Mineral Resource
A concentration of minerals with reasonable prospects for economic extraction, classified as inferred, indicated, or measured.
Detailed Definition
A mineral resource is a concentration or occurrence of material of economic interest in or on the Earth's crust in such form, quality, and quantity that there are reasonable and realistic prospects for eventual economic extraction.
Resource classification categories (increasing confidence)
Inferred Mineral Resource: - Estimated from limited geological evidence - Quantity and grade based on limited sampling - Lowest confidence level - Not used for economic evaluations
Indicated Mineral Resource: - Estimated from adequate geological evidence - Quantity, grade, and characteristics reasonably estimated - Sufficient confidence for mine planning - Can be converted to probable reserves
Measured Mineral Resource: - Estimated from detailed geological evidence - Quantity, grade, shape, and characteristics well established - Highest confidence level - Can be converted to proven reserves
Regulatory framework: Resource reporting follows standards like SEC Regulation S-K 1300, JORC Code (Australia), NI 43-101 (Canada), and the CRIRSCO Template internationally.
Related Terms
Mineral Reserve
The economically mineable portion of a measured or indicated mineral resource, classified as probable or proven.
Ore
Rock or material from which valuable minerals or metals can be profitably extracted.
Assay
A chemical test performed on ore or rock samples to determine the concentration of valuable minerals.