MINERALISATION BEYOND INFERRED RESOURCES
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South African Representative, CRIRSCO 8th Session EGRC April 25, 2017
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MINERALISATION BEYOND INFERRED RESOURCES
- 2. MINERALISATION BEYOND INFERRED RESOURCES Roger Dixon South African Representative, CRIRSCO 8th Session EGRC April 25, 2017
- 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. 10 CRIRSCO Members Australasia: JORC Brazil: CBRR Guide Canada: CIM Chile: COMISIÓN MINERA DE CHILE Europe: PERC Kazakhstan: KAZRC Mongolia MRC Russia NAEN South Africa: SAMREC United States: SME Guide
- 5. CRIRSCO Engagement • United Nations Economic Commission for Europe (UNECE) (1999) • Society of Petroleum Engineers (SPE) (2004) • International Accounting Standards Board (IASB) • International Atomic Energy Agency (IAEA) • Member of TAG and EGRC Bureau
- 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 Petroleum (SPE/WPOC/AAPG/SPEE 2007) Minerals (CRIRSCO 2013) Range of Technical Uncertainty Marginal Contingent Resources Sub-Marginal Contingent Resources Range of Technical Uncertainty
- 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 • Includes data and information generated by mineral exploration programmes; • Examples - discovery outcrops, single drill hole intercepts or the results of geophysical surveys. Not 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
- Because I believe it best demonstrates the synergies between the CRIRSCO Template and the UNFC 2009 and how the two together address the needs of all sectors working with mineral resources. icmm
- To refresh you on the principle objective of CRIRSCO it is……
- Brazilian Commission for Resources and Reserves Commisiao Brasilera de recursos and reservas Kazakhstan the last to join in June 2016
- CRIRSCO has ongoing relationships with UNECE and its UNFC founding member in 1999 SPE and the PRMS bridging documents 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 to compare with other systems geological axis along the bottom and Economic and Feasibility in the vertical CRIRSCO categories of Mineral Reserves Mineral resources 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 Reserves note that this is different to the Template Contingent Resources equivalent to Mineral Resources Sub marginal Contingent Resources which has no equivalent in the Template it is Discovered not economic. 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 EFG Future recovery by commercial development projects or mining operations equiv Mineral Reserves Potential future recovery by contingent development projects or mining operations (resources and discovered not economic
- 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 is such that further data acquisition or studies may be required F2. and the geological confidence may be high, moderate or low G1 G2 G3 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 geological confidence may be again high moderate or low. obviously Feasibility is such that quantities cannot be mined by any currently defined development project or mining operation. F4 On the E axis extraction and sale is not expected to become economically viable in the foreseeable future or evaluation is at too early a stage to determine economic viability E3 Reasons for it being Unrecoverable and F4 could be due to remote location, safety reasons, extreme depth or lack of technology
- From the template we see that
- Also not in Fig 1 of the Template A much abused clause.
- E3 extraction and sale not expected in the foreseeable future F4 no development project or mining operation has been identified G4 estimated quantities associated with a potential deposit based primarily on indirect evidence