Goldcorp's Global Search Challenge continued to build on the success of the Goldcorp Challenge - Source: Goldcorp 2000 Update Report
Goldcorp made their high-grade zone discovery in 1995, but there were still concerns about the future of the Red Lake Mine (former Dickenson Mines). Goldcorp CEO Robert McEwen wanted different perspectives and new approaches for discovering where the reserves lay. Inspired by open sourcing, McEwen decided to release 52 years of geological data to the world. The decision was unprecedented in the mining industry.
Goldcorp announced the Goldcorp Challenge at the Prospectors & Developers Association of Canada’s annual conference in March 2000. The company offered $500,000 of prize money to those who could find the mine’s next six million ounces of gold. The Goldcorp Challenge consisted of two rounds of presentations before a panel of judges. Twenty-three semi-finalists won $10,000 each, and the three finalists split the remaining $270,000 of the prize money.
McEwen had no expectations going into the launch of the Goldcorp Challenge but did not expect 1,400 entries. The Goldcorp Challenge had 475,000 views and participants from 51 countries. Surprisingly, most of the submissions came from people outside of the industry. Fractal Graphic and Taylor Wall & Associates out of Australia were the winners.
The Goldcorp Challenge not only verified Goldcorp's methodology but also identified 110 deposit sites. Roughly 80% of the designated sites proved to have significant reserves. The Goldcorp Challenge brought Goldcorp onto the global stage and began an era of innovative out-of-the-box thinking in the mining industry. The Goldcorp Challenge has served as the inspiration for similar events such as the Integra Gold Rush Challenge and the #DisruptMining competition. #DisruptMining is now in its third year and is co-hosted by Goldcorp.
For more information on the Goldcorp Challenge, listen to the interview with Robert McEwen below.
Goldcorp announced the Goldcorp Challenge at the Prospectors & Developers Association of Canada’s annual conference in March 2000. The company offered $500,000 of prize money to those who could find the mine’s next six million ounces of gold. The Goldcorp Challenge consisted of two rounds of presentations before a panel of judges. Twenty-three semi-finalists won $10,000 each, and the three finalists split the remaining $270,000 of the prize money.
McEwen had no expectations going into the launch of the Goldcorp Challenge but did not expect 1,400 entries. The Goldcorp Challenge had 475,000 views and participants from 51 countries. Surprisingly, most of the submissions came from people outside of the industry. Fractal Graphic and Taylor Wall & Associates out of Australia were the winners.
The Goldcorp Challenge not only verified Goldcorp's methodology but also identified 110 deposit sites. Roughly 80% of the designated sites proved to have significant reserves. The Goldcorp Challenge brought Goldcorp onto the global stage and began an era of innovative out-of-the-box thinking in the mining industry. The Goldcorp Challenge has served as the inspiration for similar events such as the Integra Gold Rush Challenge and the #DisruptMining competition. #DisruptMining is now in its third year and is co-hosted by Goldcorp.
For more information on the Goldcorp Challenge, listen to the interview with Robert McEwen below.