Pheromones are a chemical substance produced and released by ants as means of communication. In this work we present the minimum amount of pheromones necessary and sufficient for a colony of ants (identical mobile agents) to deterministically find a food source (treasure), assuming that each ant has the computational capabilities of either a Finite State Machine (FSM) or a Turing Machine (TM). In addition, we provide pheromone-based foraging algorithms capable of handling fail-stop faults. In more detail, we consider the case where $k$ identical ants, initially located at the center (nest) of an infinite two-dimensional grid and communicate only through pheromones, perform a collaborative search for an adversarially hidden treasure placed at an unknown distance $D$. We begin by proving a tight lower bound of $Ω(D)$ on the amount of pheromones required by any number of FSM based ants to complete the search, and continue to reduce the lower bound to $Ω(k)$ for the stronger ants modeled as TM. We provide algorithms which match the aforementioned lower bounds, and still terminate in optimal $\mathcal{O}(D + D^2 / k)$ time, under both the synchronous and asynchronous models. Furthermore, we consider a more realistic setting, where an unknown number $f < k$ of ants may fail-stop at any time; we provide fault-tolerant FSM algorithms (synchronous and asynchronous), that terminate in $\mathcal{O}(D + D^2/(k-f) + Df)$ rounds and emit no more than the same asymptotic minimum number of $\mathcal{O}(D)$ pheromones overall.