In the aftermath of the 1990s Bre-X gold scandal, the mining industry is now better regulated, says Barker Minerals Ltd. president and CEO Louis Doyle.
“Since Bre-X, investors have felt more comfortable dealing with mining companies that hire independent consultants and whose exploration properties are closer to home,” said Doyle. The company’s glossy brochure profiles their consultants.
“That’s one good thing that came out of it,” he said. Doyle agrees the collapse of Bre-X and disillusionment of investors cast a cloud over the gold mining industry for a time – not just for industry giants but for the little guys.’
It’s held them both more accountable, he says, “the way it always should have been”.
Doyle founded Barker Minerals Ltd. in 1993. Since then, the company has acquired several mineral properties (4,401 claim units covering 271,882 acres in the historic Cariboo Gold District of B.C. ) and directed all aspects of the company’s exploration activities.
He’s looking forward to the same kind of success in the “Quesnel Trough” area.
“Right now, we’re concentrating on Frank Creek [77 km northeast of Williams Lake] with its massive sulphide rock that has more than 50 per cent minerals,” said Doyle. “We’ve been in Prince George over a year now and contributed over $1.5 million to the local community for accomodations, support vehicles, suppliers and contractors. Should a significant deposit be discovered, it would help the local economy for many years while the deposit is being mined.”
The company has diversified its interests and hopes to build on its earlier success with the Kangaroo Project, located 180 km northeast of Williams Lake.
“It is during the exploration drilling and discovery stage that major mining companies usually get involved,” he said. This is the high risk stage, also the most rewarding for investors, so the idea is to make a discovery which would reward early shareholders and then decide whether to get a major company involved for development and mining. I’ve kept all my projects in one company, so that eliminates some of the risk.”
Doyle got his first episode of gold fever during a hunting trip.
“I was on a hunting trip in 1993 and found some gold at the end of a culvert. That led to a little gold fever so I started to prospect and staked more ground in Likely area.”
Patience is a virtue in the mining industry, he said. Doyle spent five years in the mutual fund industry learning about long term investments.”
“You have to learn to be patient. Nothing happens overnight.”
Doyle knows about patience. He spent five years in the mutual fund industry which gave him an appreciation of long-term investments. Since 1993, Doyle said Barker Minerals Ltd. has invested more than $4 million exploring in the southern part of the historic Cariboo Gold District of B.C.