Thursday, May 20, 2010

Mining Strategist Doug Silver Believes There Are At Least 3,000 Million Ounce Gold Deposits Still Out There

RENO, NV - As gold miners and explorers moan and groan about the decline of major gold deposits in the world, former International Royalty Corp CEO Doug Silver asserts that at least 3,000 gold deposits currently exist globally with 4.9 billion ounces of gold reserves and resources.

In a presentation to the Geological Society of Nevada 2010 Symposium in Sparks, Nevada, Wednesday, Silver–whose passion for research and statistics burn as bright as ever even after selling IRC to Royal Gold for millions and millions-estimates that 638 of those deposits or 22% are endowed with at least one million each of contained ounces.

His research has revealed that 89% of the known gold ounces in this world reside in larger gold deposits. Of those ounces, 40% are measured and indicated resources, 31% are proven and probable reserves, and 29% are inferred resources. One third of them are open pit mineable and one third are located underground.
And, despite the declarations of major mining company CEOs and geologists that the days of really big gold discoveries are waning, Silver’s research has revealed the number of major gold discoveries has been increasing. In fact, the number of million-ounce-plus gold deposits discovered globally has been steadily increasing since the 1920s, he asserts.

“We’ve creating phenomenal value for our companies and our shareholders,” Silver said. “We’ve done very well.”

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As prospectors and explorers we need to be optimistic. Doug Silver certainly has the credentials to be able to talk on the subject of Gold Exploration. I cannot argue one way or another on the figures but I  feel that his words are encouraging. There are indeed new world class gold deposits being discovered and explored, whatever the number is, there is certainly opportunity. Let us research and Let us go out in the hills and search for some new gold.

Happy Posting
This post was made at by Robert Freeman

About the author: Robert Freeman is a full time professional prospector with over 20 years direct hands on experience in the field. He manages a  prospecting and exploration company which provides mineral claims, mineral claim staking, prospecting services, field and logistical services, along with consulting property management and acquisition services to the mining industry. He founded or played a key role in the formation of several exploration companies and has created mineral exploration land packages in numerous regions of Canada for both public and private companies.

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