Prospecting and Exploration are the first two stages of a mine and are used to establish its economic viability.

The primary objectives are:

1. Narrow the search so that the size and number of targets under consideration is reduced
2. Increase the probability that the remaining target areas will yield ore deposits
3. Reduce risk

Prospecting, occurs first and is conducted to identify areas of interest. It is largely qualitative and uses both direct and indirect measurements to locate anomalies in the Earth's subsurface. This step emphasizes reconnaissance or identification of favorable targets.

Exploration, generally occurs after favorable targets have been identified during prospecting. It is quantitative, and the goals are to determine the size, shape, grade, and profit potential of mineral deposit. At this stage, extensive sampling is conducted in order to develop a 3D deposit model and reserve estimates. If the deposit appears profitable, a full feasibility study may be conducted to determine if/when/how the deposit could be developed.