Exploration Geologist Explains, “How We Acquired Over 250 Million Oz's Of Silver---For The Cost Of Filing Fees”
By February 12, 2013– Published in on
In one of the more fascinating conversations I've had over the last year, I was able to connect with exploration geologist, Dr. Peter Megaw. Dr. Megaw is an expert on Mexican gold and silver exploration, and has authored a number of scientific pieces on ore deposits. He is also a director of silver exploration company, Mag Silver.
Over the last 30 years, Dr. Megaw and his team have acquired some of Mexico's most highly prized and elephant-sized silver deposits. These deposits are so large and of such high grade, they will "make money at $10 an oz. silver" and survive "under almost any market conditions", explained Dr. Megaw.
He further shared the riveting story of how he and his team were able to acquire over 250 million oz.'s of silver in the ground for the cost of filing fees.
Here are my notes from the conversation:
TD: Dr. Megaw, what did you see years ago that others didn't in terms of getting your hands on such large deposits of silver in Mexico?
DPM: Well, after the Bre-X scandal (1997) until 2003, there was simply no demand for exploration properties. The exploration business was completely in the tank and the period was referred to as "nuclear winter". The upside during that time, was that lots of very high quality properties were dropped and available for acquisition at very low costs. We had identified the potential of some of these properties and simply acquired them when nobody else wanted them---in most cases for the cost of filings fees.
Many of us have enough years in the business to realize that these things are cyclical, and there's no better time to acquire inventory then when no one wants it.
TD: What deposit characteristics have served as "must have's" for you and your team?
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