, persevere, know when to quit.

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