Thread by @PeterNBell

1/ In this interview with #BobMoriarty, Bob tells a story about the famous Nugget Pond Mine in Nova Scotia that strikes a chord with his excellent 2016 book "Nobody Knows Anything: Investing Basics Learn to Ignore the Experts, the Gurus and other Fools" amazon.com/Nobody-Knows-A…

2/ Bob Moriarty:Let me talk about the dumbest mining company in Canadian history. You may be familiar with it. Do you know where the Nugget Pond mine is?

3/ The Unknown Geo:Yes.

4/ Bob Moriarty:If you go to the British Museum, then you will see four pieces of fossil gold that were found in Devon next to Cornwall in England. If you look at those from Nugget Pond, it is identical to the gold found in Devon.

5/ When specimens have gone on sale at auction, they sell for $50,000 a piece for a piece of gold you can hold in your hand. I read in 2000 that the miners at Richmont were stealing the ore by throwing it over the fence.

6/ They were coming back at night on snowmobiles and were selling it on Ebay. If you look at their financial reports, the grade of the deposit kept going down. Each quarter, for nine quarters, the grade went down but nobody noticed anything.

7/ Somebody called up one day and talked to Jean-Guy Rivard, who was President of the company and said I want to buy some of that Nugget Pond gold. He said, "We don't sell it." And the guy said, "Yes, you do." Jean-Guy Rivard said "No, we don't."

8/ The guy said "Yes, you do. I bought some on Ebay!" Jean-Guy Rivard goes on Ebay and he looks, and sure enough, there's 5 or 10 specimens of Nugget Pond gold. The RCMP go to Ebay, find out who was selling the gold, and they seized 2,000 kilos.

9/ The Unknown Geo:Holy cow. Kilos?

10/ Bob Moriarty:Kilos. One of the samples was 24 inches wide and weighed 35 pounds.

11/ The Unknown Geo:How did they get that over the fence?

12/ Bob Moriarty:Carefully. Very carefully.

13/ I talked to Jean-Guy Rivard and told him: "I'm not sure if you're familiar with Goldcorp but they just had that Goldcorp challenge to find the next five million ounces of gold at the Goldcorp Mine and the prize was $500,000 –

14/ they weren't trying to find five million ounces of gold, they were trying promote the company and it absolutely worked because the value of the stock went up! I want to do a similar deal with you. I will buy the gold from you and sell it for you to collectors.

15/ " He said I must be part of the group stealing the gold!

16/ I said, "what makes you think that? I run a newsletter – read about it, it's on Stock Watch. It's not a secret! You've got something that's especially valuable here." He didn’t listen – he took every specimen and threw it in the crusher.

17/ The Unknown Geo:Wow. He could have gotten five times the value of the weight of gold with some of these specimens or more.

18/ Bob Moriarty:If there's anybody dumber than that in the Universe then I'd like to know who it is.

19/ There's a book, you’d have to go to a specialized mining library to find it, that is called "Minerals of Cornwall and Devon" that shows the pieces that are in the British Museum. They are absolutely magnificent. They've taken vinegar and leached the calcite to expose this...

20/ ...stunning fern made of 24 carat gold. When Richmont left, they left a lot of gold in that mine. I don't know who owns it now, but there's probably still some spectacular gold there.

21/ The Unknown Geo:Anaconda has property around that deposit, in fact, I was just reviewing that information the other day. They have some pretty interesting prospects, which aren’t getting any market attention. They're bringing some of them online, like Argyle.

22/ See the full #NewtonInterviews with Bob Moriarty and the Unknown Geologist on @Anaconda_Mining's Goldboro Project here: ceo.ca/@Newton/more-f…