Exploration On A Shoestring

Although much has been said about the high cost of exploration, both at home and overseas, little of a specific nature has been published on actual finding costs, if indeed such data has been developed. This contrasts sharply with our sister industry, petroleum, where finding costs for oil and gas are available for virtually any country In the world. The reason is largely attributable to the genetic complexity of the hard minerals, as opposed to petroleum, and the increasing difficulties we are facing in the search for new orebodies. We have available to us data on the annual exploration budgets of most of the major mining companies which show them to run into the tens of millions of dollars. My co-panelist, Dr. Walthier, Director - Corporation Exploration, St. Joe Minerals Corporation, New York, NY, summed up the feelings of many explorationists in a recent keynote address when he stated, "I would not recommend a mineral exploration program of a general nature in North America budgeted at less than three to four million dollars annually, spread over four to five years -- or smaller amounts for more years". We have the fact that many of the major companies now prefer to "buy into" a new mineral discovery, particularly overseas, because of the high-risk and high-cost of exploration. Is there, then, a place for the small investor, let us say with a budget of under $200,000 per year and, if so, where and how? This paper is directed toward the above question and is based on experience gained while managing a limited international exploration program, on a shoestring, over the past three years.