You obviously have not looked at some of the west African juniors such as PIR, PVM, AMX, and GRY. Other interesting explorer goldies there are GMR, OBS and MDI.
What about BDR and AZH in South America?
CHZ in Turkey also looks interesting.
The problem with pure explorers is that they need to keep coming back for funds and the market does not like this unless they have found something that looks like becoming very substantial.
