(Kitco News) The notion that the mining industry has hit peak gold in terms of major new discoveries is wrong, according to this year’s PDAC keynote speaker and expert in mineral economics Douglas Silver.
Silver said he strongly disagrees with the notion that all the easy deposits have been found, and that the gold price will have to go through the roof.
“This comment that we ran out of discovery is not true,” Silver said during the first day of the Prospectors & Developers Association of Canada (PDAC) conference, which is the world’s largest mining event.
There is a delay between when a discovery is made and when it is disclosed, Silver explained.
“Unless you are a junior exploration company promoting one drill hole, most companies wait till they have a resource until they disclose a discovery. A larger company may wait for a feasibility study,” he said.