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Exploration Modelling.pptx

  1. 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

Editor's Notes

  1. 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 ………….