If anyone has played the game Wurm Online; I would perfer the system they have there.
All ores are in actual "Veins" which are found underground and in mines, iron is extreamly common, you can find it in almost any mine, the actual veins do not respawn, once a cave has been mined out, it has been mined out forever; but the veins themselves take around 1000 strokes tro break; so that is alot of ore which can be reprocessed into "Lumps" in a forge, and then can be reforged into weapons tools, and anvils.
Depending on the size of the world; this could be a good system, forcing a constant expansion outward away from civilization, as new resources are always a bonus; but if the world is small, a system similar to what is in WoW would have to do.
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