Methods of Three-part Quantitative Assessments of Undiscovered Mineral Resources: Examples from Victoria, Australia

Abstract

Quantitative mineral resource assessments following the 3-part form rely on grade and tonnage models and probabilistic estimates of the number of undiscovered deposits. Assessments completed in Victoria, Australia, indicate that undiscovered mineral resources can be effectively estimated using grade and tonnage sub-models constructed using only medium- and large-tonnage deposits. Numbers of undiscovered deposits can be estimated on the basis of expert judgement or entirely by statistical means. Appropriate mathematical aggregation of individual expert views, expressed at interactive expert workshops, provides robust estimates of the number of undiscovered deposits. Underestimation of uncertainty, which is common in expert judgement, can be compensated by the statistical modification of individual interval estimates. In this study, the linear opinion pool was used as a simple and robust method of mathematical aggregation of multiple expert estimates of the number of undiscovered deposits. A general regression model, which estimates numbers of undiscovered deposits based on the size of the geologically permissive area and the median deposit tonnage, provided results generally compatible with those based on expert judgement or local deposit density models.