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Inferred Mineral Resource
The term “Inferred Mineral Resource” refers to that part of a Mineral Resource for
which quantity and grade or quality can be estimated on the basis of geological
evidence and limited sampling and reasonably assumed, but not verified, geological
and grade continuity. The estimate is based on limited information and sampling
gathered through appropriate techniques from locations such as outcrops, trenches,
pits, workings and drill holes.
Qualified Person
(1)
The term “Qualified Person” refers to an individual who is an engineer or geoscientist
with at least five years of experience in mineral exploration, mine development or
operation or mineral project assessment, or any combination of these, and has
experience relevant to the subject matter of the mineral project and the technical
report, and is a member in good standing of a professional association.
SEC Industry Guide 7 Definitions
Reserve
The term “Reserve” refers to that part of a mineral deposit that could be economically
and legally extracted or produced at the time of the reserve determination. Reserves
must be supported by a feasibility study
(2)
done to bankable standards that
demonstrates their economic extraction (“bankable standards” implies that the
confidence attached to the costs and achievements developed in the study is sufficient
for the project to be eligible for external debt financing). A reserve includes
adjustments to the in-situ tonnes and grade to include diluting materials and allowances
for losses that might occur when the material is mined.
Proven Reserve
The term “Proven Reserve” refers to reserves for which (a) quantity is computed from
dimensions revealed in outcrops, trenches, workings or drill holes; (b) grade and/or
quality are computed from the results of detailed sampling; and (c) the sites for
inspection, sampling and measurement are spaced so closely and the geologic character
is so well-defined that size, shape, depth and mineral content of reserves are well
established.
Probable Reserve
The term “Probable Reserve” refers to reserves for which quantity and grade and/or
quality are computed from information similar to that used for proven (measured)
reserves, but the sites for inspection, sampling and measurement are farther apart or are
otherwise less adequately spaced. The degree of assurance, although lower than that
for proven reserves, is high enough to assume continuity between points of
observation.
Mineralized Material
(3)
The term “Mineralized Material” refers to material that is not included in the reserve as
it does not meet all of the criteria for adequate demonstration for economic or legal
extraction.
Non-Reserves
The term “Non-Reserves” refers to mineralized material that is not included in the
reserve as it does not meet all of the criteria for adequate demonstration for economic
or legal extraction.
Exploration Stage
An “Exploration Stage” prospect is one that is not in either the development or
production stage.
Development Stage
A “Development Stage” project is one that is undergoing preparation of an established
commercially mineable deposit for ore extraction but that is not yet in production.
This stage occurs after completion of a feasibility study.
Production Stage
A “Production Stage” project is actively engaged in the process of extraction and
beneficiation of Mineral Reserves to produce a marketable metal or mineral product.