Geostatistics is a statistical field that analyzes and predicts spatial or spatiotemporal phenomena using the geographic coordinates of data points.
Originally developed for mining to estimate ore grades, it helps quantify resources, assess economic feasibility, and guide operational decisions.
Core concepts include modeling spatial variability with variograms and predicting values at unsampled locations through kriging, while also providing uncertainty measures. Applications extend beyond mining to environmental assessment and precision agriculture(Rambert, 2005).
Geostatistics: the powerful science that allows us to predict value where we haven’t drilled! What exactly is geostatistics, and why is it absolutely fundamental for reducing risk in resource estimation? Share your insights!
Reference:
Rambert, F. (2005). Introduction to Mining Geostatistics. 67th EAGE Conference & Exhibition. 67th EAGE Conference & Exhibition, Madrid, Spain,. https://doi.org/10.3997/2214-4609.201405201
