A new study by the Metals Economics Group (MEG) outlines that when it comes to potential new precious and base metals mining discoveries, the Americas have dominated the rest of the world in the last three years. This means that initial drill results show a “significant deposit” that “has obvious commercial value.”

In light of all the talk about the race for resources, this doesn’t mean we should get excited just yet. The handy map provided by MEG (see below) tells the whole story: the United States only accounted for two percent of the new finds in 2010 (tying for sixth place), while 26 percent of new discoveries were made beneath Canadian soil, giving our northern neighbors the number one spot.

According to MEG, suppliers and acquirers are likely to take note as the results foreshadow “where the next round of resources is likely to come from.”  U.S. policymakers should take note, too. From a competitiveness point of view, “American dominance” in the area of potential new discoveries would sound better if it referred to the singular (America) rather than the plural (Americas).