Reporting mineral resources under the JORC Code is a crucial process in the mining and mineral exploration industry. The Joint Ore Reserves Committee (JORC) Code is an internationally recognised standard for reporting mineral resources and ore reserves. It sets out guidelines and principles that ensure transparency, consistency, and accuracy in the reporting of mineral assets. This blog will provide an overview of the key aspects of reporting mineral resources under the JORC Code.
1. Understanding the JORC Code
The JORC Code is a professional code of practice for the reporting of exploration results, mineral resources, and ore reserves. It was established by the Australasian Institute of Mining and Metallurgy (AusIMM), the Australian Institute of Geoscientists (AIG), and the Minerals Council of Australia (MCA). While it originated in Australia, the JORC Code is widely adopted by mining companies and organisations around the world.
2. Classification of Mineral Resources
The JORC Code classifies mineral resources into several categories, which include:
• Inferred Mineral Resource: The lowest level of confidence in the mineral resource estimate, typically
based on limited data and geological understanding.
• Indicated Mineral Resource: A higher level of confidence, with data and geological evidence
supporting
• Measured Mineral Resource: The highest level of confidence, with extensive data and geological
evidence confirming the continuity and grade of mineralisation.
3. Reporting Guidelines
Mineral resource reporting under the JORC Code follows a structured set of guidelines:
• Transparency: Companies must provide comprehensive information about the geological data, sampling
methods, and estimation techniques used.
• Materiality: Only material mineral resources should be reported, which means those with reasonable
prospects for economic extraction.
• Competence and Independence: Reports must be prepared by competent and independent professionals.
• Consistency: Data must be presented consistently to enable comparisons between projects and
companies.
4. Technical Studies
Companies must conduct thorough technical studies to determine mineral resources. These studies involve geological, geophysical, and geochemical investigations to assess the continuity, grade, and distribution of mineralisation. It is essential to use reliable data and robust estimation techniques.
5. External Review
The JORC Code recommends an external review of mineral resource estimates. This means that an independent expert or committee should review and validate the estimation processes and results to ensure their accuracy and reliability.
6. Reporting Mineral Resources
• Details of the project, location, and ownership.
• A description of geological settings and mineralisation.
• A summary of sampling methods and data collection.
• Mineral resource estimates, classified as Inferred, Indicated, or Measured.
• Any modifying factors that may affect the estimation.
• Environmental, social, and governance considerations.
• References to supporting technical reports and studies.
Conclusion
Reporting mineral resources under the JORC Code is a critical process that ensures transparency and accuracy in the mining and exploration industry. The JORC Code sets a standard for the classification and reporting of mineral resources, and it is recognised globally for its credibility and rigor. By following the guidelines and principles of the JORC Code, mining companies and exploration organisations can provide stakeholders with reliable information about their mineral assets, fostering trust and confidence in the industry.
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