After preliminary exploration has been completed, the next step in the life cycle of a gold mine is resource definition. At the end of this process, a feasibility study is published, and the ore deposit may be either deemed uneconomic or economic.
Gold prices hit a record of $1,814.95 an ounce on Thursday but slipped as investors liquidated their long positions on the back of the CME Group’s announcement that it was raising margins on COMEX gold futures.
Once an exploration company has been awarded the proper permits for a parcel of land they are interested in prospecting, the work begins. After “staking the claim” the next phase is the life cycle of a mine is the exploration phase, which is also the longest and riskiest phase.
Gold had a record-setting month in July, with prices scaling new peaks on multiple occasions due to the metal’s seemingly insatiable safe haven appeal.
Gold was on track to touch record highs on Friday, as anxiety over debt concerns in both the US and the Eurozone boosted the metal's safe haven appeal.
The first step in developing a gold mine is selecting an area for prospecting. While this may seem boring and irrelevant to an investor looking into gold miners, this preliminary phase is the very foundation of a successful mining venture.
Gold prices have rallied to record highs, supported by their “safe haven” appeal for investors seeking shelter from economic uncertainty and a means to guard against inflation.
Gold prices ended sharply lower on Friday, as the approval of Greece’s austerity package took a huge bite out of the metal’s safe-haven demand.
Indicator and pathfinder minerals can be used in mineral exploration to effectively narrow down the search area for many different types of ore deposits, including gold.
In terms of mineral exploration, hyperspectral imaging is well developed. Hyperspectral imaging can be used to map vast amounts of land and narrow down the search area for valuable deposits of minerals.
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