Gold Reporting Standards for Exploration Projects

JORC CODE REPORTING The JORC Code, is a professional standard used to report Exploration Results, Mineral Resources, and Ore Reserves. It ensures that reports are clear, honest, and reliable for investors and regulators. It’s built on three key principles: Transparency – clearly explain data, methods, and assumptions. Materiality – include all important information that affects understanding. Competence – reports must be signed by a Competent Person (a qualified geologist or engineer with at least 5 years’ relevant experience). Reporting Levels Exploration Results – raw data (drilling, sampling, assays) Mineral Resources – identified mineralization with potential for economic extraction Inferred, Indicated, Measured (increasing confidence) Ore Reserves – economically mineable part of a resource Probable, Proved Main Steps in JORC Reporting Data Collection & QA/QC Gather samples, drilling, assays Apply quality control (blanks, standards, duplicates) Geological Interpretation Build 3D geological model showing rock types, structures, and mineralization. Resource Estimation Use geostatistical methods (kriging, IDW) to estimate grades and tonnages. Resource Classification Classify as Inferred, Indicated, or Measured based on data confidence. Apply Modifying Factors Assess mining, metallurgy, economics, environment, legal, and social aspects. Convert Resources → Reserves. Validation and Peer Review Check for errors and reasonableness. Peer or independent review is often required. JORC Table 1 and Report Preparation Complete the checklist (sampling, drilling, estimation methods, assumptions). Sign off by the Competent Person. Key Points Always report data honestly and completely. Use reliable and verifiable methods. Never upgrade classification without evidence. Keep all assumptions and limitations clear. In short: The JORC Code turns exploration data into credible, investor-trusted reports by ensuring quality, confidence, and responsibility at every step — from the first drillhole to the final reserve statement.

Title: 🔍 JORC: The Global Benchmark for Reporting What’s in the Ground You can’t manage what you can’t measure — and you certainly can’t fund what you can’t trust. Enter the JORC Code — the gold standard (pun intended) for reporting mineral exploration results, resources, and reserves. Whether you’re listing a junior explorer on the ASX or presenting to investors, JORC 2012 ensures your numbers mean something. Not just tonnes and grades — but confidence, classification, competence. 🔑 Key foundations: • Competent Person: Only qualified, experienced professionals can sign off. • Modifying Factors: From metallurgy to market, nothing gets assumed away. • If not, why not?: Transparency is non-negotiable — declare what you can’t justify. • Reporting format: Standardized tables, classification (Inferred, Indicated, Measured), and plain English summaries. ⚠️ But here’s the risk: JORC can be followed on paper but violated in spirit. 📉 Example: A gold junior reports 800,000 ounces inferred. The drilling is shallow, clustered, and grade continuity isn’t proven. Yet a promotional slide suggests “near-term production” — misleading stakeholders. Result? Valuation collapse when a more conservative Competent Person updates the estimate. 🛡️ Why JORC matters more than ever: • Investors are smarter and more skeptical. • ESG and social licenses now modify reserves as much as metallurgy. • Regulators want clear, audit-ready reporting. 🗣️ Let’s Discuss: Have you ever questioned a JORC-compliant statement? Was it transparent — or too optimistic? Drop your insights below — the next post will explore CIMVAL and how we turn tonnes into dollars. #JORC #MiningStandards #ExplorationGeology #ResourceReporting #MineralCodes #Valuation #MiningProfessionals #TransparencyMattersf

The JORC Code is the Australasian Code for Public Reporting of Technical Assessments and Valuations of Mineral Assets, which sets international standards for reporting mineral exploration results, mineral resources, and ore reserves in the mining industry. Developed by the Joint Ore Reserves Committee, it requires disclosure of information to a high standard, including the classification of resources based on geological knowledge and economic assessment, and mandates that reports are prepared by a "Competent Person". The JORC Code is adopted by stock exchanges in Australia and New Zealand, influencing global reporting standards and being used as a template in other countries. Key Aspects of the JORC Code Purpose: It provides a framework for transparent and consistent public reporting of mineral assets, ensuring that investors and other stakeholders receive reliable information. Reporting Categories: The code classifies geological information and economic assessment into categories like Exploration Results, Mineral Resources (which can be Measured, Indicated, or Inferred), and Ore Reserves. "Competent Person": A crucial element of the JORC Code is the requirement for mineral resource and ore reserve estimates to be reported by a "Competent Person". A Competent Person is a professional geologist or mining engineer who is a member of a relevant professional body, has the necessary experience, and is proficient in their field of expertise. Relationship to Stock Exchanges: The JORC Code is integrated into the listing rules of the Australian and New Zealand stock exchanges, meaning that any company listed on these exchanges must comply with the code for reporting mineral assets. International Influence: Due to its high standards and success, the JORC Code is considered a world leader.

JORC vs NI 43-101: What Every Geologist and Investors Should Know After 22 years in mineral resource evaluation, I’ve worked extensively with both JORC and NI 43-101 reporting codes. While they share the same goal—transparent, reliable disclosure of mineral projects—they differ in structure, terminology, and regulatory oversight. 🔍 JORC (Australia) Principles: Transparency, Materiality, Competence Flexible language, often used in early-stage exploration Strong emphasis on the Competent Person’s judgment 🧾 NI 43-101 (Canada) Legally binding under Canadian securities law Requires strict formatting and disclosure standards The Qualified Person must be independent in many cases 💡 My Take: Understanding both codes isn’t just about compliance—it’s about building trust with investors, regulators, and communities. I’ve seen projects succeed or stall based on how well these frameworks were applied. ✅ Tip for juniors: Learn the nuances early. Your technical skills are only as valuable as your ability to communicate them clearly and credibly. 💼 Tips for Investors: Don’t just look at the numbers—look at the reporting code behind them. A JORC Inferred Resource is not the same as a NI 43-101 Measured Resource. Ask who the Competent or Qualified Person is. Their experience and independence matter. Be cautious with early-stage reports that lack rigorous disclosure. Transparency is key to long-term value. I'm curious to hear from others: 👉 What’s your biggest challenge when working with JORC or NI 43-101?

JORC Code #Table_1 – #Section_2: Reporting of Exploration Results in Mineral Exploration Below is an overview of Section 2 from Table 1 of JORC Code 2012 for reporting #exploration #results: 2.1 – Mineral Tenement and Land Tenure Status Legal Status of exploration tenements (e.g., exploration licenses, mining licenses). Details of land ownership and any access or environmental restrictions. 2.2 – Exploration by Other Parties Summary of previous exploration activities (e.g., drilling, sampling, geophysical surveys) and historical resource or reserve estimates. 2.3 – Geology Regional Geology: Provides an overview of the geological context, including terrain, tectonic settings, and geological history. Local Geology: Describes rock types, stratigraphy, and features like faults and folds influencing mineralization. Mineralization Style: Details the type of mineralization (e.g., gold, copper) and its association with geological features. Geological Interpretation: Insights into how geological structures control mineralization, with an understanding of the exploration target. 2.4 – Drill Hole Information Drill hole coordinates, collar elevation, drilling techniques, and hole depth, azimuth, and dip. 2.5 – Data Aggregation Methods Methods used to aggregate data, such as averaging or length-weighted averages. 2.6 – Relationship Between Mineralization and Geological Context Explanation of how geological features (e.g., faulting, stratigraphy) relate to mineralization. 2.7 – Diagrams Include visual aids like drill hole maps, cross-sections, and location plans for better understanding. 2.8 – Balanced Reporting Ensure all results (both positive and negative) are reported transparently to provide a balanced view of exploration findings. 2.9 – Other Substantive Exploration Data Additional data such as geophysical and geochemical results that support the exploration findings. 2.10 – Further Work A summary of planned future exploration activities, including upcoming drilling, sampling, and further investigations. By adhering to the JORC Code, exploration companies ensure that they report results in a standardized, clear, and balanced manner, making it easier for investors and stakeholders to assess the potential of mineral resources. #Geology #MineralExploration #JORC #ExplorationReporting #Mining #GeologicalData #ResultsReporting #Source: The Joint Ore Reserves Committee of The Australasian Institute of Mining and Metallurgy, Australian Institute of Geoscientists and Minerals Council of Australia (JORC)