Swindled 134. The Motherlode (Bre-X Minerals)
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Nov 24, 2025 A tiny Calgary exploration company skyrocketed to fame by claiming to have found the largest gold deposit ever. But the excitement soon turned to chaos as the truth unraveled—a colossal fraud hidden beneath the glittering surface. The bizarre story features a fugitive investigator, mysterious disappearances, and tampered samples. As the scandal broke, lives were shattered and fortunes lost, leaving a dark mark on the mining industry. The fallout left many seeking justice, but legal repercussions remained elusive.
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The Bushman Of The Shuswap
- John Bjornstrom lived as the 'Bushman' on Shuswap Lake, surviving in the woods and occasionally breaking into cabins for supplies.
- He left polite notes, built a rock cave with amenities, and became a local celebrity until his capture in 2001.
From Basement Company To Global Frenzy
- David Walsh pivoted from failure to fantasy by buying Indonesian claims on a hunch and recruiting a charismatic geologist.
- That combo of scarce capital plus a persuasive field story primed markets to overvalue Bre‑X early on.
The Explosive Drill Hits
- Early drill holes at Busang suddenly returned very high gold grades and Bre‑X accelerated drilling and promotion.
- The stock rocketed from pennies to hundreds of dollars as analysts and brokers amplified the discovery narrative.
