Defined scope
Each project has its own proposed field program, budget and participation terms. Those details must be reviewed for the particular project.
Project investment
Participate in a
drilling project.
Understand how individual opal exploration projects work, the role Archon Mining plays, and what to consider before participating.
Project investment
Backing opal exploration.
Each project brings together funding, experienced field crews and a planned drilling program to investigate selected sites around Coober Pedy. Archon Mining coordinates the work from preparation through to assessment of the findings.
Know the risks
Exploration is uncertain.
Opal exploration is speculative and high-risk. Commercial discovery, income, profit and the return of capital are not guaranteed. Participants must be prepared to lose their full contribution.
Managed operations
Archon Mining coordinates the project, engages field crews, tracks expenditure and communicates progress to participating investors.
Conditional proceeds
Any distribution depends on project outcomes and the applicable terms, after project costs, fees and other required deductions.
From planning to project outcome
How a drilling project works.
Each project funds a defined program of exploration around Coober Pedy. Archon Mining manages the work, from planning and drilling through to assessing the findings and deciding whether further work is justified.
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01
Establish and fund the program
The project scope, budget and participation terms are defined. Contributions fund that specific program, with fieldwork scheduled once the required funding and project arrangements are in place.
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02
Select sites and prepare the fieldwork
Local experience, geological information and previous observations guide site selection. Archon Mining coordinates the crew, drilling equipment and timetable for the planned prospecting holes.
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03
Drill and inspect the material
Prospecting holes are drilled and the extracted material is examined for potch and precious opal. Experienced miners assess potential finds and the surrounding rock layers. Weather, ground conditions and equipment performance can affect progress.
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04
Assess whether further work is viable
The team considers the quality and extent of any find, its depth, access and likely extraction costs. Finding potch or a small amount of opal does not, by itself, establish a commercially viable discovery.
If further work is not justified
Report and close the project.
If no commercially viable discovery is made, the findings are documented and the project is closed out. The program may end without any return to participants.
If a viable discovery is made
Plan the next phase.
Further excavation and extraction may be proposed. The method, costs and funding arrangements are assessed before work proceeds. Additional capital may be required under the relevant project terms; a discovery does not guarantee a profit.
Where recovered material is sold, project costs, fees and applicable deductions are settled before any proceeds are distributed under the individual project terms. Final reporting brings together the findings and financial outcome of the project.
Keeping investors informed
Visibility throughout the project.
Project communication covers the planned work, progress in the field and what the findings mean for the next step.
- Funding and project commencement updates.
- Planned drilling timetable and progress updates.
- Field photos, videos and findings where appropriate.
- Commercial viability assessment and financial close-out information.
Common project questions
What does project funding cover?
The budget and participation documents explain the arrangements for each individual project. These answers describe the general approach, not an offer or a set of current participation terms.
What is the initial funding used for?
A drilling program budget can include drill and crew hire, labour for sorting and inspecting extracted material, and operating expenses such as fuel. The number of holes, work scope and cost allocation are specified for the particular project.
Does the drilling budget include excavation?
Not necessarily. Exploration tests whether a site warrants further work. Excavation and extraction may require a further budget, additional capital or a separately agreed contractor arrangement. Review the project documents to understand what the initial contribution covers.
What happens if no commercially viable opal is found?
The findings are reported and the project is closed out if further work is not justified. Funding spent on exploration may not be recovered, and participants can lose their full contribution.
What can change the drilling timetable?
Rain, excessive heat, hard rock, equipment breakdowns and crew availability can affect fieldwork. Proposed dates are subject to project arrangements and actual site conditions.
How are any proceeds dealt with?
Where recovered material is sold, costs, fees and applicable deductions are settled before any proceeds are distributed according to the individual project terms. A discovery or sale does not guarantee a profit or the return of the original contribution.
Where do I find current costs and participation terms?
Contact Archon Mining for information about the particular project. Contribution amounts, availability, fees and entitlements vary and must be reviewed in the relevant documents. Seek independent advice where needed before making a decision.