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Mineral Reserves fall under two sub-categories (Proved and Probable). Proved Reserves are derived from Measured Resources and imply a high degree of confidence in the Modifying Factors, whereas Probable Reserves are derived from Indicated Resources and imply a lower degree of confidence in the Modifying Factors. [2]
The style of mineralization or other factors could mean that Proved Mineral Reserves are not achievable in some deposits. Generally the conversion of Mineral Resources into Mineral Reserves requires the application of various Modifying Factors, including, but not restricted to: mining factors; mineral processing / ore dressing related factors;
The JORC [5] Code was first published in 1989, with the guidelines published in 1990. During the 1990s, it became clear that the evaluation of mineral deposits should be based on an internationally recognised code of reporting in order to improve the security of investments in this economic sector (e.g. Bre-X case).
Mineral resource estimation is used to determine and define the ore tonnage and grade of a geological deposit, from the developed block model.There are different estimation methods used for different scenarios dependent upon the ore boundaries, geological deposit geometry, grade variability and the amount of time and money available.
The National Instrument 43-101 requires substantially more technical disclosure to the market than the equivalent JORC Code, because the JORC Code is primarily a code for reporting the status of a mineral resource, whereas NI 43-101 is a code of securities disclosure. This distinction is based on the derivation of the two codes: the JORC Code ...
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The ratio between in place and recoverable volumes is known as the recovery factor (RF), which is determined by a combination of subsurface geology and the technology applied to extraction. [13] When reporting oil & gas volumes , in order to avoid confusion, it should be clarified whether they are in place or recoverable volumes.