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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;
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 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).
A proven mineral reserve is the economically mineable part of a Measured Mineral Resource demonstrated by at least a Preliminary Feasibility Study. This Study must include adequate information on mining, processing, metallurgical, economic, and other relevant factors that demonstrate, at the time of reporting, that economic extraction is justified.
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.
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The enrichment factor can also be used to talk about the level of radioactive isotopes in uranium, or the level of minerals in soil. [1]The same concept is used in Bioinformatics for gene analysis, to measure the added value of a search tool over another one or over the homogeneous distribution in the genome population.
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