What are the most effective ways to evaluate and prioritize exploration prospects?

1 Prospectivity analysis

Prospectivity analysis is the process of identifying and quantifying the geological factors that control the occurrence and distribution of mineralization in a given area. It involves integrating various types of data, such as geology, geochemistry, geophysics, remote sensing, and historical records, to create a map or model that shows the relative likelihood of finding a mineral deposit. Prospectivity analysis can help you to focus your exploration efforts on the most promising areas and reduce the search space.

2 Ranking criteria

Ranking criteria are the parameters that you use to compare and prioritize different exploration prospects based on their technical and economic potential. They can include geological, geostatistical, metallurgical, environmental, social, and financial factors, depending on the stage and scope of your exploration project. Ranking criteria should be clear, objective, consistent, and measurable, and reflect your exploration goals and strategies.

3 Decision matrices

Decision matrices are tools that help you to apply ranking criteria to exploration prospects and assign them scores or weights based on their relative importance. They can be simple or complex, depending on the number and type of criteria and prospects. Decision matrices can help you to visualize and communicate the trade-offs and uncertainties involved in exploration decisions, and to justify and document your choices.

4 Scoring systems

Scoring systems are methods that help you to aggregate and normalize the scores or weights of different ranking criteria and exploration prospects, and to rank them accordingly. They can be based on arithmetic or geometric means, fuzzy logic, or multi-criteria analysis, depending on the level of complexity and uncertainty of your data and objectives. Scoring systems can help you to simplify and standardize your exploration evaluation and prioritization process, and to compare and benchmark your results.

5 Sensitivity analysis

Sensitivity analysis is the process of testing how your exploration evaluation and prioritization results change when you vary one or more of the ranking criteria, their weights, or their values. It can help you to identify and quantify the sources and impacts of uncertainty and risk in your exploration decisions, and to assess the robustness and reliability of your outcomes. Sensitivity analysis can help you to explore different scenarios and alternatives, and to optimize your exploration plans and budgets.

6 Validation and review

Validation and review are the steps that help you to ensure the quality and accuracy of your exploration evaluation and prioritization results, and to update and improve them as new information becomes available. They involve checking the data, methods, assumptions, and calculations used in your analysis, and comparing them with other sources, such as expert opinions, peer reviews, or industry standards. Validation and review can help you to avoid errors and biases, and to enhance your confidence and credibility in your exploration decisions.

7 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?