The index, which measures exploration by tracking drill results, resource announcements, financings and project development milestones, was up 9.4 points to 58.4 points last month.

The increase follows five consecutive months of decline, when the index fell as low as 49 points last month after sitting at 77.3 points during September 2014.

The positive movement was the result of improvements across two areas — development milestones and initial resource announcements — while positive drill results fell and funding remained a concern.

During March six positive project milestones were achieved, up from just one the previous month. The resources affected were valued at $US9.6 billion ($A12.2 billion), up from $2.7 billion in February.

There were no negative milestones last month following the six valued at more than $875 million recorded in February.

In addition, a total of nine initial resource announcements valued by SNL at $16.5 billion were made during March, far exceeding the five worth $2.7 billion during February.

These results were enough to offset a fall in positive exploration drilling month-on-month as well as a drop in the value of junior and intermediate project financings, which went from $642 million across 21 projects in February to just $89 million across 18 projects in March.

While exploration improved to some extent, SNL said the industry as a whole struggled with lower commodity prices last month.

The combined market capitalisation of the 2700 companies tracked as part of its Monthly Industry Monitor fell 6.7% month-on-month during March to $1.26 trillion.

The figure peaked at $2.14 trillion in April 2011.