It may be difficult for another large, high quality deposit to be discovered in Australia anytime soon, as the saturated exploration market and large number of miners operating in the continent means that such a deposit would have already turned up, said Joe Mazumdar, co-editor of Exploration Insights.
“I think it’s more difficult to find that kind of deposit in Australia and Canada. It’s got to be undercover… because of the amount of people that have already been here working on these kinds of deposits,” Mazumdar told Kitco News on the sidelines of the Noosa Mining & Exploration Investment Conference.
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Mazumdar noted that in today’s conditions, it’s easier find a deposit that is lower grade.
“You can make a lower grade deposit work [in Australia] because you’ve got better infrastructure than a more infrastructure-challenged country,” he said.
Is The Next Big Gold Discovery In Australia?
Thank you for joining us here. The news of mining and exploration operations. And joining me now on kick the news is a familiar face the familiar Canadian face here in News Australia job Muslims are Exploration Insights. Thank you so much for joining us. Thanks for being here. How jealous is Brad Coker Right now that he's not here with us. Barry bright if you're watching hello. Thank you so much for joining me Joe. So I want you to kind of set the tone for us here because we're so used to talking about mining in North America in South America. You know set the scene for us here in Australia. You know I used to work here. I went to school here mostly in Queensland and Australia is love some of the candidates terms it's got a big mining tradition. They said miners all over the world and jurisdictionally can compete with many because it's right on the same par with Canada in terms of where you'd like to be right. And it also faces some of the same challenges. Well I you know reading somebody reports that there's a lack of skilled workers and interest so is that you know what are the challenges right now facing I guess some of the challenges are like on the exploration side because you are the reason deposits have been found because this is a place where a lot of people have explored so undercover is a big deal. Technology is a big deal and the Australians do it very well.
And then going beyond that is that thing that you said about people that's a global issue and it's no different here than in Canada. So Joe as you know we have been anxiously waiting to find the next big gold discovery. Could it be here in Australia I've been talking to a lot of junior miners here of course all of them think they're on the verge of finding it or might be sitting on it right now but could it be here. Well you know we know that you know novos been here looking for the placers deposits in Western Australia and that's been a big deal for them but they've known about these types of deposit in Western Australia for a long time. Novos come in here in theory and now there's been staking rationale for the last 18 months but I think it's more difficult to find that kind of deposit. IAN CAMPBELL That's basically outcropping it's got to be under cover it's going to be more difficult to find it in and out in Canada and Australia because of just the amount of people that have already been here and looked at these kind of deposits and it's easier to find deposits lower grade. That may work just because jurisdictionally it's easy to work here. More people want to work here discount rates are lower here in terms of risk and how people look at you so you can make a lower grade deposit or better here because you've got more infrastructure than you could in a more infrastructure challenge contract you know and I think that's really Australia I mean you also have the benefit of working with the Australian dollar which is a pro like the commute. Yeah just like the office.
So tell us can you give us some some picks that you're like in your book in terms of companies like we dabble a lot in the ASX and prospect generators has been something we've been looking at so in terms of what we're looking at is one company called hammour metals which actually has a big land package in a place that I used to work at Mt Arza in Lyon in central Queensland looking for copper. We've got Cobalt chavy with a junior actually in Canada. So we're in the micro-cap company basically. So we deal a lot with the ASX right now that one and another one that's in development and exploration called Gold road. Okay ASX listed joint venture with Gold Fields developing the group here open pit mine in Western Australia but their big advantage is exploration and send their kids to be in production right. Yes exactly. But who's leading that is coal fields they're not doing that. So you get the benefit of them not.