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Mineral Reserves are subdivided in order of increasing confidence into Probable Mineral Reserves or Proved Mineral Reserves. A Probable Mineral Reserve is the economically mineable part of an Indicated Mineral Resource, and in some circumstances, a Measured Mineral Resources. It includes diluting material and allowances for losses which may ...
Whilst the SAMREC and SAMVAL Codes adhere to similar principles, the main difference is that SAMREC focuses on resource-reserve estimation and SAMVAL on their monetary valuation. [3] The code sets forth fundamental principles that a Competent Mineral Assets Valuator (CV) should adhere to when conducting and reporting on a mineral asset valuation.
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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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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The Australasian 'Joint Ore Reserves Committee - JORC [5] was formed in 1971 because of concerns about the increase in unacceptable reporting practices (e.g. Poseidon Bubble). The JORC [ 5 ] Code was first published in 1989, with the guidelines published in 1990.