How are exploration results reported? – Knowledge Base

Exploration is an expensive and high-risk process, yet it can be highly profitable. Less than one in a hundred projects results in a mine. Check an exploration report for details and whether the report follows an established code. Examples of codes can be found in the following list:

Australia’s Joint Ore Reserves Committee (JORC) code (AusIMM et al., 2012);
Canada’s National Instrument 43-101 (NI43-101; OSC, 2011) and associated CIM code (CIM, 2014);
South Africa’s Mineral Resource Code (SAMREC) code (SAMRCWG, 2009);
U.S. SEC’s Industry Guide 7 (SEC, 2007);
Europe’s Pan-European Resource Reporting Code (PERC) (PERC, 2013);
Peru’s Code (JCVCS-LSE, 2003);
The Philippines’ Mineral Reporting Code (PMRC) (PMRCC, 2007);
as well as similar codes in many other countries (e.g. China, Russia);
and technical or academic guidance from professional societies (e.g. AusIMM, 2014; Noble, 2011; Rossi and Deutsch, 2014).

The CRIRSCO defines a reporting template for exploration results, mineral resources and mineral reserves. A clear distinction between various types of resources and reserves is essential, though stakeholders inside and outside the mining sector, intentionally or unwittingly, often confuse these classifications.

Reference

Growing Global Copper Resources, Reserves and Production: Discovery Is Not the Only Control on Supply

CRIRSCO International Reporting Template

How is copper found?

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Last update: July 7, 2023