What does JORC compliant mean?
What is the JORC Code? The Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (‘the JORC Code’) is a professional code of practice that sets minimum standards for Public Reporting of minerals Exploration Results, Mineral Resources and Ore Reserves.
What is a NI 43-101 technical report?
In general, an NI 43-101 Technical Report should be a good summary of the scientific and technical material concerning exploration, development and production on an issuer’s material property (or properties) whether it be an initial report on a property or a summary of the feasibility study.
What is a qualified person NI 43-101?
NI 43-101 requires a company to file a technical report at certain times, prepared in a prescribed format. In some circumstances, the qualified person must be independent of the company and the property. A company is required to use specified terminology when disclosing resources and reserves.
What does JORC stand for in mining?
JORC refers to the mining industry’s official code for reporting exploration results, mineral resources and ore reserves, managed by the Australasian Joint Ore Reserves Committee. “Modifying factors” are considerations used to convert resources to reserves.
Who is responsible for the disclosure required under National Instrument 43 101?
However, NI 43-101 does apply to any public disclosure made by or on behalf of the issuer that is based on the technical information in these reports or which refers to the results and findings of these reports.
What is a mining issuer?
Mining Issuer . ‘ generally means a company that operates in any of the precious metals, base metals or minerals industries and that qualifies as a principal-business corporation as defined in subsection 66(15) of the Tax Act.
How do you become a QP in Canada?
The QP is 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, has experience relevant to the subject matter of the mineral project, and is in good standing with a …
How do you become a geologist QP?
The QP applicant must have at least 10 additional years of practical or professional experience after graduating with an engineering or geoscience degree from an accredited college or university. The experience should include at least 5 years in positions of responsibility in mining, metallurgical or geosciences.
What is the difference between Mineral Resource and mineral reserve?
Mineral Resources are subdivided, in order of increasing geological confidence, into Inferred, Indicated and Measured Mineral Resources, as indicated in Figure below. A Mineral Reserve is the economically mineable part of a Measured and/or Indicated Mineral Resource.
How long does it take to become a QP?
You have the option of doing your QP training in 12 months or longer. You can start and finish whenever you choose and take as many or as few modules as you wish over a period that suits you. We provide the flexibility to fit your QP training into your work life.
What is a QP Ontario?
The Ontario Ministry of the Environment & Climate Change (MOECC) is proposing to define a ‘Qualified Person’ (QP) to be a person with a license or limited license under the Professional Engineers Act.
What is a QP in mining?
A QP is “An individual who is an engineer or geoscientist with the requisite experience in mineral exploration, mine development, operations or project assessment, including experience relevant to the subject matter of the project or report, and is a member in good standing of a recognized professional organization.”
What is the difference between measured indicated and inferred?
Mineral Resources and Mineral Reserves must be reported on a site by site basis. “The measured and Indicated Mineral Resources are additional to the Mineral Reserves”. Inferred Mineral Resources are, by definition, always additional to Mineral Reserves.
What are the 4 main types of mineral resources?
Mineral resources can be divided into two major categories – Metallic and Nonmetallic. Metallic resources are things like Gold, Silver, Tin, Copper, Lead, Zinc, Iron, Nickel, Chromium, and Aluminum. Nonmetallic resources are things like sand, gravel, gypsum, halite, Uranium, dimension stone.
Does Canada have rare earth minerals?
Canada has 13 active rare earth projects, the federal government says. Most are in Saskatchewan and Quebec, where the only other mine near production — the Kipawa project, owned by the same Australian company that owns Cheetah — is located.
What is the difference between NI 43-101 and JORC Code?
The National Instrument 43-101 requires substantially more technical disclosure to the market than the equivalent JORC Code, because the JORC Code is primarily a code for reporting the status of a mineral resource, whereas the NI 43-101 is a code of securities disclosure.
What is NI 43-101 and why does it matter?
NI 43-101 was created by the Canadian Securities Administrators, a group that is largely made up of lawyers. NI 43-101 is therefore much more focused on how technical information is communicated to the public and specifies what information must go into a press release or technical report.
What is NI 43-101?
National Instrument 43-101 (the ” NI 43-101 ” or the ” NI “) is a national instrument for the Standards of Disclosure for Mineral Projects within Canada.
What is the difference between NI 43-101 stipulations and prescribed disclosure?
Stipulations. NI 43-101 stipulates and codifies the form and content of a compliant report (i.e.; a report that complies with the Reporting Standard). Prescribed disclosure within the National Instrument relates to; All disclosure of scientific or technical information, including disclosure of a mineral resource or mineral reserve,…