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Americas lead in new mineral discoveries – MEG

More than half of the total new precious- and base-metal mineral discoveries and new zones in 2010 were in North and South America, according to Halifax, Nova Scotia-based Metals Economics Group (MEG).
In fact, the Americas have dominated potential new discoveries for the last three years, the group said.
MEG tracks drilling activity reports of significant new intercepts and defines a discovery as a significant deposit that has progressed to the point of a positive prefeasibility study or has obvious commercial value to be tracked from development to production.
The discovery year is generally the year when the first hole was drilled in the deposit, which is why the initial drill results are referred to as “potential discoveries”.
The group commented that there is a “clear decline” n both initial resource announcements and the overall value of new resources over the last three years, which it attributed to the lack of exploration activity during the industry downturn in late 2008 and 2009.
“With the rise in drilling activity reported over the past year, and anticipated increases in 2011, MEG expects to see this trend turn upwards, possibly later this year,” the firm said in a statement.



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