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The equity market is now very much within a global village environ- ment, with various exchanges acting as agencies for the big casino. In this predicament, mining companies, who provide the most extensive, but relevant risk assessment information, will be best placed for favoured treatment by potential international investors: But what risk assessment information in summary form can be provided to support a resource/reserve statement? Even more importantly, does "objective" data exist, whose trends will support a resource/reserve state- ment? A prime need of the informed mining investor is to determine whether or not the resource/reserve statement is believable? But more importantly will it be realised? While the implications within the text of the majority of reports on resource/reserves suggests that the estimates are conservative, the record indicates that very few estimates are. In fact, to date, reports claiming to be conservative in respect of the overall grade estimate at a specfic cutoff have not reflected the realised grade at the stated cutoff; it has been more common for the realised grade to be lower than implied by the resource/reserve statement. Further, it is not uncommon for penalty elements to be understated and these components are rarely incorporated within resource/reserve statements.

Jan 1, 1988

By Fowler T. J

Examples are provided of discontinuity analysis at selected sites in central Victoria. Discontinuities are rock fractures of low tensile strength, including bedding, foliations and joints, which are analysed during rock excavation design, to quantitatively determine the defect orientations, spacing and lengths. Their analysis can reduce the cost of mining operation and improve safety. Extrapolation beyond the exposed face is required, although difficult without an understanding of the regional geology. For rock engineering purposes assumptions are commonly made that discontinuity characteristics are uniform throughout the rock mass, however this is often invalid, as rock masses have usually undergone large-scale deformation, exhibit anisotropy and inhomogeneity. Structural geologists are able to interpret large-scale deformation responses for the purposes of structural correlation and extrapolation. Examples of discontinuity analysis linked to regional geological assesment from sites in central Victoria, reveal that discontinuities exhibit similar characteristics in a range of rock types of different ages and composition. Spacing variations between individual sites are believed to be a result of local rock type differences.

Jan 1, 1997

By Sorentino C

Mineral valuation may appear to be a special field of financial valuation when in fact it is a subset of general investment decision theory. The only significant difference in mineral valuation is that in the case of valuing an on-going mineral asset, ie a mine, often there is no initial capital outlay involved. One is required to determine what the mineral asset as it stands is worth. But this is the same problem as determining the maximum one could pay today and not incur a loss over the life of the asset. In other words one needs to determine the Net Present Value (NPV) of the asset. The two most widely used discounted cash flow methods, NPV and Internal Rate of Return (IRR) came of age with the rapid adoption of the personal computer and spreadsheet programs. The two methods are directly related as the IRR is a special case of NPV. NPV measures the absolute increase in real wealth that can be expected from a certain investment, which makes it particularly suitable for mineral asset valuation, but ignores the efficiency of the investment. In contrast, IRR gives the expected efficiency of the investment but ignores the increase in wealth aspect. IRR has two serious theoretical weaknesses; multiple IRR's and a very rigid assumption about the rate of return of reinvested proceeds, plus if no initial equity expenditure is involved there is no IRR. The choice of the ""hurdle"" rate can also be a problem and in certain circumstances one can obtain different rankings of mutually exclusive projects using IRR and NPV. Although NPV and IRR supposedly measure financial risk, in fact they only address a very narrow area of risk, namely the time value of money given the real discount rate. They side step the issue of what the real discount rate should be and varying degrees of risk. The classical way to establish the real discount rate is to use the weighted average cost of capital.

Jan 1, 1994

By Kentwell D. J, Cusak C. J, Harvey-Kelly F. E L, M D. Goodz

The Morning Star Gold Mine presents an example of a prolific operation with considerable historical records, mine workings, drill hole logs and countless plans from greater than 20 adjacent mines which have now been consolidated to form the current project. Implementation of 3D computer modelling in the planning stages has provided an additional tool to integrate and refine geological models as a guide to some exploration strategies. It has allowed for a re- interpretation of the host rock units, dimensional constraints, new exploration extensions and provisional resource modelling. The initial consideration of this project was to integrate 135 years of mining history into a single database. Each historic mining area had an unrelated mine grid, often established parallel to the long axis of their main stopes; some were based on magnetic or true north. Survey plans were in chain, imperial or metric units. Through the manipulation and rotation of old grids, previously unrelated mine workings began to form continuous mineralised zones, with unmined portions still remaining in between the existing development. Furthermore the current drillhole database of >433 holes showed numerous confirmatory intersections of new mineralisation. A series of tiered tables were created within a relational database to derive guidelines for assessing data to attribute a Mineral Prospectivity Value [MPV] based on key indicators of mineralisation. Indicator logging now forms the basis of geological descriptions.

Jan 1, 1997

By J E. Lynch

The Weda Bay nickel and cobalt laterite deposits on Halmahera Island, Republic of Indonesia were first drilled in May 1996 by Strand Minerals Pte Ltd (Strand). Subsequent exploration has delineated four large laterite provinces, parts of which have been diamond drilled to outline an indicated nickel resource of 59.9 Mt of 1.51 per cent Ni and 0.09 per cent Co within a total indicated and inferred resource of 117 Mt of 1.36 per cent Ni and 0.12 per cent Co. The project is held as a Seventh Generation Contract of Work (COW) by PT Weda Bay Nickel, which is jointly owned by Strand (90 per cent) and PT Aneka Tambang (ten per cent). Strand is a wholly owned subsidiary of Weda Bay Minerals Inc, a company listed on the Toronto and Alberta Stock Exchanges in Canada. Halmahera is located in the north-eastern part of the Indonesian archipelago at the convergent junction of three major plates and is a region of considerable tectonic and geological complexity. The western arms of Halmahera form a classic volcanic island arc while the central region and eastern arms contain ophiolite complexes and interlayered sediments. The extensive areas of laterite discovered at Weda Bay have developed over serpentinised harzburgites and dunites of pre-Cretaceous age. Weathering of these rocks has produced laterite profiles that are enriched in nickel and cobalt. There are three economically mineralised laterite types, namely limonites, ferruginous saprolites and saprolites and all are amenable to rapid pressure acid leaching with recoveries of 98 per cent nickel and 94 per cent cobalt in less than 20 minutes.

Jan 1, 1999

By J D. Goldsworthy

The McPhee Creek bedded iron deposit is a recent discovery made by Giralia Resources NL (Giralia) in the northern Pilbara of Western Australia. The deposit lies 30 km north of the town of Nullagine along the southeastern margin of the East Pilbara Granite-Greenstone Terrane (EPGGT).The McPhee Creek area is located in the Kelly Greenstone Belt in the southeastern part of the EPGGT. The Archaean aged greenstone belt consists of volcanic and sedimentary sequences including the Warrawoona Group and the Gorge Creek Group. The McPhee Creek iron ore deposit lies within banded iron formation (BIF) rocks of the Gorge Creek Group. The structure of the McPhee Creek area is dominated by a northeast trending, upright synform (Sandy Creek Syncline) and associated folding that is truncated by northeast trending faults in the east. Iron ore mineralisation is predominantly stratabound and follows the dip of the bedding – however, in some areas, particularly in the southwest of the deposit, mapped steep to moderate dips of bedding planes are at odds with underlying fl at mineralised zones in drill sections. Zones within the deposit that contain substantial thickness of iron ore correspond to areas of complex folding suggesting structural control and iron enrichment in fold hinges. Petrographic analyses confirm mineralisation is goethite dominant and the deposit is strongly supergene enriched.Giralia initially identified iron ore potential in the McPhee Creek area through the presence of a small known channel iron deposit (CID) mesa. Giralia began exploration in 2008 by re-drilling a portion of the CID (subsequently named Crescent Moon) and reported a small low-grade Inferred Mineral Resource. Target generation in the wider area utilising Geological Society of Western Australia maps and Ikonos satellite images identifi ed strongly ferruginous outcrops associated with major structures along an 8 km long range located 2.5 km to the west north-west of the Crescent Moon CID deposit. In late July 2008, a total of 62 rock chip samples were collected during a helicopter supported sampling program conducted at McPhee Creek. Samples taken from haematite-goethite enriched BIF and canga zones outcropping intermittently over the 8 km length of the western and central areas of the prominent range assayed up to 63 per cent Fe. These zones represent the discovery outcrops and surface expression of the McPhee Creek main range iron ore deposit.Follow up sampling, geological mapping, bulldozing of access tracks and ramps and reverse circulation (RC) drilling commenced in September 2009. A maiden Inferred Mineral Resource was announced by Giralia to the Australasian Securities Exchange (ASX) on 15 December 2009.The current Indicated and Inferred Mineral Resource at December 2010 stands at 260 Mt grading 56.2 per cent Fe, 0.12 per cent P, 6.7 per cent SiO2, 2.3 per cent Al2O3 and 9.5 per cent LOI at a 50 per cent Fe cut-off. McPhee Creek is one of the largest iron deposits found in Archaean BIF in the northern Pilbara.

Jul 11, 2011

In late 1989, first-pass reconnaissance exploration delineated a 4km x 6km geochem- ically anomalous area centred 10km WNW of Kainantu in the Eastern Highlands Province at 6¦13'S and 145047'E. The area, named the Basangka prospect, lies between 2 200 and 2 400m asl. Interest in the area was prompted by a 14ppm Au assay of a silica-pyrite breccia float sample taken near Henkai village. The prospect was defined after several acid-leached silica- pyrite breccia and comb textured quartz float samples returned assays above lppm Au and relatively high Ag. Very encouraging and anomalous Au values were obtained from panned concentrates, despite the absence of visible Au colours. Several pan concentrates returned greater than 1mg Au and it is believed that the Au occurs as inclusions within iron oxides which were originally pyrite. In this early stage of prospect exploration, any Au value above 0.lppm in- 150# fraction stream sediments is treated as anomalous. Rock chips, panned concentrates and -150# fraction geochemistry all vividly define the areas of interest at Basangka.

Jan 1, 1991

By P J. Howard, P Darvall, J H. Mainwaring

In less than a year, Atlas Iron’s Corunna Downs Project has moved from a new discovery to a substantial resource of high quality in an underexplored greenstone belt. Located approximately 170 km south-east of Port Hedland and 40 km south-west of Marble Bar, in the Pilbara Region of Western Australia, Atlas Iron Ltd (Atlas) has conducted extensive exploration work at Split Rock, Razorback, Runway and Shark Gully, consisting of geophysical surveying, field mapping, 464 reverse circulation and 16 diamond drill holes resulting in a current resource of 51 Mt at 57.3 per cent Fe (Atlas, 2014b).The Corunna Downs Project is interpreted to be hosted within the Cleaverville Formation of the Archaean Gorge Creek Group. Within the project area these rocks outcrop as subvertically dipping banded iron-formations (BIFs) and jaspilites, cherts, minor shales and meta-sediments forming a north–south trending plateau.Primary hematite-martite iron mineralisation is overprinted in the near surface environment by supergene goethite, and frequently capped with a thin laterite cover. The strongest enrichment areas have been discovered within topographic lows, proximal to fault zones, which coincide with a geophysical anolmaly. These characteristics were targeted, and the subsequent areas mapped in greater detail, allowing for efficient resource definition.Although first explored for iron in the late 1960s, it wasn’t until Atlas’ acquisition of the project in October 2012, that major strides were made to defining an economic resource. At present, Corunna Downs is Atlas’ best greenfields exploration discovery, both in terms of the potential scale of the resource and its blending capacity.The Corunna Downs prospect is emerging as a major new iron ore province in the Pilbara and includes 80 km of potential host stratigraphy. Corunna Downs sits strategically between Atlas’ Mt Webber and McPhee Creek tenements, and can play an important part in Atlas’ growth strategy as iron ore market conditions become more volatile and challenging.CITATION:Mainwaring, J H, Howard, P J and Darvall, P, 2015. Discovery of the Corunna Downs deposits, in Proceedings Iron Ore 2015, pp 305–312 (The Australasian Institute of Mining and Metallurgy: Melbourne).

Jul 13, 2015

By Burns W. G, Muceniekas E, Whitcher I. G, Hughes F. E

No iron ore deposits were reported before 1961 from the Hamersley Ranges, Western Australia, although low-grade bedded iron formations, associated with ferruginous jaspers and cherts, were known to occur in the local Nullagine Series of Precambrian age.In January-March 1961 preliminary investigations in the area drained by the Turner River, Duck Creek and Serpentine Creek revealed the presence of over 1000 million tons of dense botryoidal or pisolitic limonite, forming flat-lying orebodies with 50-57 per cent iron.Large bedded hematitic orebodies were also discovered in the same area in August-October 1961. These have a porous, biscuity texture and an iron content of 60-61 per cent. They occur at a welldefined stratigraphic level (Brockman Iron Formation), normally in synclines where they have been upgraded by circulating meteoric waters during an old cycle erosion.In 1962 systematic geological studies and mapping, together with sampling and scout drilling, indicated larger reserves of biscuity hematitic ore and led to the discovery of massive hematite deposits at Mt. Tom Price. These were extensively drilled in 1963, proving the persistence of' high-grade mineralisation to a depth of 200 ft and over.To date the total indicated reserves of the Hamersley deposits, within the area held by Hamersley Iron Pty. Limited, are of the order of 4960 million tons and thus rank among the more important of the world. The reserves are composed of 600 million tons of bedded dense hematite ore with 64-66 per cent iron, 2900 million tons of bedded biscuity hematite-limonite with 60-61 per cent iron, 1360 million tons of limonite (goethite) ranging in grade from 50 to 57 per cent, and 100 million tons of canga (conglomerate) iron ore containing 53-63 per cent iron. In all cases harmful impurities are comparatively low.

Jan 1, 1964

By Burks WG, Hughes FE, Muceniekas E, Whitcher IG

The area containing the iron field, recognised by the writers, is part of an uplifted, portion of the 'Western Australian Plateau,' ranging in elevation from about 1,000 feet to about 3000 feet above sea level. The local rock succession is flat-lying or moderately-folded and belongs to the Nullagine Series of Upper (2). Precambrian age. This series forms the Hamersley Rangeland vast portions of the...

Jan 1, 1964

By A Vigar

Siliceous float sampled in the Wafi River by CRA Exploration in 1977 assayed 22 g/t Au and 89 g/t Ag. Follow up in 1979 led to the discovery of outcropping mineralisation now known as Zone A. Soil sampling in 1980 and 1982 outlined a 350 m by 400 m area of >1 g/t Au at Zone A and smaller areas at Zones B, C and D. Thirty-one diamond holes were drilled between 1983 and 1986. Elders Resources continued evaluation of Zone A under a farming agreement between 1988 and 1990. Mineralised diorite porphyry was discovered in 1990 by drilling conceptual targets 500 m to the NE of Zone A. Evaluation of this copper-gold porphyry became the main focus of exploration for the next five years and a substantial resource was outlined within a single, discrete body. A review of the paths to project development in late-1995 highlighted the need for increased resources via a second mineralised porphyry and/or an additional resource of Zone A size to make the project viable. It was concluded that the greatest immediate potential for increasing the resource inventory was at Zone A itself where the mineralisation was open in all directions. Detailed mapping and drill core logging lead to the geologic and structural models being revised in early-1996. The objectives of the 1996 drill program were to extend the Zone A resource, to test for continuity of mineralisation westwards to Zone B, to better define the controls on gold mineralisation and to delineate high-grade blocks amenable to selective mining by infill drilling and 3D orebody modelling. The last drill hole of 1996 intersected 30 m at 4.6 g/t Au from 273 m in WR147, deep in the western limit of Zone A. This intersection gave impetus to continue drill testing towards Zone B. In April 1997, hole WR154 was drilled 100 m to the west of WR147 and intersected 20 m at 8.5 g/t Au and 70 m at 11.0 g/t Au at similar depths near the diatreme contact. Drill hole WR155 was then drilled 100 m to the west of WR154 and intersected 86m at 5.7 g/t Au and WR159 drilled 100 m to the south of WR154 intersected 36 m at 9.2 and 50 m at 4.4 g/t Au. A significant zone of essentially blind, high-grade gold was discovered beneath the dipping flank of a poorly mineralised diatreme in what became known as the Link Zone. The long history of evaluation has been driven by the conviction of a dedicated team that a mineralised system of the size and complexity of Wafi with strongly anomalous gold in outcrops over the entire Mount Golpu area must contain economic mineralisation hidden within it. The keys which redefined the direction of exploration and lead to the discovery of the blind, high-grade gold Link Zone were, in our view, the critical review of the project status, detailed geological and structural studies to define clear exploration targets and the necessary funding and persistence to carry this through.

Jan 1, 1999

By Brigden J. F, Birrell

A regional geochemical exploration programme commenced in July 1983, based upon low-density sampling of lateritic duricrust over parts of the Yilgarn Block of Western Australia. This resulted in recognition of an area significantly anomalous in chalcophile elements that progressively led to the discovery of the Johnston Range gold deposits in 1985. The deposits, on the Barlee 1:250,000 map sheet, occur in four mineralized zones, and production is expected to commence during 1988. The programme leading to the Johnston Range discoveries was a collaborative research/ applications study between the AGE Joint Venture (Greenbushes Ltd., St. Joe Minerals, and from 1985, Sons of Gwalia NL) and the CSIRO Laterite Geochemistry Research Group (Smith, 1987). It built upon a precursor project sponsored by Greenbushes Tin Ltd that commenced in 1980 and arose from an orientation laterite research project in the Greenbushes rare metal pegmatite district (Smith et at., 1987). Both were multi-commodity programmes and included the search for gold deposits. Basic methodologies for sampling and data interpretation have been described by Smith and Perdrix (1983) and Smith et at. (1984). Continuous geochemical coverage of designated parts of greenstone belts was sought using a triangular grid of 3-km or 1-km spacing, depending upon the expected prospectivity of the areas and the size and characteristics of the ore deposit targets. First-pass sampling, that resulted in the Johnston Range discoveries, was at 3-km spacing and several samples within a 30-km by 5-km area were

Jan 1, 1988

By D Kepert, C Simpson, D Edwards

Channel iron deposits (CID) currently supply over 40 per cent of the seaborne iron ore trade out of the Hamersley Province. The two well documented producing systems (Robe and Marillana palaeochannels) were both discovered during early reconnaissance mapping principally by BHP Billiton (BHPB) and Geological Survey of Western Australia (GSWA) during the mid 1950s to early 1960s. Both crop out extensively over the majority of their length. Hot on the heels of Fortescue Metals Group 2004 - 2005 discovery of approximately 2.6 billion tonnes (Bt) of undercover iron ore mineralisation in the Chichester Range, the Fortescue Exploration Department turned its attention elsewhere throughout the Hamersley Province. Reappraisal and analysis of publicly available data and ground truthing of developing models led to the recognition of the Solomon palaeochannel system. Subsequent exploration defined a world-class Resource of some 1.9 Bt of iron ore mineralisation of which the great majority is buried CID. Apart from the Marillana CID system, the Solomon region is the only major CID with significant tonnes of sub two per cent alumina CID with over 500 Mt delineated to date. Exploration has also outlined significant supergene bedded and detrital iron ore mineralisation. Ongoing drilling is expected to increase the resource base both in terms of tonnes and confidence. This paper outlines the principal contributing factors which led to the discovery of the Solomon CID and compares its geology with the Robe and Marillana palaeochannel systems.

Jan 1, 2009

By M D. Basuki Dwi Priyono

The Toguraci low sulfidation epithermal gold vein deposits are located 2 km WSW from the Gosowong mine and form part of the Gosowong Goldfield. The goldfield lies within a Neogene magmatic arc on Halmahera Island, North Maluku Province, East Indonesia. The terrain is moderate to steep, rainforested, and poorly outcropping. Exploration and mining operations are being carried out within the PT Nusa Halmahera Minerals Contract of Work (exploration tenement) jointly owned by Newcrest Mining Ltd (82.5 per cent, operator) and PT Aneka Tambang Tbk. (17.5 per cent). First pass exploration of the Gosowong area began late 1992 resulting in the discovery of weakly developed porphyry copper mineralisation (named Bora) at Toguraci in 1993. Early in the evaluation of this porphyry an overprinting epithermal Au/Ag mineralisation event was recognised, however exploration focus remained on the Bora porphyry deposit for some time. The discovery of the nearby Gosowong epithermal gold deposit and the exploration of other prospects in the area further diverted attention and funds from Toguraci. It was not until year 2000 that Toguraci was seriously reevaluated as part of a detailed appraisal of the epithermal gold potential within a 5 km radius of the Gosowong gold mine. A fly-camp based drilling campaign using man-portable rigs was undertaken between August 2000 and March 2002. All exploration at Toguraci was then stopped pending government approvals to mine. These were finally issued in May 2003 and immediately drilling restarted and pre-mine approvals (eg the environmental impact study) were sought and granted. The first Toguraci gold bar was poured in February 2004. Exploration at Toguraci and elsewhere in the Gosowong Goldfield continues today.

Jan 1, 2004

By Morabito J, Harrop D. W

Uranium exploration was commenced in 1973 and carried out at a regional scale over a wide area of the northern part of the Camarvon Basin of Western Australia by Minatome Australia Pty Limited and their joint-venture partners. As a result, pervasive uranium mineralization has been found in the Cretaceous sandstones near Manyingee Hills in the Onslow Region, which were probably deposited in a near-shore, fluvia deltaic palaeo-environment.Mineralization is generally found in poorly sorted argillaceous sandstones and siltstones near redox fronts formed by oxidizing waters circulating in reduced sediments. The principal minerals found in the two Manyingee deposits delineated so far are coffinite, uraninite with associated pyrite in the reduced zones, and phosphuranylite, siderite and limonite in the oxidized zones. The presence of dissolved uranium in the superficial aquifers, of secondary uranium minerals as coatings on granitic rocks, and of recent uranium-bearing calcrete sediments, suggest that the whole Cretaceous-Precambrian system has been subjected to the formation ofroll-front type uranium deposits since the Cretaceous. Continuing exploration is locating additional uranium occurrences. The deposits outlined so far are being evaluated for their amenability to in situ leaching tests planned for 1982-1983.

Jan 1, 1981

By R C. Schodde

"An EXTENDED ABSTRACT is available for download. A full-length paper was not prepared for this presentation. Over the last decade (2005–2014), a total of 439 significant deposits of gold and base metals were found in the world. Twenty (or 4.6 per cent) of these deposits were in the Pacific/South-East Asia (Pacific/SE Asia) region. In terms of contained metal, the region accounted for 1.6 per cent of gold and 13.8 per cent of copper found in the world. With regard to nickel and zinc/lead, the region’s contributions were insignificant.Over the same period, the Pacific/SE Asia region accounted for 6.6 per cent and 12.6 per cent of all gold and copper exploration expenditures in the world respectively. After adjusting for by-product credits, unreported discoveries and likely growth in resource, the unit discovery cost for the region was US$199/oz (compared to a world average of US$50/oz). For comparison, the unit discovery costs for the previous decade were US$55/oz and US$25/oz respectively. The region’s unit discovery cost for copper was US$0.036/lb (versus a world average of US$0.040). For comparison, the unit discovery costs for the previous decade were US$0.026/lb and US$0.008/lb Cu respectively.The region’s mediocre discovery performance doesn’t reflect its distribution of known mineralisation. Some countries within the region have a very good endowment per square kilometre.It is noted that the intensity of exploration (and resulting success) would be boosted if governments provided a more mining- and investment-friendly business environment and generated better precompetitive geological data sets (to identify new exploration targets and boost the country’s perceived mineral prospectivity). A multivariable regression analysis of a decade of data from the Fraser Institute’s mining company surveys found that a ten point increase in the Policy Perception Index or a 0.1 point increase in the Mineral Potential Index could boost (in the short term) exploration expenditures by 1.9 per cent and 2.7 per cent respectively. The resulting economic benefits of an expanded mining sector would be significant. The same story applies elsewhere in the world.CITATION:Schodde, R C, 2015. Discovery performance for gold and base metals in the Pacific/South-East Asia – 2005–2014, in Proceedings PACRIM 2015 Congress, pp 25–34 (The Australasian Institute of Mining and Metallurgy: Melbourne)."

Mar 18, 2015

This paper summarises the performance of the gold exploration industry in the Western World since 1970, with particular emphasis on the period 1985 - 2003. It identifies the number and size of major (ie >1 million ounce) primary gold discoveries made over this period by location and type of company. Estimates are also made of the likely contribution from smaller discoveries down to 0.1 million ounces. It also assesses the overall trend in the percentage of grassroot discoveries that are converted into mines, and the time taken to get them into production. By comparing the discovery data against total exploration expenditures it is possible to determine the average unit cost of finding a major gold deposit. It is significant to note that the average unit cost per discovery and per ounce of resource has tripled over the last 30 years. An attempt is made to determine the overall economic value generated by the industry. This is based on a detailed analysis of the rates of return and the Net Present Values (NPVs) of 109 major gold projects. After including an adjustment for discoveries not modelled, the NPVs are compared against the total amount of money spent on exploration to determine the value-to-cost ratio for the industry. Based on historical spot gold prices and tax rules, it is found that the return on investment for gold exploration in the Western World over the period 1985 - 2003 was around five per cent real after-tax. The returns achieved in the US and Australia was significantly higher than that for Canada. The returns also appear to have declined in recent years. With regard to the relative performance of junior versus major companies, the paper estimates that the junior sector accounted for 30 - 40 per cent of the total exploration expenditure, and were was associated with 34 per cent of the total number of major deposits, 27 per cent of the contained ounces and 25 per cent of the economic value found.

Jan 1, 2004

By D Howe

The Athena gold deposit was discovered in 2007 by Gold Fields Australia Ltd, at the St Ives Gold Mine, 35 km southeast of Kambalda, Western Australia. Gold anomalism was identified in sheared Paringa Basalt as a result of a regional scale aircore drilling program, in association with geophysics. In the 18 months following discovery, the deposit was intensely drilled and by June 2009, it was announced that the Athena deposit contained an ore reserve of 1.7 Mt @ 5.6 g/t for 316 koz. This was followed by a feasibility study, and as a result mine development commenced in November 2009.The Athena mineralisation is hosted in a discrete, north-south striking, steep to moderately dipping shear zone within the southwest dipping Paringa Basalt. Vein intensity has a strong correlation to grade and vein type varies from early thin quartz-albite-sulfide (pyrite and/or pyrrhotite) shear parallel veins to strong brecciation and irregular veining with quartz-albite-actinolite-biotite-pyrrhotite infill. The geology preproduction process developed at the Argo mine was refined and improved following a business improvement project. The aim of the process is to construct detailed geological interpretations prior to development allowing informed mining decisions to be made. The process delivers significant cost savings and revenue enhancements.The development of macroscopic classification scheme was critical to determine ore or waste in the early phases of mining. The Style of Deformation, Alteration and Veining (SAV) Code was the result, and has been enhanced as greater geological knowledge is gained over time.

Aug 22, 2011

Broken Hill South Limited's discovery of phosphate deposits in the northwest of Queensland in 1966 prompted intensive exploration which has proved phosphate rock in excess of 2,000 million tons at ten separate deposits. Systematic exploration for phosphate in Australia was initiated by the Company in 1964. Early in 1966, an investigation of oil wells in the Georgina Basin in the Northern Territory and Queensland revealed widespread anomalous phosphate in early Middle Cambrian Beetle Creek Formation and Thorntonia Lime- stone. Phosphorites recognised in oil wells in the southeastern part of the Basin, Queensland, led to the discovery of the Duchess deposits, Exploration of the Beetle Creek Formation since 1966 has disclosed nine other sizeable deposits north of Duchess around the eastern margin of the Basin. The Lady Annie and the adjoining Lady Jane deposits, by reason of their location, 160 miles south of the Gulf of Carpentaria, are expected to be the first to be brought into production. Beneficiation testing and engineering investigations commenced in 1967. Transport between the deposits and various port sites in the Gulf of Carpentaria has been extensively studied and a slurry pipeline as a means of transport to a deep water island port, is now being investigated.

Jan 1, 1971

Broken Hill South Limited's discovery of phosphate deposits in the northwest of Queensland in 1966 prompted intensive exploration which has proved phosphate rock in excess of 2,000 million tons at ten separate deposits.Systematic exploration for phosphate in Australia was initiated by the company in 1964. Early in 1966, an investigation of oil wells in the Georgina Basin in the Northern Territory and Queensland revealed widespread anomalous phosphate in early Middle Cambrian Beetle Creek Formation and Thorntonia Limestone. Phosphorites recognized in oil wells in the southeastern part of the Basin, Queensland, led to the discovery of the Duchess deposits. Exploration of the Beetle Creek Formation since 1966 has disclosed nine other sizeable deposits north of Duchess around the eastern margin of the Basin. The Lady Annie and the adjoining Lady Jane deposits, by reason of their location, 160 miles south of the Gulf of Carpentaria, are expected to be the first to be brought into production.Beneficiation testing and engineering investigations commenced in 1967. Transport between the deposits and various port sites in the Gulf of Carpentaria has been extensively studied and a slurry pipeline as a means of transport to a deep water island port, is now being investigated.

Jan 1, 1971