Drilling activity increased in 2018 on the back of strong growth in exploration budgeting by the industry in 2017 and 2018. In 2017, explorers reported results from 43,312 drillholes at 1,132 projects worldwide. In 2018, both metrics increased considerably - 49,239 holes were reported at 1,261 projects, representing increases of 14% and 11% respectively.
Primary gold projects made up the majority of projects reporting drilling in 2018. While the number of gold projects drilling increased 8% over 2017, the proportion of gold projects relative to projects reporting on other commodities was the lowest since 2014. When explorers turned to gold as an investor safe haven in 2015, as much as 68% of all reporting was from gold projects. Through 2018, the gold project share declined in each successive quarter, indicating that industry players have been diversifying to other targets. Base metals projects benefited the most from the diversification, with nickel up 73%, copper up 20%, lead-zinc up 17% and cobalt up 83%.
Significant drill results have also been steadily increasing. While the number of projects drilling increased 11% in 2018, those with significant results increased by 10%, implying that industry players are willing to take more risks in choosing locations to drill. Grassroots drilling jumped nearly 13% globally year over year in 2018, with Mexico, the U.S. and Canada the largest contributors to the increase.
While levels of drilling activity and encouraging results have been increasing since 2016, exploration-focused financing levels have not kept pace. Significant（> US$ 2 million) financings for gold and base metals exploration fell to US$ 2.91 billion in 2018 from US$ 3.39 billion in 2017. In addition, 46 fewer significant exploration-focused financings were completed in 2018 than in 2017.
14%
YOY increase in drillholes reported.
26%
increase in actively drilled base metals projects.
8%
increase in actively drilled gold projects.
2018年，由于该行业2017年和2018年勘探预算的强劲增长，钻探活动有所增加。2017年，全球1,132个项目的勘探共报告了43,312个钻孔的结果。2018年，这两项指标都有了显著的增加 ---- 共有1,261个项目报告了49,239个钻孔，分别增加了14%和11%。
在2018年报告钻探的项目中，主要是黄金项目。尽管钻探黄金项目的数量比2017年增加了8%，但黄金项目相对于其他大宗商品项目的比例却是2014年以来的最低水平。2015年，当探矿者把黄金作为投资者的避风港时，高达68%的报告来自黄金项目。到2018年，黄金项目的份额连续每个季度都在下降，这表明行业参与者一直在向其他目标多元化。贱金属项目从此多元化中的受益最大，其中，镍价上涨了73%，铜价上涨了20%，铅锌价上涨了17%，钴价上涨了83%。
显著的钻探效果也在稳步地增长。尽管2018年钻探项目的数量增加了11%，但成果显著的项目却只增加了10%，这表明行业参与者愿意承担更多风险去选择地点进行钻探。2018年，全球草根钻探量同比增长了近13%，其中的最大贡献者是墨西哥、美国和加拿大。
尽管自2016年以来，钻探活动的水平和令人鼓舞的成果一直在增加，但以勘探为重点的融资水平并没有跟上。用于黄金和贱金属勘探的重大融资 (超过200万美元) 从2017年的33.9亿美元降至2018年的29.1亿美元。此外，2018年完成的重点勘探融资比2017年减少了46例。
关键数据：
14% ---- 钻孔数量同比增长幅度；
26% ---- 主动钻探贱金属项目增长幅度；
8% ---- 主动钻探黄金项目增长幅度。
“Although financings lie below the highs of 2012, exploration results during 2018 are well above the
2012 level.”
---- Christopher Galbraith, Research Analyst, S&P Global Market Intelligence.
“尽管融资处于2012年的高点以下，但2018年勘探业绩远高于2012年的水平。”
---- 克里斯托弗 · 加尔布雷斯
标准普尔全球市场情报分析师
（编译：阳光创译矿业能源咨询部范宝山）
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