b'IndustryNewsExploration geophysics: Past performance and future opportunitiesManagement guru Peter Drucker is credited with the statement you cant manage what you cant measure. In the exploration world the most important outcome of our efforts is the discovery of new economic resources, which we expect will often involve the creative use of the best of minds and science. However, documenting these outcomes is often seemingly relegated to campfire stories that change with both the passage of time and who is telling the story. While no one would suggest that the key players in a discovery should be denied their bragging rights, after the parade has passed by the industry is often left with only partial informationFigure 1:Primary search method used at the project-scale for all significant non-bulk mineral discoveries as to how the discovery was made,in the World from 1900-2018. Source: Schodde 2020.and what could be considered the key elements of thinking and process that lead to the successful outcome. the minerals business is still seen toAt the project scale (Figure 1), geophysics While the observations and opinions ofembrace or at least tolerate this belief,contributed approximately 10% to a number of students of discovery werewhich is seen as a major impedimentthe global discoveries. Geochemistry reviewed in Witherly (1993), the authorfor the profession to evolve in aappeared to make a strong showing in is not aware of any generally acceptedmeaningful and effective way. the period of 1985-2010, but declined template that could be used to captureTechnology. Interestingly, in thein recent years. The extrapolation what goes into a successful explorationWitherly (1993) assessment, none offrom known mineralisation has grown program. Based on Witherly (1993), athe pundits mentioned technologyin importance, which could be an summary of the key factors commonlyas a critical factor expected to driveindication of the increasing emphasis on identified are outlined below. exploration success. brownfields exploration. At the prospect scale (Figure 2), geophysics has a much Critical success factors: Past performance stronger contribution, with responsibility As part of the recent PDAC programmefor over 20% of discoveries. At this scale, Confidence as at project scale, geochemistry made a Flexibility in Toronto, Canada, Richard Schoddesignificant contribution from 1985-2010, Focus (Schodde 2020) assembled anbut its role has diminished in recent years.Technical competence assessment of global discovery Sense of urgency outcomes that provides a detailed Serendipity review of the key factors leading toGold and base metalsSupporting success factors: minerals discovery. The 2020 studySchodde (2020) shows that geophysics drew upon a review Schodde presentedplays a larger role in the discovery of base Effective structure in 2014 (Schodde 2014), but expandsmetal deposits than gold, but deposit Good communications on that review to examine the rolestyles that contain both gold and base Leadership of geophysics based on commoditymetals are likely to be targets for some Strategic plan and location. He used the outcomesexplorers, and they can be expected to Consistency of support from the discovery of 3710 non-bulk deposits1 since 1900, and extractedutilize the best technology available to Other factors: the contributions of six factors thatpursue their prize.The prospector myth, which iscontributed to decision making at the Project-Scale (defined as the scaleCanada and Australia - similar but differentpersistent and our industrys version ofat which leases are staked), and the the heros journey. Rose (2003) definesProspect Scale (the scale at whichWhen geographic location is this succinctly: the prospector myththe first drilling is undertaken). Theseconsidered, Schodde 2020 shows is the image of the courageous lonefactors are: that Canada and Australia are the prospector who struggles againstheaviest users of geophysics and, Mother Nature, sceptical associates andProspector correspondingly, the greatest financial hardships before succeeding,Other beneficiaries. This is seen as driven by finally, through persistence, faith andExtrapolation from known mineralisation two components; both are relatively luck to achieve vindication, fame andGeochemistry mature terrains that require explorers, wealth. While the oil industry hasGeophysics and geochemistry on average, to look deeper for new worked hard to expunge, or at leastGeophysics resources. Schodde (2020) observes, control, the prospector myth (Rosehowever, that below 300 m, the and Citron 2000, and Rose 2003),1Excludes satellite deposits in existing Camps performance of geophysics drops off 11 PREVIEW AUGUST 2020'