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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.
A McKelvey diagram or McKelvey box is a visual representation used to describe a natural resource such as a mineral or fossil fuel, based on the geologic certainty of its presence and its economic potential for recovery. The diagram is used to estimate the uncertainty and risk associated with availability of a natural resource.
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 ...
Mineral Resources are further sub-divided, in order of increasing geological confidence, into inferred, indicated and measured as categories. Inferred Mineral Resource is the part of a mineral resource for which quantity, grade (or quality) and mineral content can be estimated with a low level of confidence. It is inferred from geological ...
The Reko Diq Mine is a planned mining operation, located near Reko Diq town in Chagai District, Baluchistan, Pakistan. [1] Reko Diq represents one of the largest copper and gold reserves in the world having estimated reserves of 5.9 billion tonnes of ore grading 0.41% copper and gold reserves amounting to 41.5 million oz, and a mining life of at least 40 years.
ERA developed the surface infrastructure and the decline down to the ore-body to allow for further definition of the resource. Falling uranium prices prevented the project from proceeding. ERA's parent company , North Ltd, was bought by Rio Tinto Group , who announced that the mine will not go ahead – at least until their nearby Ranger ...
Giurco et al. (2009) [8] indicate that the debate about how to analytically describe resource depletion is ongoing. Traditionally, a fixed stock paradigm has been applied, but Tilton and Lagos (2007) [9] suggest using an opportunity cost paradigm is better because the usable resource quantity is represented by price and the opportunity cost of using the resource.
Resource estimates are undiscovered volumes, or volumes that have not yet been drilled and flowed to surface. A non-reserve resource, by definition, does not have to be technically or commercially recoverable and can be represented by a single, or an aggregate of multiple potential accumulations, e.g. an estimated geological basin resource. [14]