The process of classifying minerals from the deposits with accordance to their value in the economy as well as geological certainty is known as mineral resource classification. Mineral companies use this basic classification
A mineral deposit can be classified into two, and these are:
Mineral resources – These have a potential value and the prospection of these aims to extract these minerals when the time calls for it and the economy favors.
Mineral Reserves a.k.a. Ore reserves – These show value and can be easily extracted through mechanical processes and are favored legally and economically.
In the terms of mining, any ore deposit itself should have an ore reserve. This ore reserve can also have other resources.
Classification, being a function in the economy, is overseen by the regulations, statutes and practices set by the government. Mineral companies within their jurisdiction must follow those classifications. You can find a number of different classification schemes from different countries round the world.
Mineral resources are technically the concentrated occurrence of a certain material that has brought about some interest from the economy. Because of how it is formed, the quality of the mineral as well as how much of there is, plans for extracting is made for future use in the economy. Mineral resources itself can also be sub-divided into different sub-classifications. These include the order of increasing geological confidence, indication and measured categories, as well as into inferred.
An inferred Mineral Resource is the mineral resources that lack further info or has its mineral tone, grade, and content to have a low level confidence. The mineral resources are inferred through geological evidence and have already been assumed but lack verification of its grade. The basis of the information only comes from the techniques used in outcrops, pits, trenches, workings, as well as drilled holes that provide little data with regards to the quality of the mineral and its reliability.
An indicated resource has its info from the samples gotten from the surrounding area which reveal traces of the mineral and can be estimated. The confidence level of the mineral is reasonable.
For measured resources, many processes have been done with accordance to the mining code. Because of the many measurements taken, there is a high level of confidence with regards to the grade of the mineral in the area.
A mineral or ore reserve is a reserve that is considered economically feasible to extract. The reserve that is to be extracted can either be proven or just a probable reserve.
A probable reserve contains resources that are to be mined through economically viable processes. These can also be linked to a measured mineral resource. The processes of mining these include diluting the material. When diluting, some material may be lost. Compared to a proven ore reserved, a probable reserve has a lower level of confidence.
A proved ore reserve, just like a measured mineral resource has a high level of confidence as the indication of the desired mineral has been proven through a number of processes. There are some cases where the mineralization of the mineral prevents a proved reserved to be mined by the workers through current mining methods, according to some mineral royalty companies.