Yes. There are 4 stages of exploration.
1. Prospecting
2. Target Drilling
3. Resource Evaluation
4. Economic Evaluation
A Resource Definition can be declared after a JORC report is signed off by a competent person following Stage 3, the Resource Evaluation. It does not need a feasibility report. An Ore Reserve needs a feasibility report and that is done in Stage 4, either a PFS or DFS, before a competent person can sign off on the Definition Statement.
That means an Ore Reserve must be economical to mine based on the relevant facts and assumptions used in the evaluation. Obviously that is all dependent on the specific modifying factors applied in the JORC report and they relate directly to the facts and assumptions used in the study.
Cheers
Ann: Reserve & Resource Update and Corporate Outlook, page-12
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