In 1989-90, the Bureau of Mines appraised selected high-resource- potential areas containing gold, rare-earth-element, or pegmatite deposits in or near the Black Hills National Forest. Available data were used to construct mine and mill models and to calculate discounted-cash-flow rate-of-return analyses. Economic feasibility of possible operations and probability (nonmathematical) of exploration and development within the next decade were assessed. Exploration and development probabilities for gold are high around existing and permitted mine areas near Lead-Deadwood and west of Galena. The area east of Galena has low to moderate exploration and development probability; the rochford area has low to high exploration probability and low to moderate development probability; the Keystone area has low to moderate exploration probability and low development probability; the Medicine Mountain area has moderate to high exploration probability and low to moderate development probability. Exploration probability in the Bear Lodge Mountains area is high for rare-earth elements and gold; development probability is low. Exploration for gold in the Mineral Hill area is low to moderate; development probability is low. Current levels of activity associated with pegmatite mining in the Black Hills would probably not change significantly in the next decade.