Yes, that’s the 1993 Bre-X mining scandal. A movie, GOLD based on that was released in 2016, produced and played by Matthew McConaughey.
That's why the Joint Ore Reserves Committee (JORC) code was developed over the years to provide a minimum standard for reporting of exploration results, Mineral Resources and Ore Reserves in Australasia, and to ensure that public reports on these matters contain all the information which investors and their advisers would reasonably require for the purpose of making a balanced judgement regarding the results and estimates being reported.
Ann: High Grade Depth Extensions and Visible Gold at Falcon, page-119
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