Having previously been the general manager of one of the larger underground mines and one of the larger open-cut mines in Australia, Gold Road managing director Duncan Gibbs has the experience to be running a substantial miner.

However, at Gold Road, where he has been at the helm for six years, the company's sole mining asset is its 50% stake in the large Gruyere mine operated by major Gold Fields.

While Gibbs unsurprisingly said nothing concrete when questioned about Gold Road's M&A strategy at the Diggers & Dealers mining conference in Kalgoorlie this week, the ‘vibe' from Gibbs was Gold Road was on the hunt for its own big mine.

Its wish list may be to own its own project outright, but it showed earlier this year it was not blind to joint venture or minority opportunities when it confirmed it had been interested in buying a 40% stake in the Greenstone mine development in Canada.

Greenstone is flagged to become a 400,000oz per annum open-cut mine, meaning it has obvious similarities to the plus-300,000ozpa Gruyere.

Gold Road subsequently pulled the pin on a potential deal due to value proposition concerns.

Gibbs refused to comment in Kalgoorlie on whether Gold Road was interested in any of the Newmont Mining divestments currently in play.

Regarding opportunities in Canada, he acknowledged the Australian resource sector belief that Canadian explorers preferred to drill rather than develop, the corollary of which is there are many more significant gold deposits on offer in that country than Australia.

However, he also alluded to the long-dated, often difficult permitting process.

And he noted 'renovator's delight'-type situations — ala Evolution's Red Lake — have proven problematic.

Whether ASX-listed Firefly's Pickle Crow gold play in Ontario is of interest isn't known, with Firefly suggesting this week it was open to bringing in a partner or selling the cira 3 million-ounce (inferred) high-grade deposit as it focused on its copper venture.

Meanwhile, the plus-17% stake Gold Road holds in the circa A$2.8 billion capitalised De Grey Mining could be a valuable asset to call upon when or if required.

Gibbs confirmed general market recognition De Grey's huge Hemi gold pre-development project would be on the radar of every global gold major.

And it was notable earlier this year that Gold Road's near 20%-stake was diluted when it didn't take part in a big equity raising — though it did participate in an associated entitlement offer. Gibbs indicated this was a function of the company keeping its balance sheet in order as Gruyere went through a difficult operating period.

In any case, the De Grey stake means plenty of firepower (as well as its growing cash pile) when Gold Road decides to pounce.  

Gibbs said backers joined Gold Road upon his appointment given his big-mine experience.

After six years atop the company, a deal in the nearer term would be of little surprise.