How exploration works
The stages of mineral exploration
Last updated:
The stages of mineral exploration run from finding a target to defining a resource, then on to studies, permits and production.
Each stage reduces uncertainty and usually costs more than the one before. Lannister Mining's Basin Gulch property has moved past early discovery, with more than 320 historical drill holes, and is working toward confirmation drilling and a maiden mineral resource estimate.
What are the stages of mineral exploration?
Most projects pass through seven broad stages. Not every project completes them, and the names vary by company, but the order is consistent:
- Target generation. Find ground worth testing using geology, mapping, sampling and geophysics.
- Discovery drilling. Test targets to see if mineralization exists below surface.
- Confirmation and expansion drilling. Verify past results and extend known mineralization.
- Mineral resource estimate. Model tonnes, grade and contained metal under a reporting standard.
- Economic studies. Test whether mining could be profitable, from preliminary to feasibility level.
- Permitting and development. Secure permits and financing, then build.
- Production. Mine, process and sell metal.
Where Basin Gulch sits on the exploration path
| Stage | Typical output | Basin Gulch status |
|---|---|---|
| Target generation | Drill targets | Historical work done; multiple high-priority targets identified |
| Discovery drilling | First intercepts | Done historically: more than 320 drill holes |
| Confirmation and expansion drilling | Drill data to modern standards | Planned, per the company |
| Mineral resource estimate | Technical report (for example NI 43-101 or S-K 1300) | Maiden estimate planned |
| Economic studies | Study reports | Not yet |
| Permitting and development | Mine construction | Not yet |
| Production | Revenue | Not yet |
Historical drilling and new work programs will be utilized in a future, Maiden Mineral Resource Estimate.
What is a mineral resource estimate?
A mineral resource estimate is a formal model of how much mineralized rock a deposit contains, at what grade, and how much metal that represents, stated in confidence categories. It is prepared under a recognized standard, such as Canada's NI 43-101 or the US SEC's S-K 1300, by or under a qualified person.
A maiden estimate is the first one published for a project. For Basin Gulch, Lannister Mining plans a maiden estimate drawing on historical drilling and new work programs.
Why reporting standards matter
Historical drilling, however extensive, is not the same as a compliant resource. Reporting standards set out how data must be verified and how estimates must be classified, so investors can compare projects on a common basis.
Lannister Mining states that there is a clear premium in the market for SK1300 and NI 43-101 compliant gold and silver ounces in the USA. That is why its plan centers on confirming historical intercepts and publishing a first estimate.
How long does each stage take?
There is no fixed timetable. Moving from exploration to production often takes more than a decade, and depends on deposit size, metallurgy, permitting, jurisdiction and access to capital. Lannister Mining has not published a production timeline; its stated focus is further exploration and resource development.
Learn more about the drilling stage on the mineral exploration drilling page, or return to Lannister Mining among gold exploration companies.
Common questions
- What are the stages of mineral exploration?
Mineral exploration generally moves through target generation, early drilling for discovery, resource definition drilling, a mineral resource estimate, economic studies, permitting, and finally development and production. Each stage reduces uncertainty and usually costs more than the last. Basin Gulch sits between extensive historical drilling and a planned maiden resource estimate.
See this answer in the full FAQ- How long does it take to go from exploration to a mine?
Usually many years, often more than a decade. A project typically needs resource definition, several economic studies, environmental work and permits before construction. Timelines vary widely by jurisdiction, deposit type and financing. Lannister Mining has not published a production timeline; its current focus is exploration and resource development.
See this answer in the full FAQ- What is a maiden mineral resource estimate?
It is the first formal mineral resource estimate published for a project under a recognized reporting standard. It states tonnes, grades and contained metal in defined confidence categories. For Basin Gulch, Lannister Mining plans a maiden estimate that uses historical drilling together with results from new work programs.
See this answer in the full FAQ- What is an NI 43-101 technical report?
NI 43-101 is the Canadian standard for public disclosure of scientific and technical information about mineral projects. A compliant technical report is prepared by or under a qualified person. Lannister Mining states there is a clear market premium for NI 43-101 and SK 1300 compliant gold and silver ounces in the USA.
See this answer in the full FAQ- What is S-K 1300?
S-K 1300 is the US Securities and Exchange Commission rule for mining property disclosure by SEC registrants, covering how mineral resources and reserves are reported. Lannister Mining refers to SK 1300 technical reports alongside NI 43-101 when describing the market value of compliant gold and silver ounces in the USA.
See this answer in the full FAQ- Why do mining companies conduct mineral exploration?
Mining companies conduct mineral exploration to find new deposits and to define known ones well enough to decide whether they can be mined economically. Producers explore to replace the ounces they mine, while junior explorers such as Lannister Mining aim to discover and define resources that can be developed or advanced with partners.
See this answer in the full FAQ- What is confirmation drilling?
Confirmation drilling re-drills close to historical holes to check that past results can be reproduced with modern methods and quality control. It helps bring older data up to current reporting standards. Lannister Mining says Basin Gulch could host a significant maiden mineral resource estimate after expansion and confirmation drilling of historical intercepts.
See this answer in the full FAQ