Method of Comparable Values: A New Approach for Efficient Exploration Target Selection in Small-Scale Mining

Small-scale mining is an important source of income for many communities worldwide. However, many small-scale mining enterprises lack good management and mining practices and the limited funds available for exploration are often allocated inefficiently. This paper introduces a method of comparable values: a practical, low-cost and effective method for prioritization and selection of exploration targets in small-scale mining. The proposed method combines local geological mapping with a geological uncertainty assessment tool that indicates the risk associated with geological uncertainty for each target. By properly selecting exploration targets, small-scale miners can reduce the project risks and maximize the value resulting from investment that is more effective in exploration. The method of comparable values was applied to a small-scale project in a block of six manganese-rich claims in the state of Bahia, Brazil. The proposed method resulted in proper target selection with a time reduction of 50% and a cost savings of 76% when compared with those of traditional geological mapping work.