Mineralisation Beyond Inferred Resources
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The document discusses mineral resource reporting standards from CRIRSCO and compares them to other classification systems. It contains the following key points: - CRIRSCO aims to promote best practice in publicly reporting mineral exploration results, resources, and reserves internationally. It has 9 member reporting codes including JORC, SAMREC, and SME. - In addition to mineral resources and reserves, CRIRSCO recognizes other categories of mineralization including exploration results, exploration targets, discovered not economic resources, and undiscovered resources. - Figures shown compare how CRIRSCO categories relate to other systems like UNFC and PRMS to classify different levels of geological knowledge and potential for economic extraction. - Consistent
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Mineralisation Beyond Inferred Resources
- 2. MINERALISATION BEYOND INFERRED RESOURCES SAMREC/SAMVAL COMPANION VOLUME CONFERENCE Roger Dixon South African Representative, CRIRSCO May17, 2016
- 3. CRIRSCO - Principle Objective To promote best practice in the international public reporting of Mineral Exploration Results, Mineral Resources and Mineral Reserves. CRIRSCO is an international advisory body without legal authority, relying on its constituent members to ensure regulatory and disciplinary oversight at a national level. It recognises the truly global nature of the minerals industry and the agreed need for international consensus on reporting standards. •
- 4. 9 CRIRSCO Members Australasia: JORC Brazil: CBRR Guide Canada: CIM Chile: COMISIÓN MINERA DE CHILE Europe and UK: PERC, IMMM Mongolia MRC Russia NAEN South Africa: SAMREC United States: SME Guide
- 5. CRIRSCO Engagement • United Nations Economic Commission for Europe (UNECE) • Society of Petroleum Engineers (SPE) • International Accounting Standards Board (IASB) • International Atomic Energy Agency (IAEA)
- 6. Mineralized Inventory Uses • Strategic planning at country or global level • Corporate mineral inventory management - exploration target definition - development options - purchase price accounting
- 7. Figure 1(a) General Relationship between Exploration Results, Mineral Resources and Mineral Reserves as Represented in the CRIRSCO Template
- 8. Figure 1(b) Re-Oriented Figure Showing the CRIRSCO Categories (Shaded) and Additional Categories in Other Systems
- 9. Figure 2 Comparison of the Petroleum Resource Management System (PRMS) and the CRIRSCO Template
- 10. Figure 3 High Level Comparison Between UNFC (2009) and the CRIRSCO Template
- 11. Mineral Resource A Mineral Resource is a concentration or occurrence of solid material of economic interest in or on the Earth’s crust in such form, grade or quality and quantity that there are reasonable prospects for eventual economic extraction. The location, quantity, grade or quality, continuity and other geological characteristics of a Mineral Resource are known, estimated or interpreted from specific geological evidence and knowledge, including sampling.
- 12. Discovered not Economic • Economic • Feasibility/Technical • Geological Confidence UNFC 2009; 321, 322, 323
- 13. Discovered Unrecoverable • Economic • Feasibility/Technical • Geological UNFC 2009; 341 342 or 343
- 14. Exploration Results • Include data and information generated by mineral exploration programmes • Examples - discovery outcrops, single drill hole intercepts or the results of geophysical surveys In appropriate to use such information for deriving estimates of tonnage and grade: UNFC 2009; 334
- 15. Exploration Target • A statement or estimate of the exploration potential • Quoted as a range of tonnes and grade or quality • Insufficient exploration to estimate Mineral Resources
- 16. Undiscovered Unrecoverable • Statistical probability of extension to known resources • Statistical probability on a regional basis UNFC 2009; 344
- 17. Figure 4 Categories of Mineralisation Beyond Inferred
- 18. Conclusion • Need for management of inventory - Company level - Country level - Global level • Definitions must be consistent
Notas do Editor
- It is as a result of the ongoing relationship between CRIRSCO and the UNECE and its classification system UNFC 2009
- To refresh you on the principle objective of CRIRSCO it is……
- Brazilian Commission for Resources and Reserves Commisiao Brasilera de recursos and reservas Kazakhstan and India next in line
- CRIRSCO has ongoing relationships with UNECE and its UNFC 2009 SPE and the PRMS IASB who were at one stage wanting to have financial reporting standards for companies with mineral assets Recently worked with IAEA who publish the RED BOOK which records the supply and demand of nuclear fuels principally Uranium and Thorium
- Why do we need a record of mineralised inventory or mineralisation that does not meet the requirement of a mineral resource? Firstly needed for strategic long term planning of infrastructure, global level strategic planning for energy supply up to 2050 all tied in with climate change Within companies they would need it for mineral inventory management and in particular…..
- Fundamental framework of CRIRSCO Template and all the aligned codes Two dimensional Geological , Economic and Feasibility horizontal
- Reorientated so that we compare with other systems geological axis, Economic and Feasible CRIRSCO categories of Mineral Reserves and Exploration results are shaded
- Using the previous slide we now compare The Template with PRMS PRMS has Reserves proved probable and possible equivalent to Mineral Resrves Contingent Resources equivalent to Mineral Resources Sub marginal Contingent Resources which has no equivalent in the template. All these categories are discovered. It then has prospective resources which are undiscovered equivalent to exploration results
- Now compare with UNFC 2009 UNFC three axis Economic, Feasibility or project status and Geological Future recovery by commercial development projects or mining operations Potential future recovery by contingent development projects or mining operations
- So even at the stage of declaring a resource the Competent Person must make a preliminary assessment of the technical and economic factors to ascertain whether there are reasonable prospects for eventual economic extraction.
- The UNFC caters For mineralisation that is discovered but not economic. The technical feasibility may be ok and the geological confidence may be ok Reasons for not being economic could be low commodity prices forecast or other revenue factors such as low throughput rate and or low recovery rate The UNFC would classify it with the numbers you see
- It is also possible to have mineralisation that is discovered but unrecoverable; The geology may be fine but obviously Feasibility and economics are not Reasons for it being Unrecoverable due to remote location, safety reasons, extreme depth
- From the template we see that