+1 (775) 753-6605 info@rangefront.com

Mineral resources and mineral reserves are crucial data points in a mining company’s operations. In mining and exploration, the terms “Mineral Resource” and “Mineral Reserve” can be confusing—and are often used incorrectly or even interchangeably. Mineral resources and reserves have a number of differentiating factors which are important to understand for reporting purposes, feasibility studies, financing, operational strategy, and more.

WHAT IS A MINERAL RESOURCE?

 A mineral resource is a concentration of mineral deposits of economic interest within the earth’s crust. To count as a mineral resource, these minerals must be in a form, grade, and quantity that is of economic interest for extraction.

Mineral resources are discovered during the exploration phase of a mineral project. Multiple geophysical tests are typically performed to identify imperative details about the mineral deposit, including the location, quantity, grade, geological characteristics, location, depth, feasibility, and more. This information will be used to determine the feasibility and economic benefit of mining the resource, thus helping to determine if the mineral can be considered a mineral reserve.

WHAT IS A MINERAL RESERVE?

The definition of a mineral reserve is the portion of a mineral resource that can be realistically and economically mined. A mineral reserve must be proven by a detailed evaluation program, usually involving drilling and geophysical testing, to prove that a deposit is of sufficient quantity and quality to be defined as a viable, economically mineable reserve.

A mineral reserve will typically include allowances for losses that may occur during the extraction process as defined by pre-feasibility or feasibility studies. To attain the distinction of being a “reserve,” this resource must also be fully evaluated and deemed commercially viable to work.

Mineral reserves are typically defined as probable or proven reserves. Proven reserves are reserves where the spatial information of the reserve, including size, shape, and depth, as well as mineral content of the reserves are well-established. Probable reserves have some of the same qualities of a proven reserve, but may have sites for inspection, sampling, or measurement that are farther apart or otherwise less adequately spaced, which makes the data less reliable than for proven reserves. 

WHAT IS THE DIFFERENCE BETWEEN A MINERAL RESOURCE AND MINERAL RESERVE?

 The definition of a mineral reserve is stricter than that of a mineral resource. E.g., all mineral reserves are mineral resources, but not all mineral resources are a mineral reserve. Mineral reserves must be economically mineable based on location, quantity, grade, geological characteristics, feasibility, and more. Mineral resources, however, are a report of the minerals in the mining area but not necessarily yet proven to be economically mineable. 

FINAL THOUGHTS

 Mineral resources and mineral reserves are the backbone of a successful mining project. If your company requires expertise to produce data for resources and reserves or operational strategy to maximize your yields, contact the experts at Rangefront Mining Services today.

ABOUT THE AUTHOR

BRIAN GOSS

President, Rangefront Mining Services

Brian Goss brings over 20 years of experience in gold and mineral exploration. He is the founder and President of Rangefront, a premier geological services and mining consulting company that caters to a large spectrum of clients in the mining and minerals exploration industries. Brian is also a director of Lithium Corp. (OTCQB: LTUM), an exploration stage company specializing in energy storage minerals and from 2014 to 2017, he fulfilled the role of President and Director of Graphite Corp. (OTCQB: GRPH), an exploration stage that specialized in the development of graphite properties. Prior to founding Rangefront, Brian worked as a staff geologist for Centerra Gold on the REN project, as well as various exploration and development projects in the Western United States and Michigan. Brian Goss holds a Bachelor of Science Degree with a major in Geology from Wayne State University in Michigan.

You may also be interested in...

What are Geophysical Services?

What are Geophysical Services?

Geophysical services are services that pertain to the collection, interpretation, and mapping of the physical properties of the surface and subsurface (below-ground) of an area. Some of the properties measured include gravity, magnetics, seismic refraction/reflection,...

What are Mining Services?

What are Mining Services?

Mining services are typically defined in two different ways. The first is for physical mining operations, which includes the extraction of minerals, metals, and other material from the earth for industrial and commercial use. Mining services can also be defined as...

How to Find Mining Job Openings

How to Find Mining Job Openings

Metal ore mining jobs are expected to grow by 16.3% over the next 10 years which is over double the expected national workforce growth rate. With higher commodity prices and an electric energy trend that positively impacts mining for copper, nickel, lithium, and more,...

What is Mining Contract Labor?

What is Mining Contract Labor?

If you are searching for a career in the mining industry or are searching for temporary laborers for your mining project, you may have seen the phrase “mining contract labor.” This refers to employees who are hired on a contract basis for a temporary or seasonal need....

Are Mining Jobs in Demand?

Are Mining Jobs in Demand?

If you are in the mining industry or considering entering it, you may be wondering if mining jobs are in demand. MINING INDUSTRY OUTLOOK 2021 While the COVID-19 pandemic presented new challenges to the mining industry, resulting in many commodity prices decreasing...

About Rangefront’s Mining Recruiting Services

About Rangefront’s Mining Recruiting Services

Rangefront offers staffing and recruiting services for the mining and geology industries. Whether you are looking for contract or seasonal labor or are looking for a direct hire, our recruiting experts can help. We know you have a lot of options when it comes to...