Determining economic mineral resource potential of a piece of property can be an important step in assessing the market value for the property, and making decisions on appropriate land use.
A mineral resource assessment of a piece of land begins with investigation of the geologic setting of the property, and of historical mining records relative to lands in similar geological settings. Detailed field mapping of the property is then conducted, in order to inventory rocks, minerals and geologic structures present. Geophysical tools such as radiometric, magnetic or electrical resisivity survey, and ground-penetrating radar may be utilized to determine the extent and size of a mineral deposit located on the property. Test drilling may be conducted to precisely delineate the deposit and obtain samples for laboratory analysis.
Finally, the determination of whether or not rock or mineral commodities discovered on a piece of property constitute a potentially viable economic deposit, involves investigation of market conditions and likely costs associated with developing a mine.
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