Exploration in Lesser Explored Countries – A Geologist’s Perspective

The mid to late 1980s saw a modern day global gold rush that largely focused on the mature mining countries of the United States, Canada and Australia. This gold rush led to a large number of new discoveries in these countries and phenomenal growth rates in annual gold production. For a variety of reasons, however, gold exploration and development activity appears to have peaked in these countries. The drive for mineral investment is, instead, growing in lesser explored countries (LEC). LECs, particularly those of Latin America, are currently enjoying greatly increased attention from North American mining companies. They are becoming major consumers of mineral investment capital and are important markets for exploration and mining skills. Through sole ownership, joint ventures and subsidiary companies, Battle Mountain Gold now operates or controls gold mines in the United States, Chile, Bolivia and Australia. And it has been or is an active participant in gold exploration or development projects in seven other countries, six of which classify as LECs. In selecting new country entries and opportunities for mineral investment, there are several factors to be considered and parties to be satisfied - shareholders, corporate management, financial institutions and host country governments. This article, though, focuses on some of the more practical concerns of the exploration unit as a whole and the exploration geologist in particular. The exploration unit's "new country" concerns primarily relate to exploration potential, ownership security, quality and availability of data and the ability to operate efficiently. The following material reviews each of these concerns and how they impact the new country entry decision, exploration strategy, chances of success and human experience.