Across the mining landscapes of Nevada, Idaho and Arizona, one of the more significant movers and shakers is a Canadian entrepreneur who began his career as a Toronto corporate finance and securities lawyer.
Mark Morabito’s journey from law to mining, finance and business leadership is best explained by his governing philosophy: “It’s not about the risk — it’s about the opportunity.”
Powered by that compelling perspective, he has been the driving force behind a number of successful resource development companies. At Alderon Iron Ore, his skill as a negotiator enabled the company to secure a $400 million agreement with HBIS Group, at the time China’s largest steel producer entering their first investment transaction outside of China in the company’s history. He also led two mining companies from initial start-up on the TSX Venture Exchange to full NYSE listings.
Currently, his Intrepid Metals Corp. is in an advanced exploration and development phase in an area near Tombstone, Arizona, a region historically known for its copper mines, which over the decades have yielded over 8 billion pounds of the metal. His newest venture, Excalibur Metals Corp, is focused on mining opportunities in Idaho and Nevada.
Recently he shared some insights into his great discoveries, in mining and beyond.
Q You seem to enjoy exploring in areas with rich histories. Your Intrepid Metals Corp. is in Tombstone, which everyone knows from Old West lore. And your newest venture is based in some equally colorful places. Tell us more.
Mark Morabito: In Nye County, Nevada, we’ve acquired the option to purchase 100 percent of the Bellehelen Project, including most of the historic Bellehelen Mining District, where gold and silver were first discovered and mined in the early 1900s.
The first claims in this area were staked in 1904. The region was so rural that it was actually named after two mules, Belle and Helen. By 1910 roughly 500 people lived in tents and a few shacks near the mouth of Bellehelen Canyon. All that currently remains of the Bellehelen townsite are several stone cabin walls and surface metal debris.
Many before us have tried to extract the gold and silver buried deep underground, with some success as well as much disappointment. In 1917, the Pacific States Mining Company began operations in the southeastern area of the district. In 1918, production was also recorded from the Doreen Group in this same area. That same year, the Kawich Mining & Milling Company began production near the area of the current Bellehelen-Merger Mine.
Q: And you are also currently exploring in Idaho?
Mark Morabito: Yes, in southwestern Idaho Excalibur is moving quickly to become part of the emerging success story of this so-called “precious metals geological belt segment.”
Here, mining infrastructure from the early 1900s is still standing today, signifying the scale of the historic mining operations. Excalibur teams have been able to resume detailed exploration of these mines, including a high-grade silver camp in the region.
This Silver Rock Project is not located within any U.S. Forest Service lands or conservation areas, is remote from population centers, and has great access for exploration and development. Here the stars are aligned for incredible success: A drill-ready silver mine in a highly favorable mine-friendly jurisdiction, with geological metrics that are the perfect match for the high-tech exploration techniques we have mastered. The Silver Rock Project has the potential for a major precious metal discovery.
Q: Mining, especially in these places, is deeply rooted in tradition and history. And yet, the industry today is incredibly high-tech. How do you go about making new discoveries?
Mark Morabito: In Idaho, for example, our approach to exploration includes satellite alteration mapping that can identify large areas of epithermal-style clay and silica alteration. The arid physiography of the district and lack of vegetation allow for optimal benefit from this technology. In addition, the terrain is well-suited for advanced geochemical evaluation techniques, including soil sampling and stream sediment geochemistry.
In our next phase we will proceed with geological mapping and prospecting of the entire land position, including evaluation of alteration mineralogy using Short Wave Infrared (SWIR) technology.
These days, success in mining requires mastery of the latest technology. It’s not a man and his burro anymore. But at its core, it’s still all based on a man and his dream.
