Is there a metric for mineral deposit occurrence probabilities?

Abstract

Traditionally, mineral resource assessments have been used to estimate the physical inventory of critical and strategic mineral commodities that occur in pieces of land and to assess the consequences of supply disruptions of these commodities. More recently, these assessments have been used to estimate the undiscovered mineral wealth in such pieces of land to assess the opportunity cost of using the land for purposes other than mineral production. The field of mineral resource assessment is an interdisciplinary field that draws elements from the disciplines of geology, economic geology (descriptive models), statistics and management science (grade and tonnage models), mineral economics, and operations research (computer simulation models). The purpose of this study is to assert that an occurrenceprobability metric exists that is useful in “filling out” an assessment both for areas in which only a trivial probability exists that a new mining district could be present and for areas where nontrivial probabilities exist for such districts.