| Mineral Resource Classification |
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Mineral resources are concentrations of Minerals which are of note for current and future societal needs. Ore is classified as mineralisation economically and technically feasible for extraction. Not all mineralisation meets these criteria for various reasons. The specific categories of mineralization in an economic sense are:
The common terminology for mining, ie "ore deposit" by definition must have an 'ore reserve', and may or may not have additional 'resources'. Classification, because it is an economic function, is governed by Statutes , Regulations and Industry Best Practice norms. There are several classification schemes worldwide, however the Canadian CIM classification (see NI43-101) and the Australiasian Joint Ore Reserves Committee Code (JORC Code) are the general standards. MINERAL OCCURRENCES, PROSPECTS These classifications of mineral occurrences are generally the least important and least economic. They included are all known occurrences of minerals of economic interest, including obviously uneconomic outcrops and manifestations. However, these are often mentioned in a company Prospectus because of "proximity"; a concept that something valuable may be found near these occurrences because it has been in the past due to a similar geological environment. Often, such occurrences of mineralisation are the peripheral manifestations of nearby ore deposits. "Ore deposit" is a term applied specifically to those economic mineral occurrences which could be mined at a profit after consideration of all factors impacting a mining operation. MINERAL RESOURCES Mineral resources are those economic mineral concentrations which have undergone enough scrutiny to quantify their contained metal to a certain degree. None of these resources are Ore , because the economics of the mineral deposit may not have been fully evaluated. ''Indicated resources'' are simply economic mineral occurrences which have been sampled (usually by Drilling ) to a point at which an estimate of their contained metal and grade has been made. Generally this is very approximate and subject to sampling errors and uncertainties. ''Measured resources'' are indicated resources which have undergone enough further sampling that a 'competent person' (which is defined by the norms of the relevant mining code; usually a Geologist ) has declared them to be an acceptable estimate of the grade, tonnage and occurrence of the mineral occurrence. Resources may also be portions of a mineral occurrence which are attached to reserves, but are not
MINERAL RESERVES Mineral reserves are the resources which are known to be economically feasible for extraction. Reserves are either '''Probable Reserves'' or ''Proven Reserves'', in a similar manner to resources, above. Generally the conversion of resources into reserves requires;
This is required because ore reserves are ''bankable''. Essentially, once a deposit is brought up to reserve status, it is an economic entity and an asset upon which loans and equity can be drawn - generally in order to pay for its extraction (hopefully, at a profit). FURTHER INFORMATION
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