Podcast
Questions and Answers
What do Greenfields classification typically involve regarding mining rights?
What do Greenfields classification typically involve regarding mining rights?
Which type of resource classification indicates limited geological evidence?
Which type of resource classification indicates limited geological evidence?
What does the term 'Probable Reserves' imply in resource classification?
What does the term 'Probable Reserves' imply in resource classification?
What activity is allowed under Measured Resources classification?
What activity is allowed under Measured Resources classification?
Signup and view all the answers
What is the primary role of a 'Competent person' in resource classification?
What is the primary role of a 'Competent person' in resource classification?
Signup and view all the answers
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?
Signup and view all the answers
What do Brownfields classifications signify concerning mining rights?
What do Brownfields classifications signify concerning mining rights?
Signup and view all the answers
What does successful Greenfields exploration typically generate?
What does successful Greenfields exploration typically generate?
Signup and view all the answers
What does the classification of Proven Reserves indicate?
What does the classification of Proven Reserves indicate?
Signup and view all the answers
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?
Signup and view all the answers
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?
Signup and view all the answers
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?
Signup and view all the answers
What does modifying factors in reserve estimation affect?
What does modifying factors in reserve estimation affect?
Signup and view all the answers
In the mining model, which aspect is primarily addressed?
In the mining model, which aspect is primarily addressed?
Signup and view all the answers
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?
Signup and view all the answers
Which of the following statements about the ore reserve model is true?
Which of the following statements about the ore reserve model is true?
Signup and view all the answers
What does the concept of 'grade control' entail in the mining process?
What does the concept of 'grade control' entail in the mining process?
Signup and view all the answers
Which modeling type helps create an economic block model through economic evaluations?
Which modeling type helps create an economic block model through economic evaluations?
Signup and view all the answers
Which step in the mine value chain follows resource estimation?
Which step in the mine value chain follows resource estimation?
Signup and view all the answers
What is the total amount of measured resources calculated in million ounces?
What is the total amount of measured resources calculated in million ounces?
Signup and view all the answers
What percentage of the original resources was actually converted into reserves?
What percentage of the original resources was actually converted into reserves?
Signup and view all the answers
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?
Signup and view all the answers
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?
Signup and view all the answers
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?
Signup and view all the answers
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?
Signup and view all the answers
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?
Signup and view all the answers
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?
Signup and view all the answers
What key factor should engineers consider to reduce costs during mining operations?
What key factor should engineers consider to reduce costs during mining operations?
Signup and view all the answers
What is the current spot price of gold stated in the content?
What is the current spot price of gold stated in the content?
Signup and view all the answers
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.
Studying That Suits You
Use AI to generate personalized quizzes and flashcards to suit your learning preferences.
Related Documents
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.
