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The Mineral Exploration Roadmap

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The Mineral Exploration Roadmap

Mineral Exploration Roadmap

There is nothing more exciting than making some type of discovery.

Discoveries can come in many forms – they can be physical, scientific, personal, or even philosophical in nature. But while there are different types of discoveries that can be made, perhaps the most tactile kind of discovery is in the field of mineral exploration.

The discovery of a mineral deposit can transform a piece of “moose pasture” into a new economic asset, and it may enable millions or billions of dollars worth of metals and minerals to be used for human purposes.

These minerals get used all around us – they go into our houses, cars, infrastructure, jewelry, electronics, and they can even be used to power the green revolution.

From Prospecting to Production

Making an economic mineral discovery is the goal of many teams around the world, but these efforts can also be extremely difficult, costly, and time-consuming, and most companies engaged in exploration end up walking away empty-handed.

Today’s infographic comes to us from Orix Geoscience and it shows the steps of mineral exploration, and how teams can maximize their odds of success by using data to add value throughout the process.

Steps of the Mineral Exploration Process

1. Exploration Strategy

Where do you choose to explore? There are two basic strategies:

(a) Working from the known
Deposits tend to form in clusters in prolific belts, and exploration occurs outward from known mineralization.

(b) Working from the unknown
If you review all available information, prospective areas with potential for discoveries can be identified.

2. Prospecting

In this stage, boots are now on the ground – and it’s time to explore the backwoods for showings. Prospectors will stake claims, map outcrops and showings, and search for indicator minerals.

The goal of the prospecting stage is to find the earliest piece of the exploration puzzle: the clue that there is something much bigger beneath.

3. Early-Stage Exploration

Congrats, you’ve found something interesting – and now it’s time to ramp up exploration efforts!

This is where the amount of data and sophistication picks up. In this stage, companies are using existing maps and historical data, geophysics, ground truthing, geochemistry, and trenching to try and identify drill targets.

4. The “Truth Machine”

Geologists don’t call the drill a “truth machine” for nothing.

If you’re target hits, you’re in business. If your target misses, it’s time to go back a step and find new ones.

5. Discovery

Eureka! You’ve found something. Now it’s time to see how far the mineralization goes!

Once you have enough information, you can get an official resource estimate. This data is another puzzle piece that will be crucial as you advance your discovery.

6. De-risking

Even at the best of times, mining can be expensive, risky, and tricky.

That’s why your investors and backers will want you to source even more data – it’ll allow you to see a clearer picture of the deposit, and help your team see how it could take shape as a mine.

At this stage, drilling, metallurgical tests, environmental assessments, 3d models, and mine designs are used to increase confidence in the project.

Data starts to get very granular. Your company may do a Preliminary Economic Assessment (PEA) to assess the potential economic outcomes of a mine. Then after, they may conduct an in-depth Feasibility Study to help make a production decision.

Final Steps

By this point, you may have all the puzzle pieces – a clear vision of the deposit and its potential – to make a decision!

If the puzzle looks good, it’s time to make a production decision, construct the mine, and start commercial production. But the data doesn’t stop there – at these later stages, even more data gets created and it can help you make better decisions.

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Mining

Visualizing Raw Steel Production in 2023

China produces more than half the world’s steel.

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Voronoi graphic showing top raw steel producers in 2023.

Visualizing Raw Steel Production in 2023

This was originally posted on our Voronoi app. Download the app for free on iOS or Android and discover incredible data-driven charts from a variety of trusted sources.

Steel is essential for the economy due to its crucial role in infrastructure, construction, manufacturing, and transportation sectors.

This graphic breaks down the estimated global production of raw steel in 2023. The data was sourced from the U.S. Geological Survey as of January 2024.

China Produces More Than Half the World’s Steel

One major issue facing the steel industry is overcapacity in top producer China.

Steel production in China has surpassed demand in recent years, leading to downward pressure on the profit margins of steel mills worldwide.

Historically, China’s troubled real estate sector has accounted for over one-third of the country’s steel consumption. To address this issue, the Chinese government has mandated steel production cuts since 2021.

Far behind China, India is the second-biggest producer of steel, followed by Japan.

CountryRegion2023 Production (million tonnes)
🇨🇳 ChinaAsia1,000
🇮🇳 IndiaAsia140
🇯🇵 JapanAsia87
🇺🇸 U.S.North America80
🇷🇺 RussiaEurope75
🇰🇷 S. KoreaAsia68
🌍 Rest of World420
Total1,870

Infinite Recyclability

Steel is an alloy primarily composed of iron ore containing less than 2% carbon, 1% manganese, and other trace elements. It is 1,000 times stronger than iron and can be recycled over and over without sacrificing quality.

Steel is widely used in various industries. It is a fundamental material in construction, providing support through beams, internal structures, and roofing.

Moreover, steel’s corrosion-resistant properties make it ideal for water infrastructure. Stainless steel pipes are the preferred choice for underground water systems, ensuring longevity and purity in water transportation.

Additionally, most canned foods are stored in steel containers for preservation, as steel does not rust.

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