If there is one thing most of us can agree on, it is that data is probably one of the most valuable resources available in the world today. In fact, there have been claims that it has surpassed the value of gold and oil, and other commodities in terms of its revenue potential.1
And that’s not all - five of the top six companies in the world by market valuation are data companies. But let’s break it down a bit further - what is data and how do we appraise it?
Information and data: not quite the same
Data is raw facts. It’s considered bits of information, but not the information itself. For example, data is the bits of geological observations or analyses from the lab but doesn’t give you a full picture or context of what that means.
On the other hand, information is the processing of raw data and giving it meaning. Once you give context to data, it becomes information. Here’s an example: we collect rocks in the field. We then record the rock type and location, the colour, and send it off for lab analyses. This is all data about the rock. Once we process all the data and piece it together to reveal meaning about the rock, that’s what we consider information.
Data, information and mineral exploration
Here at Evrim, as mineral explorers, we are constantly on the lookout for updated data of the regions where we search for copper, gold and silver. And we don’t just stop there - we also keep ourselves up to date on the technology available for storing and managing data.
As data is studied and analyzed, the information derived from it becomes more valuable. On the other hand, the bigger the data set, the more challenging it is to manage and analyze it. This is why it is key to have a specialized person managing data in our field of work. As Nicola said on the video, geologists may spend up to 80% of their time sorting through data if they don’t work with a Database Manager.
To data, and beyond
As a mineral explorer, Evrim’s main value derives from generating new exploration targets, and by growing our large database of geologically interesting targets for further study and exploration. This is the reason behind pursuing alliances such as the one we currently have with Yamana Gold.
Our 3-year exploration, signed in October 2018, allows us to have royalty-free access to Yamana’s database, related to Western USA for all gold and base metal generation. This means we’re able to access data related to more than 7,000 locations, from early exploration stages to advanced projects. Considering this is about 30 years’ worth of work and also encompasses work by Meridian and FMC Gold Co. (with a particular focus on Nevada), this is a pretty substantial amount of data.
Design, Implementation, & Management, 1 term Instant Access, 13th Edition, by Carlos Coronel; Steven Morris