ABSTRACT
An optimal exploration strategy ought to consist in a sequence of different actions. Each of these actions, or activities, produces information about the likelihood of mineral deposits. The purpose of this chapter is to consider Griffiths' suggestion in the light of the considerations emphasized. While Griffiths' study makes some valuable points, important economic problems involves in selecting an exploration strategy are either neglected or are handled incorrectly. Exploration strategy almost provides the most complete information for an estimate of average value of unit volume of crust or for the planning of industrial development. To justify such a program involves demonstrating that we will be better off in a socially relevant sense. For the purpose of comparing different exploration strategies, one could assume a given discounted outlay on each strategy and compare the resulting product from the two strategies, or one could specify a flow of product and compare the minimum exploration and processing outlays required to produce it.
