What you are saying is generally correct, but there are a couple...

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brewhaha

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11/09/19

09:56

Post #: 40376838
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Originally posted by wombat777: ↑

@Anacott Steel ... responding to your query about the JORC versus Canadian NI 43-101:

https://hotcopper.com.au/posts/40372475/single

The situation is confusing since the asset is in Alaska, yet we are listed on the ASX so in principle the JORC applies. It is mostly Canadians doing the work.

This is the JORC code:

http://www.jorc.org/docs/JORC_code_2012.pdf

The JORC is based on primarily a Checklist Table ( Table 1 ). It's a simplistic approach. Whenever ASX-listed companies report exploration results they need to fill in Table 1 and provide with the announcement.

Canada on the other hand went very rigid and rigorous in their standards because of an exploration scandal. The NI 43-101 was developed.

http://web.cim.org/standards/documents/Block484_Doc111.pdf

NI 43-101 is supported by a prescribed format Technical Report. When resources and studies are developed to NI 43-101 that must be produced in this format and with this exact content structure.

https://www.servicenl.gov.nl.ca/securities/rulemaking/43_101f1.pdf

NVA have Canadians working for them and consulting for them, so they will be more familiar with NI 43-101. NI 43-101 is more rigorous in many regards than JORC ( although less rigorous when it comes to news releases ). Because of this much of the background work would have been to a very high standard. Hence it's surprising that the ASX seem to be taking so much time.

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What you are saying is generally correct, but there are a couple of issues with NI43-101.

for general exploration reporting, the JORC requirements are stronger than the Canadians.
If you look at the old Millrock releases, they are very short on detail. No hole locations, plans or sections.
They usually refer back to pictures on to their website instead.
Once the website is changed you lose the data.
If you got to SEDAR, you have the same problem.

ASX announcements are standalone and are required to have all the relevant information in one document.

When it comes to reporting of resources, there is no prescribed format for ASX announcements, but they are still required to have all the relevant information for someone to make an investment decision.
You cant base a new resource on drilling results that have not yet been released without providing all the information on them as well.

In Canada, companies can put out a summary announcement with a headline resource number and then have a period of time to release the full technical report (NI43-101) depending on which province they are in (Ontario, BC etc).
If the technical report doesn’t stack up, the company has a period of time to fix the problem or they will be suspended. (Check out Barkerville gold mines).
The problem is the stock can trade between the first announcement and the technical report, including Directors.

I like our system better

Last edited by brewhaha: 11/09/19

NVA Price at posting: 6.0¢ Sentiment: Sell Disclosure: Not Held
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0 Great analysis

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