Ore and waste discrimination is essential for optimizing exploitation and minimizing ore dilution in a mining operation. The conventional ore/waste discrimination approach relies on the interpretation of ore control by geologists, which is subjective, time-consuming, and can cause safety hazards. Hyperspectral remote sensing can be used as an alternative approach for ore/waste discrimination. The focus of this study is to investigate the application of hyperspectral remote sensing and deep learning (DL) for real-time ore and waste classification. Hyperspectral images of several meters of drill core samples from a silver ore deposit labeled by a site geologist as ore and waste material were used to train and test the models. A DL model was trained on the labels generated by a spectral angle mapper (SAM) machine learning technique. The performance on ore/waste discrimination of three classifiers (supervised DL and SAM, and unsupervised k-means clustering) was evaluated using Rand Error and Pixel Error as disagreement analysis and accuracy assessment indices. The results showed that the DL method outperformed the other two techniques. The performance of the DL model reached 0.89, 0.95, 0.89, and 0.91, respectively, on overall accuracy, precision, recall, and F1 score, which indicate the strong capability of the DL model in ore and waste discrimination. An integrated hyperspectral imaging and DL technique has strong potential to be used for practical and efficient discrimination of ore and waste in a near real-time manner.