Jim Pettit: Much More to Find in the Golden Triangle
Jim discusses his early career where his father-in-law got him involved in the business in British Columbia. Jim has a keen interest in geology, and the potential for discovery was inspiring back in the late 80’s early 90’s. He has been self-employed all of his life buying and selling companies.
The biggest lesson is to admitting what you don’t know and learning from those that have persevered in the mining business. Risk assessment is vital, and then you need to understand the geological history of an area.
The Golden Triangle is an excellent example of a region with considerable potential that is still being developed. Costs are always a big factor, but there is a lot of infrastructure in place already. The most significant cost is drilling, and you want to make sure that you have done your homework before contracting the driller. Do whatever you can to mitigate and minimize the risks.
Aben is in an area with high-grade gold discoveries, and there is an excellent potential for new discoveries. The infrastructure is in place, and there are lots of contractors available. If you want to be in gold, you want to look for high-grade discoveries, and you want to understand the gold cycle.
Time Stamp References:
0:45 – Jim’s early career.
2:30 – Lessons in mining.
4:15 – Risks and rewards in exploration.
6:15 – Majors beginning to pay attention to explorers.
7:40 – Area and infrastructure importance
9:15 – Aben Resources infrastructure and potential.
Talking Points From This Week’s Episode
• Admit what you don’t know and learn from old timers.
• Infrastructure is vital in exploration.
• Reducing costs and understanding the geology is essential.
• Majors have become more involved in exploration.
James G. Pettit has been President and Chief Executive Officer and a Director of Aben Resources Ltd. since November 2002. Mr. Pettit is currently serving on the board of directors of five publicly traded companies and offers over 25 years of experience within the industry specializing in finance, corporate governance, executive management, and compliance. Mr. Pettit was previously Chairman and C.E.O. of Bayfield Ventures Corp. which was bought by New Gold Inc. in January 2015.