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Prospecting is the first stage of the geological analysis (second – exploration) of a territory. It is the search for minerals, fossils, precious metals or mineral specimens, and is also known as fossicking.

Traditionally prospecting relied on direct observation of mineralization in rock outcrops or in sediments. Modern prospecting also includes the use of geologic, geophysical, and geochemical tools to search for anomalies which can narrow the search area. Once an anomaly has been identified and interpreted to be a potential prospect direct observation can then be focused on this area.

In some areas a prospector must also make claims, meaning they must erect posts with the appropriate placards on all four corners of a desired land they wish to prospect and register this claim before they may take samples. In other areas publicly held lands are open to prospecting without staking a mining claim.

Modern prospecting
Modern prospectors today rely on training, the study of geology, and prospecting technology.

Knowledge of previous prospecting in an area helps in determining location of new prospective areas. Prospecting includes geological mapping, rock assay analysis, and sometimes the intuition of the prospector.

Metal detecting
Metal detectors are invaluable for gold prospectors, as they are quite effective at detecting gold nuggets within the soil down to around 1 metre (3 feet), depending on the acuity of the operator's hearing and skill.

Magnetic separators may be useful in separating the magnetic fraction of a heavy mineral sand from the nonmagnetic fraction, which may assist in the panning or sieving of gold from the soil or stream.

Prospecting pickaxe
Prospecting pickaxes are used to scrape at rocks and minerals, obtaining small samples that can be tested for trace amounts of ore. Modern prospecting pickaxes are also sometimes equipped with magnets, to aid in the gathering of ferromagnetic ores. Prospecting pickaxes are usually equipped with a triangular head, with a very sharp point.

Geophysical Prospecting
The introduction of modern gravity and magnetic surveying methods has greatly facilitated the prospecting process. Airborne gravimeters and magnetometers can collect data from vast areas and highlight anomalous geologic features. Three-dimensional inversions of audio-magnetotellurics (AMT) is used to find conductive materials up to a few kilometres into the Earth, which has been helpful to locate kimberlite pipes, as well as tungsten and copper.

Geochemical Prospecting
Geochemical prospecting involves analyzing the chemical properties of rock samples, drainage sediments, soils, surface and ground waters, mineral separates, atmospheric gases and particulates, and even plants and animals. Properties such as trace element abundances are analyzed systematically to locate anomalies.