Big data’s potential for uncovering ore bodies was illustrated...

Big data’s potential for uncovering ore bodies was illustrated vividly by an unusual competition launched in 2000 by Rob McEwen, the founder and former CEO of Canada’s Goldcorp.

McEwen publicly released all of the company’s data on its high-cost Red Lake gold mine in Ontario and offered a $575,000 prize for the best method for identifying undiscovered reserves. The competition, which attracted more than 1,000 virtual prospectors, was won by a joint entry from two Australian companies.

The pair produced a 3-D map of the area around the mine. The map, based entirely on data from Goldcorp’s files, pinpointed 110 new exploration targets, half of which were previously unidentified. When drilled, more than 80 percent of the targets yielded significant gold reserves. McEwen estimated that the Goldcorp Challenge shortened the company’s exploration program by at least two years and resulted in the production of more than $6 billion in gold.