I have noticed that I can see a resource with negligible aid of the Tracker. Upon approaching a (example) Rich Iron Deposit in open terrain, like Gatson Souther Fields at 11.3S / 45,6W Kingsfell, I can see it at the same time the Tracker points it out, at about 82 meters range. Now, ore is of course easier to spot than wood, but if you know what to look for you can actually spot wood before it shows up on the Tracker. Barely. See attached image.
Now, the terrains is not flat and I see the wood slightly uphill, I do not know whether this may have an impact on the tracker if it was designed to work without consideration to terrain.
I have also confirmed being able to spot Ore before it showns up on the tracker, this time the terrain was downhill. I was at 11.3S / 44.3W and the Rich Iron Deposit at 10.9S / 44.2W.
Considering this it seems obvious that Tracking should be more sensible, and if enhanced in any way, it would be very useful to have the range expanded, to perhaps the double or more.