Quantification of the value of data for calculating uncertainty and managing risk

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Drill hole samples and remote sensing surveys provide information on subsurface resources for mineral resource estimation, mine planning, and project evaluation. The collection of this data is expensive but necessary to evaluate mineral resources and mines. Additional data collected reduces subsurface uncertainty but is expensive to collect. It is difficult to quantify the value of reducing uncertainty, the main research question explored is 'how much value does drilling an additional n drillholes bring to mining operations at different stages of mining?'. This project will explore methodologies for quantifying the value provided by subsurface sampling. This will be applied to several exploration projects to optimize value by minimizing drilling costs and maximizing the value of reducing uncertainty. This will reduce the environmental impact of exploration activities because fewer drillholes will be required for adequate evaluation of resource projects. Moreover, optimizing the collection of sampling during mineral operations will improving mine planning and reduce environmental impacts through targeted drilling.