Current Approach To Mineral Exploration In The United States

Foreign and domestic companies find the mineral potential of this country's stern public lands, its capital markets, political stability, and "open-door" policy attractive for hard mineral exploration. Traditionally, exploration in the US has been geographically based and responsibility oriented at the district level. The 1970s brought a decentralized approach to exploration as major non-metal companies began to diversify into hard minerals. The emphasis was on capital intensive metal and energy projects involving bulk-tonnages. The recent economic downturn in metals has caused many of the new participants to withdraw from the mineral scene. The surviving companies have shifted their emphasis toward medium scale precious metal projects having high operating margins and rapid return on equity. Exploration expenditures in the United States are now principally focused on gold and silver to the exclusion of practically all other commodities. In the search for precious metals companies have scaled back their exploration efforts and have began to apply new approaches to target selection. The search is being assisted by rapidly evolving conceptual models. The change in orientation has led to numerous new discoveries. The finds are essentially "rediscoveries" that c,-re previously uneconomic. The majority are low-grade surface deposits that have involved low discovery costs and short lead times for development by low-cost mining and beneficiation methods. The emphasis on gold to the exclusion of all other commodities raises questions regarding the direction of exploration in the US for the rest of the 80s.