PROFILE Nagy of Snip fame explores Brewery Creek

Despite the current recession, the Brewery Creek gold deposit, near Dawson, Yukon, excites investors. Loki Gold, which is earning into the discovery, has recently raised $1.28 million in a public financing to meet exploration commitment for this year (T.N.M., May 27/91). Last summer, President Lawrence Nagy and geologist Ron Netolitzky selected the project when operator Noranda Exploration offered Loki the opportunity to earn a 49% stake.

The two men have also been identified with the Snip claims, which Nagy staked for Cominco Ltd. in 1981. He spent 16 years with the company, and except for a stint in Australia (1969-77), conducted exploration programs in British Columbia’s Iskut River area and northern Saskatchewan’s greenstone belts.

Nagy left Cominco in 1984 and started his own exploration consulting firm, L.J. Nagy & Associates, based in Kelowna, B.C. In 1988, he co-founded Keewatin Engineering Inc.

In 1986 Nagy with partners Netolitzky and John Toffan at Delaware Resources secured an option agreement with Cominco for the Snip property. Later they sold their positions in Delaware and undertook management of Calpine Resources, Stikine Resources and then the Golden Triangle group of companies, including Loki Gold, Solomon Corp. and Oliver Gold. Now developed into a mine, Snip is owned 60% by Cominco and 40% by Prime Resources Group.

Nagy’s interest in mining stemmed from a chance meeting in 1960 with an oil geologist in Edmonton, whose involvement in overseas projects fascinated him. “My father was a farmer in Saskatchewan,” Nagy says in a recent interview with The Northern Miner. “After seeing how hard he had to work to support his family, I knew there had to be an easier way to make a living.” In 1969, he graduated from the University of Saskatchewan with a B.A. degree in geological sciences.

Mining aside, Nagy loves fishing, co-owns a big game sport fishing boat in Cairns, Australia, and has one based in Vancouver. He is building a new fishing lodge on his property at Tin Cup Lake, Yukon. He also enjoys flying and owns a Christen Husky on floats.

Married for 29 years, he and his wife, Joyce, have a son and two daughters.

Optimistic about the mining industry, Nagy thinks it will enjoy moderate growth. “During good times and down times, you will always find a group of steady, hard-working explorationists who continue the search regardless,” he adds. “Generally, this group will view hard times as an opportunity to acquire good prospects at reasonable terms. The trick is to find investors during hard times who are willing to gamble on your ideas.”