The billionaire investor has injected $10 million in a company exploring for nickel in B.C.’s Golden Triangle — an area that has been mined for a century without much nickel ever being found
One Friday afternoon not so many months ago, Canadian billionaire Eric Sprott was sitting in a leather wingback chair in a dimly lit room, talking about a junior mining company that he just can’t stop investing in.
The company, Garibaldi Resources Corp., is in the earliest stages of exploring for nickel in British Columbia’s Golden Triangle, an area that has been relentlessly explored and mined for a century without much nickel ever being found.
Nevertheless, Sprott was enamoured: He compared the area to Voisey’s Bay, also a nickel deposit, and likely the largest metal discovery in Canada in the past 40 years. That find has turned out to be worth billions of dollars.
“It just keeps coming together,” Sprott said about Garibaldi, turning to an interviewer on his left during a video that will be posted on YouTube. That Garibaldi has never had any revenue passes without comment.
“If it’s Voisey’s Bay, why wouldn’t I just stay the course here?” he said. “Try to get as much money in as you can, to get as much return as you can.”
For junior mining companies, it is basically stock in trade to always claim to be on the verge of an unprecedented major discovery and the endorsement of a billionaire can instantly put a junior on investors’ radar.