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An initial study conducted by mining exploration companies to determine whether a project is worthwhile. The study provides an overview of operations, an estimated final grade, an environmental impact assessment, details of any possible problem areas like faulting or friability, an estimate of pay metal recovery and the grindability of the ore body. If the study is favourable, then the next step would be to undertake a "bankable feasibility study" to determine whether the project will be profitable.