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Data & Analytics

Exploration Modelling

BhabeshSarkar2Follow

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- concept of Probability & risk in exploration Exploration cost can be mathematically expressed as, E = C/Ps where, C is the cost of discovering a mineral occurrence Ps is the probability of discovering an economic deposit Thus, lower the probability of discovery, higher is the risk Success (Ps) or Failure (1-Ps) in Exploration is a function of Ps = (P1) * (P2) * (P3), where P1: probability of occurrence of an economic mineral deposit in a prospect P2: probability of actual discovery of that deposit P3: probability that the deposit has sufficient economic worth to compensate cost of exploration, development and mining

- The risk in exploration is related to factors of uncertainty associated with mineral endowment with respect to its location, size ,shape, quality and depth and technology employed. A typical exploration process requires testing of large number of mineral occurrences at substantial cost to discover and delineate an economic deposit. Failure to make an economic discovery is a total loss. The exploration cost can be ………….