Exploration today has the same basic structure as historical exploration, but there are also many differences. Technology has advanced exponentially and the array of tests and procedures that are performed today allows companies to get a better understanding of their property. Historically, much of exploration was done underground because diamond drilling was expensive and limited in its range. Today, diamond drills can drill several thousand metres into the earth and allow the majority of exploration to happen on the surface. The exploration process can take anywhere from five to ten years, is extremely expensive and companies still may come away empty handed.

Like historical exploration, the first step in modern exploration is identifying a promising property and acquiring it. Once the property is secured, there is community consultation followed by permitting and basic exploration. Geophysical and geochemical testing allows companies to learn more about the geology of the site and create targeted drilling zones, rather than blindly drilling.

Today, there are several different phases the exploration process goes through. The initial study (scoping study) utilizes inferred knowledge, not concrete data. If the scoping study has positive results, companies will perform a pre-feasibility study and then a feasibility study using indicated (probable) and measured (proven) data to determine if the mine would be profitable.
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The exploration process today is more all-encompassing than exploring a site. Companies have to do community and Indigenous consultations throughout their exploration. Exploration companies also have to follow government environmental standards and need to have a waste disposal and closure plan in place before any ore development happens.