In short: Cited as evidence a new discovery cycle may be starting: its recent drill hole in Northwestern Argentina is "among the 10 best drill holes I've seen in my entire career" (one of two in the last six weeks) after a very long "discovery drought."
Mogotes Metals is a small exploration company drilling for a large copper-gold deposit in northwestern Argentina. It makes no money yet — it's hunting for ore — so it's a high-risk, speculative name. Rule cited its recent drill hole as "among the 10 best drill holes I've seen in my entire career," using it as evidence that a long drought in new mineral discoveries may finally be ending, thanks to bigger exploration budgets and better technology. He's pointing at the result as a bullish signal for the exploration sector, not issuing a formal buy call on the stock.
18:34I think that will be a subject of discussion. A different subject of discussion, I hope, and I hope to lead it, is the fact that the increased exploration budgets that we've seen worldwide over the last 3 years are beginning to yield discoveries. We've had two different drill holes in the last 6 weeks. One by Mogotes in Northwestern Argentina, the other by Ares Minerals in Kazakhstan, that are among the 10 best drill holes I've seen in my entire career.
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