Some comments on the classification of resources and reserves

Abstract

Abstract Resource and reserve classification systems are used by stock markets, investors, mining companies etc. in order to make their decision making apparently more soundly based. In view of the subjectivity of geology and diversity of mining methods, in producing and adhering to such systems those charged with the responsibility of estimating reserves run the risk of inadvertently misleading these people and of risking their own integrity. This is not to say that we should not have classification systems at all, but more that they need to reflect the reality as much as the requirement. There are additional problems at present because of the number of classification systems currently in use and the widely different uses to which they are commonly put. The worldwide acceptance of a single terminology of resource and reserve classification would go some way to reducing these. Different classification systems may be required for different applications. In addition, a move to a more systematic quantitative assessment of confidence is proposed which may reduce some of the problems inherent in such an imprecise science.