Mineral Resource Classification
'Mineral resource classification' is the classification of mineral deposits based on their geologic certainty and economic value.
Mineral deposits can be classified as:
- Mineral resources that are potentially valuable, and for which reasonable prospects exist for eventual economic extraction.
- Mineral reserves or Ore reserves that are valuable and legally and economically and technically feasible to extract
In common mining terminology, an "ore deposit" by definition must have an 'ore reserve', and may or may not have additional 'resources'.
Classification, because it is an economic function, is governed by statutes, regulations and industry best practice norms. There are several classification schemes worldwide, however the Canadian CIM classification (see NI 43-101), the Australasian Joint Ore Reserves Committee Code (JORC Code), the South African Code for the Reporting of Mineral Resources and Mineral Reserves (SAMREC) and the “chessboard” classification scheme of mineral deposits by H. G. Dill are the general standards.
Read more about Mineral Resource Classification: Mineral Resources, Mineral Reserves/Ore Reserves
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