This is straight out of the JORC 2012 Code for reporting:
"An ‘Indicated Mineral Resource’ is that part of a Mineral Resource for which quantity, grade (or quality), densities, shape and physical characteristics are estimated with sufficient confidence to allow the application of Modifying Factors in sufficient detail to support mine planning and evaluation of the economic viability of the deposit.
An Indicated Mineral Resource has a lower level of confidence than that applying to a Measured
Mineral Resource and may only be converted to a Probable Ore Reserve."
Yes I agree it's not as solid as a 'Measured' resource....... but a 'Probable' reserve can still be applied.
PNX's next up, page-32
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