Abstract: Digital elevation models have been evolved in decades, their resolution and accuracy have improvedvividly. Geological, structural and geomorphological benefits of those high-quality digital elevation models enhancedthe quality of the research and engineering and unfold the visibility of the data. Modern techniques such as laserscanners provide a quantum leap on digital modelling, however the cost of those methods limits their widespreadusage. Improvements in stereo-photogrammetry did not decelerate. On the contrary, the evolution of Structure fromMotion–Multi-view stereo-photogrammetry (SfM-MVS) method is accelerated by the continuous developments indigital photography and computer vision technologies. We have used a lightweight drone to acquire digital aerialphotographs of an open mine pit for an ultimate purpose of modelling the terrain using SfM-MVS procedure. Wehave been able to derive a high resolution (0.3 m/pixel) DEM and a very high resolution (0.04 m/pixel) orthorectifiedaerial image. Both datasets are representing the topography with high sample point densities. Elevation model datasethas been compared with the regular topographic point measurements of the mine pit and the accuracy of the aeriallyderived model have been investigated. Sources of modelling errors, the effect of temporal physical changes in theterrain, effect and importance of geo-referencing have been discussed in detail. SfM-MVS is a cost-effective, rapidand promising technique for digital mapping, modelling and monitoring in various spatial scales of Geology.