"one of the Big Mining companies of the likes of Rio, Freeport or Arsco took a 50% stake in Hay Mountain before the first hole is drilled? Where would the Stock price go with that kind of announcement?"

If was Phelps Dodge, a major producer who were headquartered in Arizona, and who had a very long history in the SW, and even earlier before they moved here. They were taken over by Freeport in '07. By that time annual revenue had reached around 12 billion with operations just in Arizona and New Mexico.

Phleps had a long history of being in exploration work, but Freeport, which began as an explorer in New Guinea 30? years ago, had less interest in exporation after they were "made". Their discovery had catapulted them into the ranks of the world's largest (mostly gold) producers, and they were forced to make an acquisition in a more stable part off the world.

Freeport was already based in the US, so chose to stay here and merely moved their headquarters from Louisiana to Phoenix (Phelp's offices).

Anyway, Phelps had to dumps most all of their exploration holdings to facilitate the takeover, which is why Hay Mountain was dropped, though earlier work nearby was not encouraging.

Curious that Freeport's need to diversify out of Indonesia eventually led them to invest big time in oil, and exactly at the wrong time to have done that.

FWIW