Knowing what is actually there.
WHY IT MATTERS
Everything downstream depends on what the deposit contains and how much.
WHAT EXPLORATION ESTABLISHES
Whether mineralisation exists Its extent and depth Its grade How it varies Whether it can be economically extracted
WHAT STAGES TYPICALLY APPLY
Desk study of existing geological information Reconnaissance and surface sampling Geophysical survey Trenching and pitting Drilling Assay and analysis
WHY DRILLING MATTERS
Surface indications frequently do not continue at depth.
WHAT SAMPLING REQUIRES
Representative samples Proper recording of location and depth Chain of custody Analysis by a credible laboratory
WHY CHAIN OF CUSTODY
Results are worthless if samples cannot be relied upon, and sample tampering is a known problem.
WHAT TO ESTABLISH
That sampling is done by competent people under supervision.
WHAT ASSAY RESULTS TELL YOU
Grade at specific points, not across the deposit.
WHY THAT DISTINCTION MATTERS
High-grade samples prove nothing about average grade, and investors are misled by them constantly.
WHAT TO BE SCEPTICAL OF
Selected high-grade samples presented as representative.
WHAT TO ESTABLISH
Average grade, across the deposit, from systematic sampling.
WHAT DETERMINES VIABILITY
Grade Tonnage Depth and stripping requirement Processing complexity Distance to market
WHY DISTANCE MATTERS SO MUCH
Bulk minerals are heavy and transport frequently exceeds the value.
WHAT TO ENGAGE
A qualified geoscientist.
