Resource Evaluation in the Mining Industry

Resource Evaluation for Mineral Occurrences

• Resource evaluation is conducted to determine the quantity and quality of a mineral occurrence.
• The evaluation aims to drill and sample the specific horizon or strata where the desired minerals are found.
• The goal is to obtain enough drilling density to meet economic and legal standards.
• The level of detail required for resource evaluation varies based on factors such as financial situation, deposit size, and company structure.
• Small partnerships and private non-corporate enterprises typically require a low level of detail for resource estimation.
• Corporations seeking debt equity for capital-intensive extraction infrastructure require a higher level of rigor in resource estimation.
• The purpose of resource evaluation is to generate enough data to determine when extraction can begin.
• The evaluation process involves drilling and sampling the prospective horizon to assess the grade and tonnage of the minerals.
• The density of drilling is crucial in resource evaluation to ensure accurate estimation.
• Economic and statutory standards guide the resource evaluation process.
• The financial situation and size of the deposit influence the level of detail required for resource estimation.
• Resource evaluation is an essential step in determining the feasibility and profitability of extracting minerals from a deposit.