In yesterday’s post “the trouble with 43101, continued” we got to hear from ‘W’, a very experienced geologist, regarding his opinion of the current 43-101 system.
Today I received mail on the subject from another very experienced geologist, Brent Cook of Exploration Insights, and his opinion is something of a rebuttal. He’s kindly given permission to share his words and so here they are below, with no further comment from me. Make of them what you will:
With regard to W’s comment
You cannot legislate away greed, corruption and
incompetence—look to Wall Street for proof. The idea that we should force companies to go thru a second
or third review process, require geologists to register and take out liability
insurance will only enrich the lawyers and other hangers-on and do little for
investor confidence. How many
pages of disclaimers do we need and how watered down a document do you want?Mining, and particularly exploration geology are not exact
sciences and never will be. In general, geologists and estimators are only
dealing with between one millionth to one billionth of the deposit and
extrapolating from those data into the unknown between drill holes under jungle
cover or barren rock. Conclusions and interpretations are therefore subjective.
What it all comes down to, and always will, is the
integrity, honesty, competence and experience of the person performing the work—period!
In regards to the 43-101 and its value I have to ask, would
W want to get back to the good ol’ Bre-X days? I personally find these reports
extremely useful and read many every week. Some are very high quality, many
sloppy and too many crap, but the ability to make those assessments is critical
to forming an investment decision.And now a word about capping. Capping or top cutting an
assay is in reality a statement by the estimator that they don’t understand the
deposit well enough to incorporate the data as is. Capping is by no means a
silver bullet for nuggety deposits, it’s usually an admission that you don’t
know what else to do.That’s the way I see it anyway.Brent