Is there still value in a historical mine or exploration project? This is asked in the industry as new discoveries are harder to find and looking back may be the future to looking forward. Unlocking the potential of a project can be accomplished through mining historical data that often has been neglected and is likely not in a digital format. The process can be slow and arduous but yields significant results once completed. The author has firsthand experience with initiating the ‘mining’ process that resulted in exploration success and resource expansion.
Historical data is often forgotten about, and stored in dark, stale rooms collecting
dust. What companies forget about is the value of the information remains as relevant and significant as the time that was spent recording detailed field notes,
generating hand-drawn cross-sections and maps. In some cases, generations of geologists and engineers could have been trying to make a new discovery or resurrect a previously mined property, but were making uninformed decisions. In today’s technology-driven industry, companies often forgo quality due to shorter time pressures, which can introduce unnecessary risk.
There is now the capability to convert these records into functional digital formats and potentially breathe life back into an operation. The process of digitising, georeferencing and compiling data into a useable format can cost hundreds to thousands of dollars, but the potential added value can be millions of dollars. Using historical data can aid in evaluating the exploration potential, increasing geologic confidence and potentially saving capital through reduced drilling and exploration activities. Taking the time and making the investment in understanding and using all the available data, historical and modern, to make sound decisions can create additional shareholder value.
