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.
Last update: July 7, 2023