|
|
|
|
Our World at Night...
MINERAL RESOURCE/RESERVE DEFINITIONS
RESOURCE/RESERVE DEFINITIONS;
The following list are the five main mineral resource 'definitions' of terms relating to various categories of Mineral Ore reserves and proven resources used in Mineral Resource Reports.
Resource: A concentration of naturally occurring solid, liquid or gaseous material in or on the Earth's crust in such form and amount that economic extraction of a commodity from the concentration is currently or potentially economically feasible. Location, grade, quality and quantity are known or estimated from specific geological test evidence.
To be classified as a 'Resource', there must be not only some evidence that the concentration/grade of material exists, but there must be sufficient information available to estimate a suitable quantity of the material to justify the economical mining of the Mineral.
To reflect varying degrees of geological certainty, resources can be subdivided into either; 'Inferred', 'Indicated' or 'Measured'.
Inferred: Estimates are based on geological evidence and assumed continuity in which there is less confidence than for Measured and/or Indicated resources. Inferred resources may or may not be supported by samples or measurements, but the inference must be supported by reasonable geo-scientific (geological, geochemical, geophysical, or other) data.
Indicated: Quantity and grade and/or quality are computed from information similar to that used for Measured resources, but the sites for inspection, sampling, and measurements are farther apart or otherwise are less adequately spaced. The degree of assurance, although lower than for Measured resources, is high enough to assume geological continuity between points of observation.
Measured: Quantity is computed from dimensions revealed in outcrops, trenches, workings or drill holes; grade and/or quality are computed from the result of detailed sampling. The sites for inspection, sampling and measurement are spaced so closely and the geological character is so well defined that size, shape, depth, and mineral content of the resource are well established.
and
Reserve: A mineral 'Reserve' is that part of a Resource that meets minimum physical and chemical criteria related to the specified mining and production practices, including those for Grade, Quality, Thickness, and Depth; and reasonably can be assumed to be able to be economically and legally extracted or produced at the time of determination.
The feasibility of the specified mining and production practices must have been demonstrated or reasonably can be assumed on the basis of tests and measurements.
Note: The term 'Reserves' need not signify that ore Extraction facilities are in place and operational.
This term 'Economically' implies that profitable extraction or production under defined investment assumptions has been established or demonstrated. The assumptions made must be reasonable, including assumptions concerning the prices and costs that will prevail during the 'life-of-mine' of the project.
The term 'Legally' does not imply that all Permits/Permissions needed for mining and processing have been obtained or that other legal issues have been completely resolved.
However, for a Reserve to exist, there should not be any significant uncertainty concerning re issuance of permits or resolution of legal issues.
Reserves can then be subdivided by two into; Probable and Proven categories.
Probable Reserves: That part of an indicated resource that satisfies the conditions to be classified as a Reserve. Some of the measured resources may be classified as probable reserves due to some uncertainties regarding technical, economic or legal questions.
Proven Reserves: That part of a measured resource that satisfies the conditions to be classified as a Reserve.
Conclusion:
The terms; "Inferred", "Indicated", and "Measured" qualify insitu resources, and reflect only differences in geological confidence.
The terms; "Probable" and "Proven" qualify reserves and reflect a high level of economic confidence as well as differences in geological confidence.
The following list are the five main mineral resource 'definitions' of terms relating to various categories of Mineral Ore reserves and proven resources used in Mineral Resource Reports.
Resource: A concentration of naturally occurring solid, liquid or gaseous material in or on the Earth's crust in such form and amount that economic extraction of a commodity from the concentration is currently or potentially economically feasible. Location, grade, quality and quantity are known or estimated from specific geological test evidence.
To be classified as a 'Resource', there must be not only some evidence that the concentration/grade of material exists, but there must be sufficient information available to estimate a suitable quantity of the material to justify the economical mining of the Mineral.
To reflect varying degrees of geological certainty, resources can be subdivided into either; 'Inferred', 'Indicated' or 'Measured'.
Inferred: Estimates are based on geological evidence and assumed continuity in which there is less confidence than for Measured and/or Indicated resources. Inferred resources may or may not be supported by samples or measurements, but the inference must be supported by reasonable geo-scientific (geological, geochemical, geophysical, or other) data.
Indicated: Quantity and grade and/or quality are computed from information similar to that used for Measured resources, but the sites for inspection, sampling, and measurements are farther apart or otherwise are less adequately spaced. The degree of assurance, although lower than for Measured resources, is high enough to assume geological continuity between points of observation.
Measured: Quantity is computed from dimensions revealed in outcrops, trenches, workings or drill holes; grade and/or quality are computed from the result of detailed sampling. The sites for inspection, sampling and measurement are spaced so closely and the geological character is so well defined that size, shape, depth, and mineral content of the resource are well established.
and
Reserve: A mineral 'Reserve' is that part of a Resource that meets minimum physical and chemical criteria related to the specified mining and production practices, including those for Grade, Quality, Thickness, and Depth; and reasonably can be assumed to be able to be economically and legally extracted or produced at the time of determination.
The feasibility of the specified mining and production practices must have been demonstrated or reasonably can be assumed on the basis of tests and measurements.
Note: The term 'Reserves' need not signify that ore Extraction facilities are in place and operational.
This term 'Economically' implies that profitable extraction or production under defined investment assumptions has been established or demonstrated. The assumptions made must be reasonable, including assumptions concerning the prices and costs that will prevail during the 'life-of-mine' of the project.
The term 'Legally' does not imply that all Permits/Permissions needed for mining and processing have been obtained or that other legal issues have been completely resolved.
However, for a Reserve to exist, there should not be any significant uncertainty concerning re issuance of permits or resolution of legal issues.
Reserves can then be subdivided by two into; Probable and Proven categories.
Probable Reserves: That part of an indicated resource that satisfies the conditions to be classified as a Reserve. Some of the measured resources may be classified as probable reserves due to some uncertainties regarding technical, economic or legal questions.
Proven Reserves: That part of a measured resource that satisfies the conditions to be classified as a Reserve.
Conclusion:
The terms; "Inferred", "Indicated", and "Measured" qualify insitu resources, and reflect only differences in geological confidence.
The terms; "Probable" and "Proven" qualify reserves and reflect a high level of economic confidence as well as differences in geological confidence.
Minerals Element List:
Transportation Incoterms & Logistics terms:
PS...
