Fraud and Falsification of Resources and Deposits
The movie Gold starring Matthew McConaughey is based upon the real-life tale of Bre-X, the gold mining company based in Calgary, Alberta, who fooled banks, investors, and other miners into believing that they had found the largest gold deposit in the world. One of the geologists of the company, along with others presumably, worked together to “salt” core samples with actual gold with the intent to create the impression that the Indonesian gold deposit was the prospecting find of the century.
Some of you would have heard of Bre-X and the subsequent fallout which took place. Though the movie doesn’t follow the real world events, it does give the basic outline and premise of the fraud which was committed.
After watching the movie I sat and pondered on how easy it was to fool so many presumably intelligent people. It took me back through my own memories to a time in Alberta when a company called Uranium Power Corporation was aggressively campaigning for investors to jump in early on what they were packaging as a fail proof investment in the oil sands.
A close friend of mine, who has since passed, was interested and brought the investment package for me to review. It presented a different science from that which the energy companies working in the region were basing their business models on.
Where Suncor, Syncrude, and startups by Shell and CNRL, were mining raw oil sands deposits with large mining equipment, Uranium Power Corporation was proposing that they could drill deeper into the Earth and reach crude deposits which had originally created the oil sands deposit in the first place.
The traditional and accepted version of the oil sands creation is based on the decomposition of marine life and vegetation from a large inland sea which existed over 300 million years ago. The theory put forth by Uranium Power Corporation was that large pools of oil lay just out of reach underneath the limestone basin which is now underneath the oil sands deposit.
As children we would hunt around in the low wooded areas that ran alongside the Athabasca and Clearwater rivers. There we would dig around and pull out large slabs of limestone which contained fossils of sea shells and plant stems. There is still one such rock sitting on my bookshelf behind me as I write these words.
As such it was easy for us to believe the official version of oil sands creation. But what if Uranium Power Corporation was right? What if the weight of the glaciers which sat across the width of the continent for thousands of years forced the lower deposits of oil to slowly seep up through the porous limestone and into the old leftover sand from the Albian Sea? There are areas in the region today where sand dunes are slowly taking over rivers and forest.
After doing some research and having a discussion with the Professor of Earth Sciences at the University of Alberta, I decided it was best to suggest that my late friend not invest in Uranium Power Corporation.
One of the deciding factors was that the former owner of the Calgary Stampeders football team was connected to Uranium Power Corporation. Larry Ryckman had made a run at a similar deep oil sands drilling project years before. The company then was called Aabbax International Financial Inc, and was shutdown after Ryckman was charged with committing securities fraud regarding option purchases.
Based on the fresh memories of Bre-X, another Calgary based firm, it was hard slogging for both Aabbax and later Uranium Power Corporation, to try and get investors interested in the high risk gamble of deep drilling beneath the limestone.
Uranium Power had multiple drills setup in the area and were in fact drilling, but it all came to an end before they reached any meaningful depth. I remember driving down a dirt road through a heavy forested area to the place where one of the drills was operating. The whole concept fascinated me.
The theory put forth by Ryckman and Uranium Power Corporation was based on the Abiotic Oil and Gas concept which has been developed by Russian geologists. Western investors and mining companies have disregarded the Abiotic theory, but that doesn’t make it wrong. It just means there is more interest in maintaining the accepted theory and extraction processes which billion dollar industries have been built around.
One of the Suncor mine sites which I frequent (Suncor was called Sun Company of Canada when it was formed in 1917) still has what is called a Devonian underwater salt lake which is located within the oil sands deposit on the lease. This 300+ million year relic is a testament to the age of the region, but doesn’t provide any proof one way or the other on the opposing theories.
The Gold movie got me rethinking all of this. What if my original assumptions were wrong? It isn’t hard to discredit and frame those who are threatening the accepted norms and practices which function at the core of our socioeconomic framework. What if Aabbax International Financial and Uranium Power Corporation were hammered into non-existence?
The idea that oil could be drilled straight up from beneath the oil sands deposit in much the same way it is pumped out of the ground in Saudi Arabia is a breathtaking threat to the existing corporations and power structure which operate the international energy markets. It also draws into question other resource deposit information and accepted facts from around the world. The control and distribution of energy is one of the fundamental methods in which mass populations and regions are controlled.
But at the end of the day, it is human greed, like that presented in Gold and the Bre-X scam, which make up our reality. Unfortunately human greed is at play in both of the scenarios presented above. The motivation for profit is a strong driving force which underlays a lot of human behaviour. Falsifying deposits and resource data is likely more rampant than we would like to believe. Yet, the change in cultural thought-forms and energy markets if the Abiotic theory was accurate would be profound. Maybe there is a deeper and more subconscious reason why I always drove down that dirt road to stare at the large drill digging deep into the Earth. – JC
This article is copyrighted by POM Media©2017. As Premium content permission is not given to be copied and re-posted.
JC Collins can be contacted at email@example.com