resources and reserves - the difference

pomhat,

There is nothing "Proven" when you are talking about Mineral Resource Estimates, you cannot use these words together.

I'm not trying to single you out, but I've noticed this kind of thing happens an awful lot on the IGR forum. The terminology may seem confusing for non-mining people, but it is very important to get it right and understand the difference between Resources and Reserves.

In fact it is ABSOLUTELY FORBIDDEN under the JORC Code to use the classifiers "Proven" or "Probable" in combination with the word "Resource". This is something every competent person has to abide by, but for best practice even internet forums should follow it too.

Mineral Resource Estimates can only ever be classified as Inferred, Indicated and Measured, and are calculated by a Geologist. And they are just that: Estimates.

Ore Reserve Estimates can only ever be classified as Probable or Proven, and are calculated by an Engineer. That's the main difference. Reserves should also be thought of as estimates as well.

I encourage everyone to familiarise themselves with the JORC Code teminology if you wish to make comments on Resources and Reserves, so we can all ensure we're talking about the same thing.