Mineral Resources and Reserves
The definitions of Mineral Resources and Reserves, quoted from the SAMREC Code, are as follows:
A "Mineral Resource" can be a concentration or occurrence of material of economic interest in or on the earth's crust in such form, top quality and quantity that you'll find reasonable and realistic prospects for eventual economic extraction. The location, quantity, grade, continuity and also other geological characteristics of a Mineral Resource are identified, or estimated from certain geological evidence, sampling and information interpreted from an appropriately constrained and portrayed geological model. Mineral Resources
are subdivided, and should be so reported, in order of escalating confidence in respect of geoscientific evidence, into Inferred, Indicated or Measured categories.
An "Inferred Mineral Resource" is the fact that part of a Mineral Resource for which volume or tonnage, grade and mineral content material could be estimated with only a low level of confidence. It truly is inferred from geological evidence and sampling and assumed
but not verified geologically or by way of analysis of grade continuity. It truly is depending on information and facts gathered via proper approaches from locations just like outcrops, trenches, pits, workings and drill holes that may be restricted in scope or of uncertain top quality and reliability.
An "Indicated Mineral Resource" is that component of a Mineral Resource for which tonnage, densities, shape, physical characteristics, grade and mineral content material may be estimated having a reasonable degree of confidence. It really is depending on information and facts from
exploration, sampling and testing of material gathered from locations such as outcrops, trenches, pits, workings and drill holes. The places are too widely or inappropriately spaced to confirm geological or grade continuity but are spaced closely sufficient for continuity to be assumed.
A "Measured Mineral Resource" is the fact that part of a Mineral Resource for which tonnage, densities, shape, physical characteristics, grade and mineral content could be estimated having a high level of confidence. It is actually based on detailed and reliable
facts from exploration, sampling and testing of material from locations for instance outcrops, trenches, pits, workings and drill holes. The locations are spaced closely enough to confirm geological and grade continuity.
A "Mineral Reserve" is the economically mine able material derived from a Measured or Indicated Mineral Resource or both. It consists of diluting and contaminating supplies and enables for losses that are expected to occur when the material is mined. Appropriate assessments to a minimal of a Pre-feasibility Study for a project along with a Life of Mine Program for an operation have to have been completed,
such as consideration of, and modification by, realistically assumed mining , metallurgical, economic, marketing and advertising, legal, environmental, social and governmental aspects (the modifying aspects). Such modifying variables must be disclosed.
A "Probable Mineral Reserve" may be the economically mine able material derived from a Measured or Indicated Mineral Resource or both. It can be estimated with a lower degree of confidence than a Proved Mineral Reserve. It includes diluting and contaminating materials and permits for losses that are expected to happen when the material is mined. Proper assessments to a minimum of a Pre-feasibility Study for a project or a Life of Mine Program for an operation should have been carried out, which includes consideration of, and modification by, realistically assumed mining, metallurgical, economic, advertising and marketing, legal, environmental, social
and governmental components. Such modifying factors should be disclosed.
A "Proved Mineral Reserve" will be the economically mineable material derived from a Measured Mineral Resource. It's estimated having a high degree of confidence. It includes diluting and contaminating supplies and will allow for losses which might be expected
to happen when the material is mined. Proper assessments to a minimum of a Pre-feasibility Study for a project or perhaps a Life of Mine Program for an operation have to have been carried out, such as consideration of, and modification by, realistically assumed mining, metallurgical, economic, advertising and marketing, legal, environmental, social and governmental variables. Such modifying components should be disclosed.