Exploration is a tough business, making a discovery is much tougher,
and advancing a real deposit through the hurdles of geology, politics,
and the stock market is the hardest test and is rarely successful.
In my last letter, I said that we should move ‘down the food chain’
into companies with stellar, early-stage projects that have yet to be
tested—a process also much easier said than done. You can always find a
reason not to buy.
There are hundreds of properties being explored and drilled by
micro-cap junior companies based out of Canada and Australia alone.
Almost any one of these could deliver a good drill hole or even
a legitimate discovery, but we know the odds of this happening on any
single prospect are extremely low; our job is to very critically
evaluate the available data, extrapolate that data into the subsurface,
and make an educated guess as to the probable drill results. Basically,
where could it go right, and what could go wrong? (more)
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