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Space mining is the process of sending spacecraft to asteroids, moons, comets and even planets to collect valuable minerals.

USGS officials are now investigating how they can expand their operation to search for resources in space – with hopes to team up with NASA.

Full name the United States Geological Survey, the body is responsible for the analysis of resources and hazards in the US.

Minerals and other resources in space have been estimated to be worth up to $700 quintillion – that is seven with 20 zeroes after it.

And that is just what can be found the Asteroid belt between Mars and Jupiter.

USGS officials revealed they have been paying “increasing attention to the issue of space resources”.

It sounds like soon could be the era of space prospectors in anew gold rush to net the big bucks prize.

Satellites used to map the geology of the Earth could be turned in the other direction to analyse resources elsewhere in the Solar System.

USGS research geologist Laszlo Kestay revealed they are hopeful of getting funding from the US Congress to begin probing this space fortune.

(Image: GETTY)

He told Space.com: “At this point, we have done enough work to feel confident that the methods the USGS uses to assess mineral, energy and water resources on Earth can be used to assess space resources with minimal modification.

“We have also done enough preliminary work to identify some areas where humanity's lack of knowledge will result in exceedingly large uncertainties in assessments undertaken today."

Mr Bestay added: “The USGS has been paying steadily increasing attention to the issue of space resources for the last several years,.

“We are taking a number of steps to be prepared for that possibility [of US Congressional funding]," he went on.

(Image: GETTY) (Image: GETTY)

US President Donald Trump has already talked up further American expansion into space.

During his first speech to Congress on Capitol Hill, he envision US astronauts on “distant worlds” within ten years.

He also founded the sixth brand of the US military – the Space Force – to combat Russia and China.

NASA space probes have already visited some asteroids and comets, which have been speculated to be home of valuable resources.

(Image: GETTY)

Angel Abbud-Madrid, director of the Center for Space Resources at the Colorado School of Mines, said: “The space-resources community will benefit greatly from working together with the USGS to assess the location and value of minerals, energy and water on the moon, Mars and asteroids.”

He noted that the USGS’s tools for mapping Earth could easily be repurposed to locate resource rich bodies in space.

China and Russia are also known to be exploring the possibility of space mining to get their slice of the cash.

Daily Star Online revealed Deep Space Industries plans to launch prospector probes to find resources in our Solar System.