We mark the passing of legendary Bay Street mining entrepreneur J. Pat Sheridan on Jan. 10 in Toronto at age 81.
Born and raised in Toronto, he graduated with a degree in geophysical engineering from the University of Toronto in 1955, having paid for his education by serving as a reservist in the Royal Canadian Air Force, where he eventually went on to fly F-86 Saber jets.
In 1956 he formed his own consulting firm, Sheridan Geophysics, where he designed and employed his own geophysical equipment, such as the Magnaphase.
Sheridan added “stockbroker” to his growing list of job titles in 1962 by becoming a partner at brokerage house Barclay and Crawford. Within a couple of years he had gained control of companies such as White Star Copper Mines and Belleterre Quebec Mines.
Things really started cooking for Sheridan in early 1964 in the Timmins area, where he had staked claims near a base metal find that turned into the great Texas Gulf base metal discovery in Kidd Township in April 1964, leading to a staking frenzy that took White Star and Belleterre to new heights.
By 1964–65, Sheridan added “mine operator” to his titles when he bought Vauze Mines in Noranda, Que, and he finished off the decade as developer and operator of at least five more Canadian mines: Coppercorp, AER, Renzy, Maybrun and Spanish River. At the same time he expanded his exploration activities beyond Canada to the U.S. and Mexico, at one point spending $7 million a year on exploration, or more than was being raised for exploration through the Toronto Stock Exchange.
Perhaps Sheridan’s biggest discovery and payday was the Lac des Îles palladium find near Thunder Bay, Ont. After many financial twists and turns that included a disastrously unmet margin call and losing a protracted lawsuit, Sheridan forfeited direct ownership in the mine to Kaiser Petroleum in return for cash, shares and a net smelter return royalty that coincidentally rose to 5% just when palladium prices were spiking at the turn of the millennium.
Around Bay Street, especially in his daily haunt at Hy’s Steakhouse, Sheridan was known for his keen intelligence, his turtlenecks, a ready pipe and a devil-may-care attitude to life. People often approached him as one would a card shark or pool hustler in an old-time saloon: everyone’s friend at the bar after the game is over, but with great caution if you were ever head-to-head in a zero-sum game.
Sheridan had fiercely loyal friends that included some of the who’s who of Canadian mining, and in his life contributed an eight-figure sum to charities that included Amnesty International, Sick Kids Hospital, the Canadian Cancer Society and the University of Toronto, much of it anonymously.
— with files from the Prospectors & Developers Association of Canada and www.obitsforlife.com. For more, visit http://hfh.frontrunnerpro.com/book-of-memories/2022485/John-Patrick-JP-Sheridan/obituary.php.
We’ll respected Canadian visionary.
Regarding the passing of Pat Sheridan:
I had the privilege of knowing and working with Pat during my career in the industry. During this time, many people commented to me about Pat, some negatively. In my experience, Pat was an honourable man and a good friend to have on your side. Three stories illustrate some of Pat’s character traits.
In a bar in Timmins during the late 80’s, we negotiated a deal on a handshake for his purchase of a mothballed gold mine in northeastern Ontario for a seven figure number. I think Pat wanted it for salvage value. The money was in the bank before the paperwork was even started. Pat was a man upon whose word and handshake one could always rely.
One of Pat’s companies held a significant interest in the Winston Lake zinc deposit where exploration was still on-going. He wanted a visit and I met him at the Thunder Bay airport to drive him to the site. He said that would not be necessary and a Cadillac suddenly appeared with an attractive leather-clad chauffeuse behind the wheel. They followed me to the site along a bush road off Highway 17 previously travelled only by 4WD. At the site, the chauffeuse jumped out and opened the rear door for Pat who completed his grand entrance to the sound of many jaws hitting the ground. Pat could certainly be flamboyant.
At the official opening of the mine, Pat once again showed this trait. By this time I was no longer with the operating company and Pat was no longer on good terms with them. Indeed, he was not invited to the opening even though he still held an interest. At the exact moment of the ribbon cutting ceremony (attended by many high officials and the press, including the Northern Miner), a small plane came over the hill pulling a streamer saying “Congratulations on the opening of Zenmac’s new mine”. Zenmac was the name of Pat’s company that held the interest.
Apparently disinterested, Pat could review the results of a program one year and return a year later to ask serious questions about a specific drill hole number and a specific footage. He had a very sharp mind and photographic memory that he often kept hidden for strategic reasons.
Pat was one-of-a-kind, as were many of his generation in the business of seeking and developing mineral deposits. I am proud to have known him and will miss him.
I just discovered that Pat has passed on. I loved him as a mentor and good friend. I will be returning to Toronto for the first time in ten years and will feel strange not to be able to see him and hear his sagely advice. He was a great man and an unpresumaning man. I don’t have the words to describe my feelings of loss here.