As resources continue to deplete and discovery rates drop, large-cap miners look towards more mergers and acquisitions to increase their resource base, said Frazer Tabeart, managing director of PolarX. “The discovery rates have dropped, I think that’s probably a reflection of people going ‘undercover’. So, people are still exploring in good jurisdictions, but most of the easy deposits have been found. So, as you explore deeper, it takes longer, it’s more expensive,” Tabeart told Kitco News on the sidelines of the Mines & Money conference in Toronto. Going “undercover”, or below the surface, requires more advanced geophysics techniques that altogether makes drilling much more difficult and expensive, Tabeart said.