A very interesting point is that at the 2021 Diggers and Dealers, Peter Kerr stated he would mine the satellite deposits (even though they were, and still are classified as resource under the JORC reporting protocol as specified by the ASX).
Being a resource and not a reserve did not perturb Peter Kerr from stepping up and stating mining of the satellite deposits will proceed.
There have been statements in the reports over the years that the resource at Koolan is privilege to copious amounts of data taken over many decades and that the resource is well understood.
Thus Peter Kerr can speak with confidence that the satellites will be mined. Not only has Peter Kerr stated the satellites will be mined, he has now put into action an application to increase Koolan's mine footprint by 43 hectares in order that the satellites will be mined.
Before 1970 the ASX did not enforce any such classification of resource / reserve. In 1970 the ASX adopted the JORC reporting protocol of resource / reserve.
Although JORC resource / reserve protocol did not exist prior to 1970 on the ASX, it did not stop miners from mining and investors from investing.
MGX Price at posting:
46.0¢ Sentiment: Buy Disclosure: Held
A personalised tool to help users track selected stocks. Delivering real-time notifications on price updates, announcements, and performance stats on each to help make informed investment decisions.
(20min delay)