Reporting industrial mineral exploration results according to the JORC Code
A. Scogings1, I. Chen2 & G. Jeffress3
1 MAIG, MAusIMM, RP Geo (Industrial Minerals). CSA Global Pty Ltd
2 MAusIMM, GAICD. Non-exec. Member of the VALMIN Committee. CSA Global Pty Ltd.
3 FAIG, RPGeo, FAusIMM, FSEG. Member of the JORC Committee. CSA Global Pty Ltd.
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Industrial minerals such as graphite are minerals and rocks mined and processed mainly for the value of their physical properties. They are commonly classified according to a diverse range of specifications, including chemical purity, mineralogy, particle size distribution, and density.
The requirements for publicly reporting the outcomes of exploration activities remain underpinned by the requirements of the JORC Code and the listing rules of the Australian Securities Exchange (ASX).
This paper examines the reporting of industrial mineral exploration results in general, with an emphasis on considerations that should be applied to the reporting of flake graphite results.
Industrial minerals including graphite, and more recently lithium minerals, have become the focus of attention for listed exploration and mining companies. This is mainly due to developments in rechargeable battery technologies, driven by growing demand from the emerging electric vehicle market and solar storage sectors.
Consequently, the race has been on to acquire tenure, report larger exploration targets and resources, and to tell the market why one’s project has merits above and beyond competitor projects. Additionally, the need to differentiate and stand out from the crowd, to attract investment is a strong driver for many projects reliant on equity funding.
In Australia, publicly listed companies are required to adhere to the Australian Corporations Act, the listing rules of the Australian Stock Exchange (or other relevant exchanges), and the JORC Code, when releasing public reports on matters relating to Mineral Resources and Ore Reserves. Additionally, members of the JORC parent professional organisations, the AIG and AusIMM, are bound by their respective Codes of Ethics to adhere to the requirements of the JORC Code, when preparing public reports.
As with all other commodities, public reports about industrial mineral (”IM”) Exploration Results (“ER”) require the input of suitably experienced Competent Persons (“CP”) presenting material information in a transparent and material way.
The authors note that review is for information purposes only and does not specifically constitute the opinion of either CSA Global, nor the JORC1 and VALMIN2 committees.
1 While Graham Jeffress is a member of JORC, any comments and views presented are his own and should not be taken as necessarily representing those of the full JOR committee.
2 While Ivy Chen is a non-executive of VALMIN, any comments and views presented are her own and should not be taken as necessarily representing those of the full VALMIN committee.
AIG Notebook: N2017-002