What does JORC mean in mining?
Australasian Joint Ore Reserves Committee
JORC refers to the mining industry’s official code for reporting exploration results, mineral resources and ore reserves, managed by the Australasian Joint Ore Reserves Committee. “Modifying factors” are considerations used to convert resources to reserves.
What is JORC classification?
The JORC Code provides a mandatory system for the classification of minerals Exploration Results, Mineral Resources and Ore Reserves according to the levels of confidence in geological knowledge and technical and economic considerations in Public Reports.
Who is on the JORC Committee?
JORC Committee executive members
| Member | Affiliation/Representing | Professional Background |
|---|---|---|
| Steve Hunt, Chairman | MCA | Geologist |
| Peter Stoker, Deputy Chair | AusIMM | Geologist |
| Graham Jeffress | AIG | Geologist |
| Jillian Terry | MCA | Geologist |
What does measured and indicated resources mean?
Measured resources are indicated resources that have undergone enough further sampling that a ‘competent person’ (defined by the norms of the relevant mining code; usually a geologist) has declared them to be an acceptable estimate, at a high degree of confidence, of the grade (or quality), quantity, shape, densities.
How do you become a JORC Competent Person?
A Competent Person must have a minimum of five years’ experience working with the style of mineralisation or type of deposit under consideration and relevant to the activity which that person is undertaking.
What is an ore reserve?
Mineral Resources can be defined as the concentration of material of economic interest in or on the earth’s crust, whereas Ore Reserves are the parts of a Mineral Resource that can at present be economically mined.
What is indicated and inferred resource?
An Inferred Mineral Resource has a lower level of confidence than that applied to an Indicated Mineral Resource. An Indicated Mineral Resource has a higher level of confidence than an Inferred Mineral Resource but has a lower level of confidence than a Measured Mineral Resource.
What does inferred resource mean?
The term “Inferred Mineral Resource” refers to that part of a Mineral Resource for which quantity and grade or quality can be estimated on the basis of geological evidence and limited sampling and reasonably assumed, but not verified, geological and grade continuity.
Why is JORC important?
The JORC Code is fundamental to the way capital markets work in respect to reporting mineral projects. These reports should provide investors with a level of confidence that appropriate consideration has been taken when assessing the viability of a project.
What is the Valmin code?
The VALMIN Code sets out requirements for the technical assessment and valuation of mineral assets and securities for independent expert reports, it provides guidance for petroleum assets and securities.
What is resource and reserve?
A resource is that amount of a geologic commodity that exists in both discovered and undiscovered deposits—by definition, then, a “best guess.” Reserves are that subgroup of a resource that have been discovered, have a known size, and can be extracted at a profit.
What is a mineable reserve?
Mineable reserve is an estimate of the economically extractable or mineable part of a mineral resource. The mineral deposits are studied and assessed to prove that they can be mined at a huge profit, by taking into account all factors that influence mining operations.
What is the JORC Code?
The Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves(the ‘JORC Code’ or ‘the Code’) sets out minimum standards, recommendations and guidelines for Public Reporting in Australasia of Exploration Results, Mineral Resources and Ore Reserves.
What does JORC compliant mean?
The JORC Code is a Code for Public Reporting not a Code that regulates the manner in which a Competent Person estimates Mineral Resources or Ore Reserves. The term ‘JORC compliant’ therefore refers to the manner of reporting not to the estimates.
What is the JORC Code for ore reserves?
JORC Code, 2012 Edition JORC Code, 2012 Edition Reporting of Ore Reserves 29. An ‘Ore Reserve’ is the economically mineable part of a Measured and/or Indicated Mineral Resource.
What is an exploration target?
An Exploration Target is a statement or estimate of the exploration potential of a mineral deposit in a defined geological setting where the statement or estimate, quoted as a range of tonnes and a range of grade (or quality), relates to mineralisation for which there has been insufficient exploration to estimate a Mineral Resource.