Terminology in mining is important and it is standardised so...

Terminology in mining is important and it is standardised so that definitions are specific and can only be classified by competent persons, so as to avoid confusion & protect Investors from the unscrupulous claims of 'pretenders'.

This is an extract from "Geology for Investors" ... Quote:
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Over the past two decades work has been done to harmonize an internationally accepted standard for mineral asset reporting.

In 1994 the Committee for Mineral Reserves International Reporting Standards (CRIRSCO) was formed. The committee is a grouping of representatives of organizations that are responsible for developing mineral reporting codes and guidelines in most parts of the world (Australia, Asia, Canada, Chile, Europe, South Africa and the USA).

The reporting standards implemented by CRIRSCO require that report estimates be carried out by a “Competent Person”, also referred to as a “Qualified Person”.

This person must be an accredited professional with at least five years experience in the activity, commodity and situation being reported on. This is generally a geologist or engineer with significant experience in mineral exploration, mineral project assessment or mine development.

The terminology used to define mineral assets is divided into 2 major groups: Resources and Reserves.

Figure 1. Resources and Reserves: The relationships between the five groups of mineral asset reporting.

Source: https://www.geologyforinvestors.com/classification-of-mineral-resources-and-reserves/