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Critical review of mineral resource classification techniques in the gold mining industry
Published in Christoph Mueller, Winfred Assibey-Bonsu, Ernest Baafi, Christoph Dauber, Chris Doran, Marek Jerzy Jaszczuk, Oleg Nagovitsyn, Mining Goes Digital, 2019
Capital-intensive investment decisions are made in the mining industry with respect to confidence levels displayed in the mineral resources and reserves. The quality and quantity of materials estimated to be mined from a deposit have economic implications on the production schedule. The uncertainties with regards to the composition of a deposit may result in unreliable estimates and misclassification of resources. Although the various industry mineral resource reporting standard codes provide guidelines to be followed in generating classification reports, different mining companies use various procedures because each Competent Person (CP) or Qualified Person (QP) uses different assumptions, since none of the codes provides consistent assumptions to be adopted for reporting purposes. This has created classification categorization inconsistencies, leading to the disclosure of mineral resource reports with different accuracies in the industry. Mineral resource classification is a key requirement for public reporting of economic assessment and investor confidence in a mineral project.
Quantifying the criteria for classification of mineral resources and reserves through the estimation of block model uncertainty using geostatistical methods: a case study of Khoshoumi Uranium deposit in Yazd, Iran
Published in Geosystem Engineering, 2020
Mojtaba Taghvaeenezhad, Mohammadreza Shayestehfar, Parviz Moarefvand, Ali Rezaei
Mineral resource classification is vital in uncertainty assessment and risk analysis of mineral resource development. Using parameters obtained from geostatistical relations such as estimation variance, block variance, Lagrange coefficient, and the average function Fisher can be quantitatively categorized errors and calculated relationships (Cressie, 1990). These classifications will be in accordance with standard JORC codes (JORC, 2012). The categorization of mineral resources in the JORC standard generally depends on the geological model of the deposit, the sampling quality and the data spacing (Rivoirard & Renard, 2016). Other parameters available in the estimation, such as the number of data contributed to the estimation of a block or the number of bumps involved in estimating a block, can also be used to perform innovative quantifications.
Fuzzy logic approach in resource classification
Published in International Journal of Mining, Reclamation and Environment, 2019
Erkan Ozkan, Melih Iphar, Adnan Konuk
Since reliable information is fundamental for financial institutions and investors to make strategic decisions about mine planning, classification of mineral resources is of great importance [1]. Therefore, mineral resource classification and reserve estimation are the most critical stages for the economic assessment of mining projects. It depends heavily on the number and spatial distributions of geological data, and resource estimation method used [2]. An effective mineral resource estimate should combine various facets such as geological and geotechnical data collection, sampling and assaying, bulk density determination, geological interpretation and modelling, grade/tonnage estimation, validation and resource confidence classification and reporting [3]. Investors need correct and reliable resource classifications following exploration studies in order to make investment decisions on planning of mining operations under current economic and political conditions.
Practical application of a multi-layer scorecard workflow (MLSW) for comprehensive mineral resource classification
Published in Applied Earth Science, 2023
Mineral resource classification is extremely relevant for investment decisions, reserve estimation, and mine planning, and helps to provide a more informed understanding of the potential risks of exploiting a deposit. The economic viability of mining projects depends on multiple factors, with resource classification playing a crucial role throughout the mining process. Accurate resource classification is essential for a reliable assessment of risk within a mineral deposit. Companies typically report their economic assessment results to attract investments, and mineral resource classification standards were established to provide a clear framework for public disclosure of mineral deposits.