Abstract
Mineral and petroleum resources are in situ concentration of minerals existing on or in the Earth's crust that eventually may become reserves, primary sources for economic extraction. The key functions are estimation of quantity (tonnage) and quality (percentage mineral or metal content) and classification scheme. The various time-tested estimation procedures for small and large deposits including oil and fuel reservoirs are based on complexity of mineralization, exploration techniques, sampling type, and adequacy. The classification scheme and reporting codes have been evolved by different countries to propagate between exploration and mining companies, investors, and financial hubs through stock exchanges.
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