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The Geological Survey of Arkansas was first established in 1857, at the direction of Governor Elias Nelson Conway. David Dale Owen was the agencies first geologist. Initially, the agency received funding for only three years, which limited the agencies findings and publications, and the agency was left without funding during the Civil War.
Quantitative mineral-resource assessments are defined as the numerical estimate of the amount, quality, and in some cases, value of undiscovered minerals (that is, metal or industrial mineral) present within a specified area (tract). Their purpose is to provide a framework for making decisions by governments or institutions concerning mineral ...
A Mineral Reserve includes diluting materials and allowances for losses that may occur when the material is mined. [3] Probable Mineral Reserve. A probable mineral reserve is the economically mineable part of an Indicated and, in some circumstances, a Measured Mineral Resource demonstrated by at least a Preliminary Feasibility Study.
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A Probable Mineral Reserve has a lower level of confidence than a Proved Mineral Reserve but is of sufficient quality to serve as the basis for decision on the development of deposit. A Proved Mineral Reserve is the economically mineable part of a Measured Mineral Resource. It includes diluting materials and allowances for losses which occur ...
El Dorado, Arkansas was the site of early prospecting. Fifty years before oil was discovered, William Brown's Union Coal Company built an oil refinery in 1860 to distill oil from lignite . Exploratory wells were drilled in the 1880s and other companies in Camden County tried to refine oil from lignite throughout the 1860s.
The 1922 discovery of the Smackover oil field, after which the Smackover Formation is named, resulted in a sizeable oil boom in southern Arkansas. [ citation needed ] In addition to being a petroleum reservoir, as of 2015, the brine from the Smackover Formation is the only source of commercial bromine in the United States.
The Standard is applicable to all solid mineral raw materials for which Public Reporting of Exploration Results, Mineral Resources and Mineral Reserves is required by the relevant regulatory authorities. Solid raw materials include (but are not limited to): diamonds and other gemstones; metalliferous minerals and; industrial minerals;