A Simulated Annealing-Based Algorithm to Locate Additional Drillholes for Maximizing the Realistic Value of Information

Abstract

Locating additional drillholes based on information gathered from the initial drilling is a very difficult decision-making step in the process of detailed explorations. The most appropriate locations for additional drillholes are those wherein the information gathered from drilling has more value compared to that from other locations. From among the common methods proposed in information systems for measuring the information value, use of the “realistic value” is a very practical one. The realistic value of information is derived from measuring the differences in the decision makers’ performances when provided with different information sets. On this basis, a mathematical model has been proposed in this paper for optimal location of additional drillholes where the information gathered from drillholes has the highest possible value. Due to the combinatorial nature of this model, use has been made of a simulated annealing-based algorithm for its solution. The proposed model has been applied in Sungun copper deposit for locating additional drillholes; results have revealed that the model is valid.