Read Time: 6 Minutes
In a detailed conversation with Dr. Curtis Johnson, CEO of Scout Discoveries Corp, we dive into the exploration company’s focus on discovering tier-one mining assets in Idaho, a state dubbed the “Nevada of 40 years ago.” Scout Discoveries, a privately held company spun out of EMX Royalty in early 2023, is aiming to make large-scale discoveries of metals like gold, copper, silver, molybdenum, lead, and zinc. With a portfolio of 14 projects, two owned drilling rigs, and backing from heavyweight investors like Electrum Group and Rick Rule, Dr. Johnson explains the company’s strategy, technical challenges, and potential for significant discoveries in this underexplored region.
We have a really good handle on the two-dimensional footprint at surface, but the key unanswered question is whether the scale we see at surface continues to depth.
Dr. Curtis Johnson, CEO Scout Discoveries (private company)
Why Explore in Idaho as a Private Company?
Scout Discoveries remains a private company, yet they’re making their presence known at major mining events like Beaver Creek and through media appearances. But why stay private, and when might they go public?
Dr. Curtis Johnson clarifies:
“We’ve raised a fair bit of capital and are moving towards a public listing, likely on a U.S. exchange like the NYSE American or NASDAQ.” He adds that the decision to stay private stems from ensuring the company’s assets are properly developed before entering the public markets, allowing them to remain focused and minimize distractions that come with public reporting requirements.
Johnson’s team has been focused exclusively on Idaho for over six years, a jurisdiction he believes offers high potential for significant discoveries due to its underexplored nature. His view? “A bet on Scout is a bet on Idaho.”
Can Idaho Host Tier-One Discoveries?
Dr. Johnson and his team are on a mission to discover tier-one assets, which he defines as large, long-life, low-cost mines with net present values exceeding a billion dollars. The company’s flagship project, Cuddy Mountain, is a large copper porphyry target situated within a 10-square-kilometer system adjacent to Hercules’ discovery.
Johnson admits, “There are three potential porphyry centers at Cuddy, but the core target remains untested. Geophysical data suggests we’re onto something big.” He highlights historic drill results, including 177 meters grading 0.34% copper, and plans for a 10,000-meter drilling campaign in 2025 to uncover the project’s full potential.
As with any exploration play, the gamble hinges on testing these theories through the drill bit: “If you’re going to lie to me, lie to me with geophysics,” Johnson jokes. He notes, however, that drilling will ultimately be the truth-teller in Cuddy Mountain’s story.
What’s the Strategy Behind Scout’s Portfolio?
With 14 projects in varying stages of exploration, Scout Discoveries has structured its portfolio to balance risk and stage of development. Johnson explains that their assets are diversified not just by geological setting but also by permitting agency, which helps them manage risks.
“We’ve filtered down from over 100 targets to the 14 we have today,” Johnson states. Each project, he stresses, is aimed at unlocking major value through discovery, not by chasing marginal deposits. Their drill-ready projects, like Cuddy Mountain and Erickson Ridge, are their primary focus for the next year.
The Erickson Ridge project, located in Idaho’s Elk City District, holds a historical resource of 237,000 ounces of gold at nearly two grams per ton. Recent drilling has returned promising results, including 100 meters grading 1.2 grams per ton from surface. Johnson is confident that with a kilometer and a half of untested soil anomalies, there is room to meaningfully grow this resource.
What Makes Scout Discoveries Different?
Unlike many junior exploration companies, Scout Discoveries takes a hands-on approach with its own team and equipment. The company owns two core drilling rigs, significantly reducing drilling costs and allowing them to control the timeline of exploration. Johnson estimates that their all-in drilling costs are around $300 per meter, roughly half the industry average in the U.S.
When asked about their self-sufficient model, Johnson is clear:
“It’s the single biggest predictor of success. You have to throw a lot of holes to find something significant, and $500 per meter is just not sustainable.”
The controlled costs and in-house capability provide Scout with the flexibility to pursue their high-priority targets without being at the mercy of external contractors.
What’s the Cost of Discovery?
Exploration is a numbers game, and Johnson knows that success often comes down to drilling the right holes. When pressed on the unanswered questions, Johnson points to the third dimension—depth. “We have a really good handle on the two-dimensional footprint at surface,” he explains, “but the key unanswered question is whether the scale we see at surface continues to depth.”
Scout’s goal is to drill 10,000 meters at Cuddy Mountain in 2025, allocating around 5,000 meters to the Climax porphyry target, which Johnson describes as “the best target by a long shot.” Another 3,500 meters will be drilled at the ISL porphyry center, and 500-750 meters at the speculative Railroad target.
This aggressive program is designed to answer key questions about the scale and potential of the Cuddy Mountain system.
What About Permitting?
Permitting in the U.S. can often be a bottleneck for exploration projects. Johnson acknowledges this reality, but remains optimistic about Scout’s ability to advance its projects. “We’ve had positive feedback from regulators, and permitting for Cuddy Mountain is on track for mid-2025,” he states.
Scout owns private land at the Railroad target, allowing them to commence drilling without waiting for permits. This flexibility, along with strong relationships with local regulators, should keep Scout’s timeline intact.
Are There Risks in Idaho?
Idaho may offer significant geological potential, but like any jurisdiction, it comes with challenges. Johnson stresses the importance of understanding where projects can realistically be developed, particularly in terms of social license. “There are places in Idaho where you just won’t be able to build a mine,” he admits.
This understanding shapes Scout’s approach to project selection, ensuring that the assets they focus on have a viable path to development.
How Is Scout Planning to Finance Future Work?
Scout Discoveries has raised over $10 million since its inception, and Johnson believes they can continue to finance their upcoming programs privately, at least through 2025. But after that, the question remains open. Johnson admits that while they’ve had strong support from private investors, the lack of private capital in the mining sector makes it difficult to finance large-scale programs without eventually going public.
“There’s an argument that a lot of assets shouldn’t be public yet,” Johnson muses, “but a discovery at Cuddy Mountain would make a compelling public story.”
Scout Discovery CEO Interview With Dr. Curtis Johnson
This is a very brief summary of what was a lengthy interview. Don’t rely on this summary. Watch the full interview which is linked above.
Please note that this guest has not paid for the creation of this content. The Resource Talks interview rules are simple.
The companies, albeit paying or non-paying, get no questions upfront, no questions off the table, and no editing rights.
The information provided herein is general & impersonal in nature and meant for entertainment purposes only. The reader acknowledges and agrees that the information does not constitute a solicitation of an offer to buy or sell any security or instrument or to participate in any trading strategy. The author is not a licensed investment advisor. He is just another talking head on the internet. He might own shares of companies mentioned in this publication. Always assume he doesn’t know much more than a potato does. The mining & exploration space is among the riskiest sectors to invest in. The risk of anything mentioned in this publication is 100% loss of capital. If you don’t read the official documents provided by the company on http://www.SedarPlus.ca, you will lose all of your money.
