Podcast
Questions and Answers
What do Greenfields classification typically involve regarding mining rights?
What do Greenfields classification typically involve regarding mining rights?
- Reclamation rights
- Prospecting rights (correct)
- Production rights
- Mining permit/rights
Which type of resource classification indicates limited geological evidence?
Which type of resource classification indicates limited geological evidence?
- Measured Resources
- Inferred Resources (correct)
- Probable Reserves
- Proven Reserves
What does the term 'Probable Reserves' imply in resource classification?
What does the term 'Probable Reserves' imply in resource classification?
- Measured Resources with detailed understanding
- Resources with an uncertain recovery rate (correct)
- High confidence in geological estimates
- Resources expected to be economically viable
What activity is allowed under Measured Resources classification?
What activity is allowed under Measured Resources classification?
What is the primary role of a 'Competent person' in resource classification?
What is the primary role of a 'Competent person' in resource classification?
Which type of resource classification typically demonstrates the highest level of geological confidence?
Which type of resource classification typically demonstrates the highest level of geological confidence?
What do Brownfields classifications signify concerning mining rights?
What do Brownfields classifications signify concerning mining rights?
What does successful Greenfields exploration typically generate?
What does successful Greenfields exploration typically generate?
What does the classification of Proven Reserves indicate?
What does the classification of Proven Reserves indicate?
Which resource classification level is characterized by a high degree of geological certainty?
Which resource classification level is characterized by a high degree of geological certainty?
What is the primary purpose of geological modeling in the mine value chain?
What is the primary purpose of geological modeling in the mine value chain?
Which of the following factors is NOT considered in the reserve estimation process?
Which of the following factors is NOT considered in the reserve estimation process?
What does modifying factors in reserve estimation affect?
What does modifying factors in reserve estimation affect?
In the mining model, which aspect is primarily addressed?
In the mining model, which aspect is primarily addressed?
What is the role of cut-off grade in the reserve estimation process?
What is the role of cut-off grade in the reserve estimation process?
Which of the following statements about the ore reserve model is true?
Which of the following statements about the ore reserve model is true?
What does the concept of 'grade control' entail in the mining process?
What does the concept of 'grade control' entail in the mining process?
Which modeling type helps create an economic block model through economic evaluations?
Which modeling type helps create an economic block model through economic evaluations?
Which step in the mine value chain follows resource estimation?
Which step in the mine value chain follows resource estimation?
What is the total amount of measured resources calculated in million ounces?
What is the total amount of measured resources calculated in million ounces?
What percentage of the original resources was actually converted into reserves?
What percentage of the original resources was actually converted into reserves?
How much did the grade of gold decrease from measured resources to proven reserves?
How much did the grade of gold decrease from measured resources to proven reserves?
If the spot price of gold is $2650 USD/oz, what is the financial total for proven reserves in million USD?
If the spot price of gold is $2650 USD/oz, what is the financial total for proven reserves in million USD?
Which measure indicates that more work and money are needed to convert to reserves?
Which measure indicates that more work and money are needed to convert to reserves?
What is the dilution effect experienced in the conversion from resources to reserves?
What is the dilution effect experienced in the conversion from resources to reserves?
How did the total financial cost change from measured resources to proven reserves?
How did the total financial cost change from measured resources to proven reserves?
How many kt of resources were indicated at the Goldfields South Deep Mine?
How many kt of resources were indicated at the Goldfields South Deep Mine?
What key factor should engineers consider to reduce costs during mining operations?
What key factor should engineers consider to reduce costs during mining operations?
What is the current spot price of gold stated in the content?
What is the current spot price of gold stated in the content?
Flashcards
Resource Classification
Resource Classification
Categorization of mineral deposits based on geological knowledge and exploration data.
Reserve Classification
Reserve Classification
Categorization of mineral resources that are economically and legally viable to extract.
Greenfield Exploration
Greenfield Exploration
Prospecting for minerals in areas with limited previous exploration.
Brownfield Exploration
Brownfield Exploration
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Inferred Resources
Inferred Resources
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Indicated Resources
Indicated Resources
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Measured Resources
Measured Resources
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Proven Reserves
Proven Reserves
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Probable Reserves
Probable Reserves
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Competent Person
Competent Person
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Geological Model
Geological Model
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Ore Resource Modifying Factors
Ore Resource Modifying Factors
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Ore Reserve Model
Ore Reserve Model
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Cut-off Grade
Cut-off Grade
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Economic Block Model
Economic Block Model
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Mining Model
Mining Model
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Grade Control
Grade Control
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Production & Reconciliation
Production & Reconciliation
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3D Modeling in Mining
3D Modeling in Mining
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Resource vs. Reserve
Resource vs. Reserve
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Mineral Reserve
Mineral Reserve
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Grade
Grade
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Dilution
Dilution
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Economic Viability
Economic Viability
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Conversion of Resources to Reserves
Conversion of Resources to Reserves
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Value of Resources / Reserves
Value of Resources / Reserves
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Study Notes
Resource and Reserve Classifications
- Greenfields: Prospecting rights
- Brownfields: Mining permit/rights
- Inferred Resources: Estimated quantity and grade based on limited geological evidence. Geological evidence implies but does not verify continuity. Allows for grassroots and greenfields exploration.
- Indicated Resources: Estimated quantity, grade, density, shape, and physical characteristics with sufficient confidence to apply modifying factors for mine planning and economic viability assessment. Allows for greenfields exploration, resource modeling, and early mine design, with sampling mostly via drilling.
- Measured Resources: Precise quantity, grade, density, shape, and physical characteristics estimated confidently for detailed mine planning and economic viability evaluation. Geological evidence is detailed and reliable with confirmed geological and grade continuity. A higher confidence level than indicated or inferred resources.
Mine Value Chain
- Exploration and Data Collection: Includes the resource database and exploration 3D modeling.
- Geological Interpretation and Modelling: Includes interpretation, modeling, and statistical analysis.
- Mineral Resource Estimation: Includes classification and reporting of the ore resource.
- Modifying Factors: Economic, mining, metallurgical, legal, environmental, social, and governmental factors are considered, impacting mine planning and reserve conversion.
- Ore Reserve Estimation and Classification: Estimating economically mineable ore and classifying it as proved, probable, or possible.
- Risk and Sensitivity Assessments: Evaluating mine risks impacting estimations.
- Grade Control, Production, and Reconciliation: Monitoring mined resources and reserves, ensuring production and reconciliation with resource estimations.
Resource and Reserve Classifications (Financial Implications)
- Conversion cost: The difference in financial value between a mineral resource and a reserve due to modifying factors.
- Modifying Factors: Economic, social, legal, environmental factors influence conversion from resources to reserves. Cutting costs in modifying factors can determine profitability.
- Gold Price: A key element in valuing and converting resources to reserves.
Reserve Classifications
- Proven Reserves: Economically mineable part of a measured mineral resource, implying high confidence in modifying factors.
- Probable Reserves: Economically mineable part of indicated or measured resource, with lower confidence in modifying factors than proven reserves.
Different Types of Modeling
- Geological Resource Model: Computerized and schematic representation of Earth's crust. Based on geophysical and geological observations.
- Reserve Estimation- Ore Reserve Model: Economic factors such as costs and expected revenues used to determine cut-off grades and block location for ore reserves.
- Mining Model: Mine design, equipment, ventilation, service portals, access, and stope scheduling considerations.
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Description
Test your knowledge on different classifications of resources and reserves in mining. This quiz covers the distinctions between greenfields, brownfields, and various resource categories such as inferred, indicated, and measured resources. Understand how these classifications impact mine planning and economic assessments.
