One of the most exciting gold exploration stories in recent years has been Great Bear Resources and its Dixie gold project near Red Lake, Ont. The company was acquired by Kinross Gold (TSX: K; NYSE: KGC) in February — even before it had a chance to compile an initial resource for the high-grade, large-scale project.
In September, Royal Gold (NASDAQ: RGLD) bought Great Bear Resources — a spinout of Great Bear whose only asset was a 2% net smelter return royalty on Dixie — for $200 million, bringing the total value of Great Bear’s assets to $2 billion.
Great Bear Resources’ former president and CEO Chris Taylor joined The Northern Miner’s Q3 Global Mining Symposium on Sept. 29 to discuss the company’s success, and what other exploration companies can learn from it. Taylor was previously named The Northern Miner‘s 2021 Person of the Year.
Be prepared for personal sacrifice
Great Bear’s story is a classic story of an exploration discovery, entailing years of hard work and personal sacrifice to get to the prize. Taylor, a structural and economic geologist, financed the project personally in the early days when investors were skeptical and it was difficult to raise money. He racked up $300,000 worth of personal debt on his line of credit, because he believed in the project.
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