The Valuation of Ore in a Prospect

To the examining engineer, the ever-recurring problem involving the valuation of ore in a prospect presents at different times highly divergent aspects- some entirely physical or mathematical, others essentially personal. The majority of the problems discussed in this paper are obvious to the engineer, and need little elaboration. By the prospector and the general public, however, a number of these questions are often and completely over-looked, or else approached in such a way as to produce final results which are, to say the least, misleading and at times decidedly erroneous. While the purpose of this paper is to deal with prospects or potential mines, many of the problems considered apply equally well to mines with developed ore reserves. As the usual showings on a prospect consist chiefly of a few open-cuts and a limited amount of underground development work, an estimation of the actual ore reserves is a question of minor import, and seldom enters appreciably into an estimation of the probable value of the particular property. The physical valuation of a prospect mainly involves the consideration of such subjects as the general geological features exposed, the strength and type of mineralization, the width and persistence of any associated veins, shear zones, fractures or contact zones, together with the possible grade, size, and continuity of any ore-bodies that may there occur.