mineralresource

Mineral resource is a concentration of one or more minerals that is of potential economic interest and can be estimated with reasonable confidence from available data. A resource is defined by its grade (quality) and tonnage (quantity), the mineralogy, and the distribution within a deposit. Resources are commonly categorized by confidence: measured, indicated, and inferred. Measured resources have the highest level of geological confidence, followed by indicated resources; inferred resources are more speculative. The term reasonable prospects for eventual economic extraction ties the resource to potential mineability, considering factors such as commodity prices, mining and processing costs, metallurgy, and environmental and legal considerations.

Reserves are the economically mineable portion of a resource, typically subdivided into proven (or measured) and probable (or indicated) reserves. The transition from resource to reserve requires economic feasibility studies and technical evaluation.

Classification schemes are codified by international standards, such as the JORC Code (Australia), the CIM Definition Standards (Canada), and NI 43-101. While wording varies, all frameworks require transparent documentation of data sources, estimation methods, cut-off grades, density, and the uncertainty surrounding estimates.

Reporting and interpretation of mineral resources are subject to ongoing updates as more drilling, processing tests, or new technology becomes available. Resources are finite and contingent on geology, economics, technology, and regulatory and environmental factors. The term mineral resource should be used with care to distinguish it from ore reserves and mineable material.