4. CLASSIFICATION OF RESOURCES
Mineral resources – represents the quantity and quality of a mineral deposit in a given
area, considering its economic potential. Resources can be categorized into Measured,
Indicated and Inferred, depending on the extent to which the area has been studied and
the quality of information, where:
Measured = that part of the resources where geological continuity and quality can be
proven.
Indicated = that part of the resources where geological continuity can be
demonstrated and quality assumed.
Inferred = that part of the resources where geological continuity and quality are
assumed. Sampling stations are amply spaced.
5. CLASSIFICATION OF RESERVES
Mineral Reserves – the portion of the Resources that is economically viable, considering
the legal aspects of the project (social, governmental, environmental), production
assumptions (type of mining, refining, metallurgy, mine optimization, types of transport)
and economics (CAPEX, OPEX, and project cash flow). Reserves can be categorized as
Probable or Proven, where:
Proven = that portion of the “measured resources” which is economically viable.
Probable = that portion of the “indicated/measured resources” which is
economically viable.
