How it Began: Pioneering, Insight, Visionary Thinking
Coral Gold’s story is one that powerfully illustrates the pioneering spirit of its founder, Louis Wolfin and his successor, David Wolfin. It’s also a story of insight and visionary thinking.
It began over 30 years ago, in 1985, in the early phases of Nevada’s modern-day Nevada gold rush. That was the year Lou’s friend Andy Robertson came to Lou with a proposal. Andy’s company, Aaron Mining, had fallen behind on fees for mining claims at Crescent Valley, on the Cortez Gold Trend in central Nevada. Lou was looking for a quality project to vend into Coral Energy Corp., a small company he controlled.
A Maverick Explorer Sees a Golden Opportunity
Always a maverick with an instinct for opportunity, Lou flew immediately to Nevada to investigate. He had followed, with great interest, the early discoveries on the state’s Carlin Trend, where companies were pioneering the “heap leach” method to extract microscopic gold from massive, disseminated gold deposits.
Acting Fast on Good Information
Lou’s investigations led to a meeting with Dr. Ralph Roberts, Nevada’s most renowned geologist and the man credited with discovery of both the Carlin and Cortez gold belts—today one of the world’s leading gold regions. Dr. Roberts toured the Aaron claims, liked what he saw and urged Lou to acquire the ground immediately. Coral Energy purchased the property and changed its name to Coral Gold Corp.
In honour of Andy Robertson, described by associates as “the last of the gentleman miners,” Lou called the claims the “Robertson Property.” Andy passed away in 1989, and his legacy lives on through the Robertson name.
Working with the Best, and a Bold Prediction
Keeping with Lou’s policy of working with the best talent, Dr. Roberts was hired as Coral Gold’s geological consultant. Dr. Roberts helped the company acquire extensive ground surrounding the Robertson Project plus other nearby properties. He also became instrumental in Coral’s regional exploration. At the time, Dr. Roberts predicted the Cortez Trend would rival the Carlin Trend for gold discoveries and production. Today, with massive mines and the many discoveries by Barrick Gold, Coral Gold and others, Dr. Roberts’ prediction is approaching reality.
Persistence and the Evolution of a Prime Asset on the Cortez Gold Trend
Over the next two decades, through good markets and bad, Coral Gold explored and developed Robertson. They drilled more than 200,000 feet and pioneered exploration of the region. There were setbacks and many important discoveries, including a number of significant drill intercepts that eventually defined a near-surface gold resource exceeding 2.7 million ounces.
Partnerships with Amax, Placer Dome, Barrick
Lou advanced the property by negotiating exploration agreements with Amax Gold, Placer Dome and Barrick. Meanwhile, on adjoining ground to the south and east, Placer Dome, and then Barrick Gold, developed the massive Cortez/Pipeline gold mine, one of the world’s richest and most efficient gold operations . Both Robertson and Cortez/Pipeline clearly validated Lou’s vision for the area.
David Wolfin Assumes Leadership, Negotiates Deal with Barrick
David Wolfin, Lou’s son, assumed leadership of Coral Gold in 2004. Maintaining his father’s legacy of persistence, determination, and insight, David steered the company and the property through further exploration, extensive environmental work and market challenges. He eventually negotiated the sale of the Robertson Property to Barrick in 2016 for over $20 million with royalties—what he describes as an instinctual decision based on his 30 years of experience with market timing and development timelines. This agreement was a major success for Coral Gold, raising significant cash without dilution and greatly enhancing the chances for production at Robertson. Clearly, the father-son succession left Coral Gold in good hands.
Today, with three key properties in the Crescent Valley region and Barrick preparing to put Robertson into production, Coral Gold is poised to write its next chapter of growth and success in Nevada.