Exploration plans

The stages of mineral exploration, and where Basin Gulch stands

Last updated: November 2026

Mineral exploration moves through six broad stages, from choosing a target to economic studies. Lannister Mining's Basin Gulch Property has passed through historical surface work and drilling and is now heading into confirmation and expansion drilling toward a Maiden Mineral Resource Estimate.

What are the stages of mineral exploration?

The stages of mineral exploration are target generation, surface exploration, discovery and definition drilling, confirmation and expansion drilling, mineral resource estimation, and economic studies with permitting. Each stage reduces uncertainty and costs more than the one before. Lannister Mining is moving Basin Gulch from historical drilling into confirmation work so a first resource can be estimated.

Stages of mineral exploration compared with Lannister Mining's progress at Basin Gulch
Stage	What it usually involves	Basin Gulch status
1. Target generation	Desktop study of geology, historical records and district history to choose where to look.	Complete. Basin Gulch sits in the historic Philipsburg Mining District with a long historical record.
2. Surface exploration	Mapping, rock and soil sampling, trenching and geophysics to outline targets.	Historical trenching reported gold and silver values; two-thirds of the property remains unexplored.
3. Discovery and definition drilling	Drilling to find mineralization, then tighter drilling to define its size and grade.	More than 320 historical drill holes; mineralization open at depth and along strike.
4. Confirmation and expansion drilling	New holes that verify historical data and extend known zones.	Planned. Expansion and confirmation drilling of historical intercepts is the next step.
5. Mineral resource estimate	A qualified person estimates tonnes and grade under a reporting standard such as NI 43-101 or S-K 1300.	Planned. Historical drilling and new work programs will be used in a Maiden Mineral Resource Estimate.
6. Economic studies and permitting	Studies of mining, processing and cost, followed by permits, before any development decision.	Not started. This stage follows a resource estimate.

Definition

What is a Maiden Mineral Resource Estimate?

A Maiden Mineral Resource Estimate is the first formal estimate of how much mineralized rock a property contains and at what grade, prepared by a qualified person under a recognized reporting standard. In Canada that standard is NI 43-101; for US SEC registrants it is S-K 1300. Lannister Mining states there is a clear premium in the market for SK1300 and NI 43-101 compliant gold and silver ounces in the USA. At Basin Gulch, the company plans to use its historical drilling and new work programs for this estimate, after confirming historical intercepts.

Why confirm

Why confirmation drilling comes first

Historical drill data is valuable for targeting, but it often predates today's reporting standards for sampling, assaying and surveying. Confirmation drilling tests or twins historical holes so their grades and widths can be relied upon. With more than 320 historical holes at Basin Gulch, including 1.8 g/t Au over 162 meters from surface, Lannister Mining has a large dataset to verify, and new holes can also extend zones that remain open at depth and along strike.

The plan at Basin Gulch, step by step

Expansion and confirmation drilling of historical drill intercepts.
Drilling of mineralization that is open at depth and along strike.
Drilling of additional mineralized target areas within the property.
A Maiden Mineral Resource Estimate using historical and new data.

Mining companies conduct mineral exploration to turn geological potential into a defined, reportable resource. For an exploration partner, Basin Gulch offers that path on a consolidated land package with year-round access. See the Basin Gulch Property details for drill and trench results.

Questions about mineral exploration stages

Short answers to common questions. The full list lives on the Lannister Mining FAQ.

What are the stages of mineral exploration?: The stages of mineral exploration generally run from target generation, to surface work such as mapping, sampling, trenching and geophysics, to discovery and definition drilling, then resource estimation, economic studies and permitting. Basin Gulch has historical drilling and trenching and is advancing toward its first resource estimate.
What is gold exploration?: Gold exploration is the search for, and testing of, gold deposits that could one day be economic to mine. It moves from mapping and sampling through drilling to a formal resource estimate. At Basin Gulch, Lannister Mining is combining historical drilling with new work programs toward a Maiden Mineral Resource Estimate.
What is a Maiden Mineral Resource Estimate?: A Maiden Mineral Resource Estimate is the first formal estimate of the tonnes and grade of mineralization on a property, prepared under a recognized reporting standard by a qualified person. For Lannister Mining, it would draw on historical drilling at Basin Gulch plus new expansion and confirmation drilling.
Why do historical drill holes need confirmation drilling?: Historical data often predates current reporting standards, so it usually cannot support a compliant resource on its own. Confirmation drilling tests or twins historical intercepts to verify grades and widths. Lannister Mining plans expansion and confirmation drilling of historical intercepts at Basin Gulch before a Maiden Mineral Resource Estimate.
What is an NI 43-101 technical report?: National Instrument 43-101 is the Canadian standard for disclosing scientific and technical information about mineral projects, and it requires that information to be prepared by or under a qualified person. Lannister Mining states there is a clear market premium for NI 43-101 compliant gold and silver ounces in the USA.
What is an S-K 1300 technical report?: S-K 1300 refers to the US Securities and Exchange Commission rules for disclosing mining properties, under which a qualified person prepares a technical report summary. Lannister Mining states there is a clear market premium for SK1300 compliant gold and silver ounces in the USA. The SEC website has the full rule text.
What permits does exploration drilling in Montana need?: Requirements depend on land status. Work on federal land, such as unpatented claims, generally involves the Bureau of Land Management or Forest Service, while state rules administered by the Montana Department of Environmental Quality also apply to exploration. Check current rules directly with those agencies for any specific program.

Back to the Lannister Mining gold exploration company overview