RE: Paddy30 Oct 2020 14:22
@WelshFalcon - I'm not sure about whether that is true or not - here are the definitions of the 3 categories of inferred, indicated & measured resources in the JORC code. It's worth noting that NCM have stated this will just be the "Inferred Resource" that we get at MRE.
21. An ‘Inferred Mineral Resource’ is that part of a Mineral Resource for which quantity and grade
(or quality) are estimated on the basis of limited geological evidence and sampling. Geological
evidence is sufficient to imply but not verify geological and grade (or quality) continuity. It is
based on exploration, sampling and testing information gathered through appropriate techniques
from locations such as outcrops, trenches, pits, workings and drill holes.
An Inferred Mineral Resource has a lower level of confidence than that applying to an Indicated
Mineral Resource and must not be converted to an Ore Reserve. It is reasonably expected that the
majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with
continued exploration.
22. An ‘Indicated Mineral Resource’ is that part of a Mineral Resource for which quantity, grade (or
quality), densities, shape and physical characteristics are estimated with sufficient confidence
to allow the application of Modifying Factors in sufficient detail to support mine planning and
evaluation of the economic viability of the deposit.
Geological evidence is derived from adequately detailed and reliable exploration, sampling and
testing gathered through appropriate techniques from locations such as outcrops, trenches, pits,
workings and drill holes, and is sufficient to assume geological and grade (or quality) continuity
between points of observation where data and samples are gathered.
An Indicated Mineral Resource has a lower level of confidence than that applying to a Measured
Mineral Resource and may only be converted to a Probable Ore Reserve.
23. A ‘Measured Mineral Resource’ is that part of a Mineral Resource for which quantity, grade (or
quality), densities, shape, and physical characteristics are estimated with confidence sufficient to
allow the application of Modifying Factors to support detailed mine planning and final evaluation
of the economic viability of the deposit.
Geological evidence is derived from detailed and reliable exploration, sampling and testing
gathered through appropriate techniques from locations such as outcrops, trenches, pits, workings
and drill holes, and is sufficient to confirm geological and grade (or quality) continuity between
points of observation where data and samples are gathered.
A Measured Mineral Resource has a higher level of confidence than that applying to either an
Indicated Mineral Resource or an Inferred Mineral Resource. It may be converted to a Proved Ore
Reserve or under certain circumstances to a Probable Ore Reserve.
There are then other processes to follow to convert these "resources" into "reserves" - it's a complic
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