Mineral exploration explained

The stages of mineral exploration

Mineral exploration moves through stages from target generation to sampling, drilling, a resource estimate, economic studies and permitting, with each stage reducing uncertainty.

Lannister Mining's Basin Gulch Property sits between historical drilling and a first mineral resource estimate. This page explains each stage in plain words and shows where the project is today.

Last updated: November 2026

What are the stages of mineral exploration?

The seven stages below are a common way to describe the path. Real projects overlap stages, and many stop early because results do not justify the next, more expensive step.

Stages of mineral exploration and the status of Lannister Mining's Basin Gulch Property, as of November 2026.
#	Stage	What happens	Basin Gulch status
1	Target generation	Geologists pick areas worth exploring using maps, history and geological models.	Done. The Philipsburg district has a long mining record.
2	Mapping and surface sampling	Rock, soil and trench samples test whether metal is present at surface.	Done in part. Historical trenching returned gold and silver results.
3	Discovery drilling	First holes test whether surface signals continue at depth.	Done. More than 320 historical drill holes.
4	Confirmation and expansion drilling	Holes re-test past results and extend known zones.	Planned next, alongside drilling on new targets.
5	Mineral resource estimate	A qualified person estimates tonnes and grade to a reporting standard.	Planned: a maiden mineral resource estimate.
6	Economic studies	Studies test whether mining could be profitable.	Not yet started.
7	Permitting and development	Permits, financing and construction lead toward production.	Not yet started.

Highlighted rows show where Basin Gulch is focused now.

What is mineral exploration?

Mineral exploration is the search for and measurement of mineral deposits that could one day be mined. It covers everything before a mine is built: choosing ground, sampling, drilling and estimating how much metal is there. Lannister Mining practices mineral exploration at Basin Gulch, exploring for gold and silver in Montana.

Why projects with historical drilling skip ahead

When a property already has extensive past drilling, the early stages are partly complete. Basin Gulch has more than 320 historical holes, so the next task is confirming those results rather than finding the first signs of gold. About two-thirds of the property is still unexplored, so early stage work also continues on new ground.

How much is spent on mineral exploration?

Exploration spending is large and sensitive to markets. In Canada, Natural Resources Canada reports preliminary data showing exploration expenditures increased 4% in 2025 to $4.4 billion, after stable spending of $4.2 billion in 2024. It also reports that junior exploration companies spent $2.11 billion in 2024, essentially unchanged from 2023 ($2.12 billion). Source: Canadian Mineral Exploration Information Bulletin.

Start from the overview of Lannister Mining among gold exploration companies.

Questions people ask

What are the stages of mineral exploration?: Mineral exploration is commonly described in stages: target generation, mapping and surface sampling, geophysics and geochemistry, discovery drilling, step-out and infill drilling, a mineral resource estimate, then economic studies, permitting and development. Each stage reduces uncertainty and usually costs more than the last. Many projects stop early because results do not justify the next step.
What stage is the Basin Gulch Property at?: Basin Gulch sits between historical drilling and a first mineral resource estimate. More than 320 historical holes plus trenching have outlined gold and silver mineralization, and Lannister Mining plans confirmation and expansion drilling to support a maiden estimate. About two-thirds of the property remains unexplored, so earlier stage target work continues alongside the resource work.
What is a maiden mineral resource estimate?: A maiden mineral resource estimate is the first formal estimate of the tonnes and grade of mineralization on a project, prepared to a recognized reporting standard. For Lannister Mining, the plan is to combine historical drilling at Basin Gulch with new work programs. The company states that US companies with 43-101 compliant resources trade at a significant premium to peers.
How long does mineral exploration take?: Mineral exploration usually takes years, and the path from discovery to a producing mine commonly takes a decade or more, depending on drilling results, studies, permitting and financing. Projects with extensive historical drilling, such as Basin Gulch, start with more data, but that data still needs confirmation. The Lannister Mining investor presentation is the place to check current plans.
Why do mining companies conduct mineral exploration?: Mining companies conduct mineral exploration to find and define deposits that may one day be mined economically, and producers explore to replace the ounces they mine each year. For exploration companies like Lannister Mining, exploration is the business itself: each drill program and estimate aims to turn known mineralization into a defined, reportable resource.
Are historical drill results the same as a mineral resource?: No. Historical drill results come from past programs and show where mineralization was found. A mineral resource estimate is a formal model of tonnes and grade prepared by a qualified person under standards such as NI 43-101 or S-K 1300. Lannister Mining plans confirmation drilling of historical intercepts before preparing its maiden mineral resource estimate.

Read all 43 answers in the FAQ

Read the June 2026 investor presentation

The full Lannister Mining summary of Basin Gulch, its team and its plans, published on lannistermining.com.

Investor presentation (PDF)Visit lannistermining.com