Application of Statistical Decision Techniques to the Selection of Prospecting Areas and Drilling Targets in Regional Exploration
The paper describes a statistical method based on regression and classification analysis which is designed to assist exploration management in the selection of prospecting areas and drilling targets in regional programs. The classification is based on three criteria which are formulated from sets of relevant geological, geophysical and geochemical factors: (a) regression estimates of expected ore values, (b) Bayesian probabilities of success and (c) expected utility payoffs. The advantages of the method are: (a) rational and unbiased ratings for areas or targets in a manner consistent with management's goals; (b) calculation of probabilities of success and confidence intervals for the ratings, and (c) rapid and accurate handling of a large amount of data by computer programs.
classification, Control, Controls, Data, exploration, exploration, loss function, Quebec, regression, statistical decision theory, Ore, Value