Session: MINING & EXPLORATION: GEOSCIENCES: EXPLORATION & FEASIBILITY: PREPARING FOR MINES OF THE FUTURE | Room 255C
Co-Author: Nathan I. Chutas, CPG (Era Resources Inc.)
Resource geology has focused closely on understanding interesting anomalies in the earth’s crust and defining their genesis and proliferation. This work has not necessarily been focused on how these anomalies and associated mineralization will be profitably extracted. Certainly, various methods of prioritization are employed to rank drilling targets based on depth, expected grade, volume, and general continuity of a potential ore body. However, an actual quantification of the potential value of each planned drillhole in an exploration campaign is rarely performed. Exploration drilling is an incredibly expensive capital investment, and it is critical that drilling is designed in a fashion that maximizes the value produced, in the form of additional profitable resources or reserves. We will show that not only is the quantification of value possible to some extent, but also necessary to ensure the most value is gained from exploration and resource drilling. At the end of the day a mining project is a business, and it is the responsibility of those working for that business to ensure that expenditures are invested in a manner that maximizes the potential return for the business.
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