What is the JORC Code?
What is the JORC Code? The JORC Code (2012) is a professional code of practice that promotes robust standards for the public reporting of exploration results, mineral resources and ore reserves (see www.jorc.org).
What is JORC compliance?
What is the JORC Code? The Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (‘the JORC Code’) is a professional code of practice that sets minimum standards for Public Reporting of minerals Exploration Results, Mineral Resources and Ore Reserves.
Why is JORC important?
The JORC Code is fundamental to the way capital markets work in respect to reporting mineral projects. These reports should provide investors with a level of confidence that appropriate consideration has been taken when assessing the viability of a project.
What is probable mineral reserve?
Definition: A ‘Probable Ore Reserve’ is the economically mineable part of an Indicated, and in some circumstances, a measured mineral resource. It includes diluting materials and allowances for losses which may occur when the material is mined. Themes: Mineral resources.
How do you become a JORC Competent Person?
A Competent Person must have a minimum of five years’ experience working with the style of mineralisation or type of deposit under consideration and relevant to the activity which that person is undertaking.
Are there prescribed standards in the JORC Code 2012 for exploration such as spacing or depth of drill holes?
Are there prescribed standards for exploration such as spacing or depth of drill holes? No.
What is a maiden resource?
SUMMARY. • Definition of a Maiden Mineral Resource estimate of 36Mt grading 1.17% Li2O and. 107ppm Ta2O5 (for 425 000t of contained Li2O and 9 Mlb of Ta2O5); • Measured, Indicated and Inferred Mineral Resources of 31 Mt grading @ 1.22% Li2O. declared, comprising 86% of Total Mineral Resource (fresh rock)
What is 2P and 2C reserves?
3P reserves Defined by the internationally-recognised Petroleum Resources Management System as 2P (proven reserves plus probable reserves) plus 3P (possible reserves). 2C reserves Defined by the internationally-recognised Petroleum Resources Management System as the best estimate of contingent resources.
How do I become a JORC Competent Person?
What are the five mineral resources in Nigeria?
Major Mineral Resources in Nigeria
- PETROLEUM/NATURAL GAS. Petroleum and Natural gas go hand in hand, this was first discovered in Oloibiri, Bayelsa state in 1959.
- COAL. Coal was first discovered in 1909 at Enugu and exploration of it started at the Ogbete Mine in 1916.
- BITUMEN.
- IRON ORE.
- GYPSUM.
- GOLD.
- TALC.
- LEAD/ZINC.
What is 3P in oil and gas?
What Are 3P Oil Reserves? 3P oil reserves are the total amount of reserves that a company estimates having access to, calculated as the sum of all proven and unproven reserves. The 3Ps stand for proven, probable, and possible reserves.
What is 1P 2P and 3P reserves?
“1P reserves” = proven reserves (both proved developed reserves + proved undeveloped reserves). “2P reserves” = 1P (proven reserves) + probable reserves, hence “proved AND probable.” “3P reserves” = the sum of 2P (proven reserves + probable reserves) + possible reserves, all 3Ps “proven AND probable AND possible.”
What are P1 P2 and P3 reserves?
These reserves are further classified into three sub-categories – Proven (P1), Probable (P2) & Possible (P3) reserves depending on the degree of probability and the level of technical certainty of production.