The attached historic photo (date probably between ca. 1885 and 1886) reminds that that one of the most valuable resources required during mineral exploration is optimism. Depicted is the early stages of a mine shaft development. The age of the photo clearly indicates that it dates from the times before JORC, SAMREC, NI 43-101 and BFS’s (all based on extensive drilling results). In those days you thought you had a deposit and sunk a shaft to see what was there. Thus, the processes involved are a metaphor for greenfield exploration. This shaft produced no ore for over a year despite the original very promising surface sample assays. Eventually two of the initial investors sold their shares cheaply; there was ongoing investment of working capital coming out of their pockets. The future of the entire project was on a knife edge. Thank goodness the project continued and rich ore was eventually hit. The shaft shown is the Rasp Shaft and it was the first ever shaft sunk by BHP (at Broken Hill).
(Sourced from the collections of the Broken Hill Outback Archives and reproduced with the permission of the Broken Hill City Council)
