JORC standards for ores reporting

The Joint Ore Reserves Committee (JORC) Code sets out minimum standards,
recommendations, and guidelines for reporting of exploration results, mineral resources,
and ore reserves. It is widely recognized as the standard for public reporting of exploration
results, mineral resources, and ore reserves in many countries, including Australia.
The JORC Code consists of three main components:
Exploration Results: Information regarding mineralization discovered during exploration
activities, including sampling, drilling, and other testing.
Mineral Resources: Estimates of mineralization that have reasonable prospects for
economic extraction based on geological evidence and assumed metal prices, costs, and
mining methods.
Ore Reserves: Estimates of mineralization that can be economically and legally extracted
based on detailed and reliable exploration, technical, and economic assessments.
Key principles of the JORC Code include
• Transparency
• Materiality
• Competence.

Reports prepared in accordance with the JORC Code should include

• Clear And Factual Information,
• Avoid Misleading Statements,
• and be Prepared By Competent Persons With Relevant Experience.

The JORC Code

Provides guidelines for reporting criteria, including the specification of reporting
requirements for exploration results, mineral resources, and ore reserves. It also outlines
requirements for the estimation and reporting of tonnages, grades, and other relevant
parameters.
It's important to note that while the JORC Code is widely adopted and respected, it is not
a legal requirement in all jurisdictions. However, many countries and stock exchanges
require companies to comply with the JORC Code or similar standards for reporting of
exploration results, mineral resources, and ore reserves.
Certainly! Here are some additional details about the JORC Code:
Compliance: Companies listed on the Australian Securities Exchange (ASX) are
required to comply with the JORC Code when reporting exploration results, mineral
resources, and ore reserves. Other exchanges and regulatory bodies may also require or
recommend compliance with the JORC Code.
Competent Persons: Reports prepared in accordance with the JORC Code must be
signed off by a "Competent Person." A Competent Person is defined as a professional
with relevant experience in the mineralization, type of deposit, and mining activity being
reported.
Reporting Requirements: The JORC Code specifies the information that must be
included in reports, such as the basis of the estimates, data verification procedures, and
key assumptions used in the estimation process.
Classification of Mineral Resources and Ore Reserves: The JORC Code defines
categories for classifying mineral resources and ore reserves based on the level of
geological confidence and economic viability. These categories include Measured,
Indicated, and Inferred mineral resources, as well as Proved and Probable ore reserves.
Public Reporting: Reports prepared in accordance with the JORC Code are intended
for public disclosure and are expected to provide investors and other stakeholders with a
clear understanding of the mineral potential and economic viability of a project.
Reconciliation: Companies are encouraged to report on the reconciliation between
estimated mineral resources and ore reserves and actual production data to demonstrate
the accuracy of their estimates.
Updating of Reports: Reports prepared in accordance with the JORC Code should be
updated regularly to reflect new information, changes in circumstances, or improvements
in estimation methods.
Overall, the JORC Code is designed to promote transparency, integrity, and confidence
in the reporting of exploration results, mineral resources, and ore reserves, thereby
helping investors make informed decisions about mining projects.
JORC STANDARDS
In the context of the JORC Code and mineral resource reporting, "standards" refer to the
set of rules, guidelines, and principles that govern how exploration results, mineral
resources, and ore reserves are evaluated, estimated, and reported. These standards
are designed to ensure that the information provided to investors and other stakeholders
is accurate, reliable, and comparable.
Key standards and guidelines related to mineral resource reporting include:
JORC Code: The Joint Ore Reserves Committee (JORC) Code is a leading standard for
reporting exploration results, mineral resources, and ore reserves. It sets out minimum
standards, recommendations, and guidelines for reporting in Australia and other
jurisdictions.
CRIRSCO Template: The Committee for Mineral Reserves International Reporting
Standards (CRIRSCO) has developed a template that provides a framework for reporting
mineral resources and ore reserves in a consistent and transparent manner across
different countries.
NI 43-101: The National Instrument 43-101 (NI 43-101) is a Canadian standard for the
disclosure of information about mineral properties. It sets out requirements for reporting
exploration results, mineral resources, and ore reserves in Canada.
SAMREC Code: The South African Code for the Reporting of Mineral Resources and
Mineral Reserves (SAMREC Code) is a guideline for the reporting of mineral resources
and mineral reserves in South Africa.
VALMIN Code: The VALMIN Code is the Australian code for the valuation of mineral
properties. It provides guidelines for the valuation of mineral assets based on mineral
resources and ore reserves.
These standards and guidelines are used by mining companies, consultants, and
regulators to ensure that mineral resource reporting is consistent, reliable, and
comparable across different projects and jurisdictions. Compliance with these standards
helps to build trust among investors and stakeholders and promotes transparency in the
mining industry.