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By E Wargem

The optimum mining of an orebody in an underground mining operation is fundamental to the mine’s ability to operate both sustainably and efficiently. The effective mining of an open stope or a cave is largely reliant on the recovery of the initial void created by conventional drilling and blasting. These initial voids are known by various names such as a Longhole Rise, Slot or Winze and can be mined either as a downhole or as an uphole. Regardless of the underground mining method, the process of the design and implementation of this initial void is largely uniform across many operations with various patterns of slot or winze designs used across these different operations. Diligent design, implementation and review strategies in drilling and blasting of these will facilitate cost-effective mining with minimal disruption to mine schedules and production targets. When an operation struggles in opening the initial void in underground mine blasting, it has a negative impact on productivity, mineral recovery, and the overall economics of mining. Near field blast vibration monitoring is a vital tool to use in analysing slot blasts and will provide additional feedback into the reconciliation part of the drill and blast process. It is one that is often overlooked in the mining industry in many operations due to many factors such as lack of skilled personnel, or a lack of required resources. The data obtained from near field blast vibration monitoring can be used to provide additional feedback into blast reviews and help in any drill and blast optimisation projects. This paper highlights key aspects of underground drill and blast reviews and the use of near field blast vibration monitoring for post blast analysis and shares learnings from various projects that the authors have been involved in within Australia and abroad.

Mar 29, 2023

By B Prasad, M P. Roy, P K. Singh, C Drebenstedt

Blasting operations play a pivotal role in the overall economics of opencast mines. The blasting subsystem affects all the other associated subsystems, ie loading, transport, crushing and milling operations. Fragmentation control through effective blast design and its effect on productivity is a challenging job for the practicing blasting engineer due to inadequate knowledge of actual explosive energy released in the borehole, effect of varying initiation practice in blast design and its effect on explosive energy release characteristic. This paper describes the result of a systematic study on the impact of blast design parameters on rock fragmentation at two mines in India. Both the mines use draglines and shovel-dumper combination for removal of overburden. Despite its pivotal role in controlling the overall economics of a mining operation, the expected blasting performance is often judged almost exclusively on the basis of poorly defined parameters such as powder factor and is often qualitative, which results in a very subjective assessment of blasting performance. Such an approach is a very poor substitute for accurate assessment of explosive and blasting performance. Forty-seven blasts were conducted with varying blast designs and charging patterns and their impact on the rock fragmentation are documented. A high-speed camera was deployed to record the detonation sequences of the blasts. The efficiency of the loading machines was also correlated with the mean fragment size obtained from the fragmentation analyses.CITATION:Singh, P K, Roy, M P, Drebenstedt, C and Prasad, B, 2015. Blast design parameters and their impact on rock fragmentation, in Proceedings 11th International Symposium on Rock Fragmentation by Blasting, pp 755–762 (The Australasian Institute of Mining and Metallurgy: Melbourne).

Aug 24, 2015

The concept of Extreme Gravity is the latest in a series of innovations that has seen a re-introduction of gravity recovery systems into the milling operations of most gold mines. Traditionally, most gold milling circuits are designed around flotation and cyanidation requirements, with the gravity circuit being fit in where possible. Extreme Gravity takes the novel approach of optimising the circuit, in order to maximise recovery by gravity. In some cases gravity systems can achieve high enough recoveries to eliminate the need for chemical systems such as cyanidation or flotation. There are many advantages of such a system including low capital cost, reduced permitting, improved cash flows and much reduced environmental issues. There are a number of plants currently in operation which utilise this new methodology. The Muzhievo project has been an example of a recent turn key success achieving recoveries from 85 - 90 per cent. The details of this project are examined as a case study.

Jan 1, 2000

By Napitupulu P

PT Freeport Indonesia currently operates a concentrating complex capable of milling 127 000 metric tonnes per day of copper and gold hearing ore. The facilities consist of both a conventional crushing, ball mill and flotation circuit and a SAG, ball mi

Jan 1, 1997

By C Jacobsen, N Harries

Assessing and managing instability hazards is an essential activity when working with unstable natural slopes and excavated open pit mining slopes. Slope monitoring has become the standard technique for the management of geotechnical risks associated with mine slope instability hazards. In recent decades, a proliferation of new monitoring techniques such as terrestrial radar, satellite InSAR and LIDAR have become standard operational tools, complementing conventional survey-based monitoring solutions. A reliable monitoring system should identify and record incipient anomalous slope movement. Although the most obvious purpose of a monitoring system is safety related, slope deformation and performance monitoring also enhance the understanding of slope behaviour and assists in improving system design and implementation. For a monitoring system to be considered an effective early warning tool, it needs to operate in real-time and should be linked to the mine’s emergency communication systems. Terrestrial radar systems have been developed that can provide near real-time measurements, at a high level of precision and covering broad areas in all weather conditions. This has had a positive impact on the management of geotechnical risks in operational conditions. The technology adoption of RADAR in mine monitoring has significantly progressed in the last 20 years from technology enthusiasts, to visionaries, to pragmatists to conservative users. However, the increasing adoption of RADAR cannot reduce or remove other monitoring techniques that often have important benefits; even if these technologies cannot be used as a real-time operational tool. An increasing awareness on the importance of combining data from different monitoring techniques to develop a holistic picture of all possible geotechnical hazards is a current industry trend. This is proving to be an excellent foundation for managing hazards associated with slope instability in open pit mines, and is only expected to improve with time with the adoption of new technologies based on big data and Artificial Intelligence (AI).

Nov 29, 2022

Morning Star Gold aims to enter the ranks of Australia's gold producers, revitalising the Eastern Victorian Goldfi elds in the second half of 2010 - the fi rst gold production in around 50 years from the Morning Star Gold mine, which was once Australia's largest under WMC. This presentation will outline the redevelopment of the Morning Star Gold Mine from exploration to production. Morning Star Gold NL's (MCO) key project area is centred at the historic mining town of Woods Point and nearby Matlock (to the southeast) and Gaffney's Creek (to the northwest), all of which are located in the lower part of the Victorian Alps roughly 60 kms south of Mansfield. Morning Star has literally numerous historic mines and gold bearing 'dykes' on its tenements, many with a rich production history of high-grade gold from quartz reefs and alluvial sources. The area encompassing the Woods Point goldfi eld and the multiple high-grade gold bearing dyke structures located north towards Jamieson and south towards Walhalla formed one of the most significant mining fields in Australian history. Historical gold production was at least 155 t or around six million ounces of over a century of mining with an average production grade exceeding 27 g per tonne. The bulk of this recorded production came from just a handful of mines and of those only three were mined to any great depth. One of the key historical production hubs in this area was the famous 'Morning Star' mine, which is situated adjacent to Woods Point township. The Morning Star mine produced almost one million ounces at 27 grams per tonne, operating fairly continuously between 1861 and 1959 with a break after Jan 1939 due to the devastating 'Black Friday' bush fi res across eastern Victoria. During the early 1940s, the Morning Star was Australia's biggest gold mine. The Morning Star mine along with Walhalla ensured that this goldfield was third behind Bendigo and Ballarat as Victoria's biggest hardrock gold production centre. Morning Star Gold has rebuilt its 100 per cent owned 'Morning Star' mine with a view to producing gold in the second half of 2010. Morning Star is exploring its regional dykes in order to estimate an overall gold endowment and rank local production sources to feed its proposed mill at the Morning Star mine site. Key initial targets (all within 11 kms of the Morning Star mine) are the Waverly, All Nations, Rose of Denmark, Hunts, Wallaby and Loch Fyne dykes, all of which historically produced high grade gold, much of it gained from only shallow workings above the water table in the weathered zone of rocks. Historically the Morning Star mine was developed over 24 levels to a depth of 940 m via one large vertical shaft and a smaller, deeper inclined shaft at the 1900 feet level underground. At present MCO has dewatered and completely refurbished all infrastructure to the ten level (~310 m below surface). MCO knows there are a number of substantially under-explored and undeveloped or partially developed but not stoped areas within the Morning Star mine. As a result, MCO has been carrying out extensive channel sampling and an underground diamond drilling program targeting areas of the mine that were largely unexplored and undeveloped by the last operators of the mine - Western Mining Corp Ltd (Gold Mines of Australia). Four thousand, fi ve hundred pages of archival WMC records have helped the cause significantly. The shaft refurbishment and reconstruction stage is complete. This has been a program that originally commenced back in 1993 and has cost around $22 M. This refurbishment paved the way for the extensive underground resource focused diamond drilling program, which MCO completed in 2008 with two company-owned and operated drill rigs from drill cuddies on level 9 (900 feet underground) of the mine. This drilling, which encountered some stunning grades intersections and multiple visible gold hits, has outlined further production opportunities including 0.4 m @ 1392 g/t Au (MS 410). Metallurgical testing conducted by Gekko Systems of samples obtained from the exploration program found gravity concentration and a leach circuit gave recoveries of ~95 per cent to 99 per cent, or ~92 per cent from gravity alone at a coarse crush (300 ¦m). Currently, the plan is to use gravity to fi rstly produce dore bars on-site from the free milling gold and secondly a saleable concentrate for CIL processing off-site. A purpose built 10 t/h (~80 000 t/a) gravity treatment plant was subsequently ordered from Gekko and is expected to be installed onsite and commissioned in the Q3 2010. The plant features fi ne crushing with a vertical shaft impactor, followed by gold concentration by inline pressure jig, inline spinner and Wilfley table. This is an ABSTRACT ONLY. No paper was prepared for this presentation.

Aug 1, 2010

By Thomson I. R R, Friday R. G, Palmer W. T

The paper introduces the problems encountered in designing open stopes and briefly examines the factors that determine the final stope dimensions achieved after mining is completed. A case study is presented where monitoring of a stope was considered necessary due to the expected formation of a highly stressed crown pillar above the stope. The influence, on the mining approach adopted, of a yielding crown pillar is discussed. Monitoring and numerical modelling were used to develop an understanding of the behaviour of the particular stope as mining progressed. A comparison between the measured displacements and the numerical predictions at an interim stage of mining was carried out to assist in choosing the final sequences involved in completing the stope.

Jan 1, 1981

By Johnson MT

The microprocessor revolution of the 1970's dramatically improved the price/per- formance of graphics hardware. Together with improved communications and new software concepts and standards this has resulted in the emergence of a new tool with particular application to the mining industry. The Distributed Graphics Processor (DGP) offers more natural means of interaction with com- plex technical models.

Jan 1, 1983

By Connell JE

The Worthing Mine near Hallett Cove. 20 km southwest of the cite of Adelaide, belongs to Aus- tralia's first mining era, which took place in South Australia between 1841 and 1851 (Figure 1). Oper- ations began in 1849 only six years after the com- mencement of metal mining in Australia at Glen Osmond. Although not as historically significant as Glen Osmond (1841), or the much larger copper mines of Kapunda (1844) or Burra (1845) its importance lies with its Cornish enginehouse and chimney. The Worthing enginehouse, built in 1851-1852 is the oldest remaining in Australia and certainly the most significant relic of Australia's first mining era. Six other stone enginehouses were built during that period: at Kapunda in 1848 and 1850: at Burra in 1849, 1850 and 1851; and at Tungkillo in 1849. All of these houses have long since dis- appeared although the foundations of one (Kapunda, 1850) still remain. The significance of the Worthing site is enhanced by its magnificant environmental setting in the bare, steep valley of Field River. Currently (1986) the Worthing Mine is the only site within the City of Marion which is on the Register of State Heritage Items. The site is also included in the Classified List of the National Trust of South Australia and on the Register of the National Estate.

Jan 1, 1987

By Lawson F

The Australasian Institute of Mining and Metallurgy is a society of engineers and scientists formed in 1893 (incorporated by Royal Charter in 1955) to advance science and engineering in the mineral industries, and to facilitate the exchange of information and ideas to enhance the professional excellence of its members. The Institute has several grades of members. The professional members are linked with Student and Company Members, as well as an Affiliate grade covering other professionals and non-professionals with experience in the mineral industry. The diverse group covers all sections of the mineral industry, from exploration through production to marketing of minerals and petroleum. Corporate (professional) membership also covers science and engineering professionals from specialisms other than the "traditional" ones in geosciences, mining and petroleum engineering and metallurgy. The Institute has Branches throughout Australia, New Zealand, Papua New Guinea and Oceania, whose activities complement the corporate occasions arranged for the benefit of all members by Headquarters in Melbourne. Members are drawn from all sections of the industry - private enterprise, government, research, education, and the support sector, including consultancies, manufacturers and suppliers. Membership of The Institute allows professionals to contribute to their profession through participation in The Institute's seminars and conferences, its many committees and Branch meetings, and through contribution to its many high standard publications. The Institute is the main body for the accreditation of professionals in the minerals industry. The activities of The Institute are directed towards the achievement of professional excellence. It provides opportunitites for contact with, and professional support from, colleagues, and the interchange of information on the latest industry developments.

Jan 1, 1989

By B Crompton, A Berghorst, G Knox

Laboratory-based dynamic testing provides an invaluable tool in the development of rock bolts for use in highly stressed, burst prone rock masses. While in most cases the laboratory-based test method is not a direct comparison to an in-situ installation due to the purely axial loading and variations in boundary conditions, it does provide an indication of the performance of the tendon system under dynamic loading. The aim of the research described in this paper is to provide an understanding of the effect of the impact velocity of the impact mass during a laboratory-based dynamic test. Understanding the effect of boundary conditions of laboratory testing will improve Geotechnical Engineers understanding of the performance in an in-situ installation. In addition, due to the limited number of dynamic test facilities, an understanding of the effects of the boundary conditions will aid in the comparison of test results for different products from different test facilities. The research was conducted using an impact tester, whereby a known mass is raised to a known height defining the kinetic energy and velocity of the mass at the point of impact with the test sample after release. The impact velocity was varied between 2.7 m/s and 5.4 m/s, while the kinetic energy of the mass was maintained at 11.5 kJ. While a correlation between the impact velocity and strain rate of the system tested was established, due to the properties of the system tested, the range of impact velocity on which dynamic tests were conducted was insufficient to result in a considerable change in the average impact load, the cumulative proximal displacement and the cumulative maximum energy absorbed over multiple impulse. However, due to the reduction in the momentum of the impact mass the impact duration and displacement during each impulse in the series of impulses reduced. CITATION:Knox, G, Berghorst, A and Crompton, B, 2018. The relationship between the magnitude of impact velocity per impulse and cumulative absorbed energy capacity of a rock bolt, in Proceedings The Fourth Australasian Ground Control in Mining Conference (AusRock), pp 160–169 (The Australasian Institute of Mining and Metallurgy: Melbourne).

Nov 30, 2018

By R Castroviejo, E Pirard, L PTrez-Barnuevo

Process mineralogy provides the mineralogical information required by geometallurgists to address the inherent variation of geological data. The successful beneficiation of ores mostly depends on the ability of mineral processing to be efficiently adapted to the ore characteristics, liberation being one of the most relevant mineralogical parameters. The liberation characteristics of ores are intimately related to mineral texture. Therefore, the characterisation of liberation necessarily requires the identification and quantification of those textural features with a major bearing on mineral liberation. From this point of view, grain size, bonding between mineral grains and intergrowth types are considered the most influential textural attributes. While the quantification of grain size is a usual output of automated current technologies, information about grain boundaries and intergrowth types is usually descriptive and difficult to quantify to be included in the geometallurgical model.Aiming at the systematic and quantitative analysis of the intergrowth type within mineral particles, a new methodology based on digital image analysis has been developed. In this work, the ability of this methodology to achieve a more complete characterisation of liberation is explored by the analysis of chalcopyrite in the rougher concentrate of the Kansanshi copper-gold mine (Zambia). Results obtained show that the method provides valuable textural information to achieve a better understanding of mineral behaviour during concentration processes. The potential of this method is enhanced by the fact that it provides data unavailable using current technologies. This opens up new perspectives to the quantitative analysis of mineral processing performance based on textural attributes.CITATION:PTrez-Barnuevo, L, Castroviejo, R and Pirard, E, 2013. New perspectives on quantitative textural analysis, in Proceedings The Second AusIMM International Geometallurgy Conference (GeoMet) 2013 , pp 191-198 (The Australasian Institute of Mining and Metallurgy: Melbourne).

Sep 29, 2013

By R Wynn, N Stoitis, R A. Lauten, H Liang

At the Century mine in North West Queensland, MMG produces lead and zinc concentrates. The current production rate is close to 500 000 t of zinc per annum. Graphite is the main gangue in the orebody and a substantial quantity of chemicals are used to achieve an acceptable depression of graphite and other gangue materials in the current operation. In the future, it is anticipated that the content of graphite in the orebody will increase while the zinc grade will gradually drop. This scenario illustrates the importance of an optimised suite of flotation chemicals to maximise concentrate grade and recovery. As an alternative to the current reagent suite where dextrin is used to depress graphite, laboratory test work and subsequent plant trials were conducted with alternative depressants. These depressants facilitated both graphite depression and elevated zinc grades in the rougher concentrate. As an added benefit, it was also observed that the silica content in the zinc concentrate was reduced in the presence of the biopolymer selected for the plant trials. Results from both laboratory tests and plant trials will be discussed to illustrate how this change of reagent suite improved flotation yield at the MMG Century Mine.CITATION:Wynn, R, Lauten, R A, Liang, H and Stoitis, N, 2014. A change in graphite depressant to improve the recovery of zinc at MMG Century mine, in Proceedings 12th AusIMM Mill Operators’ Conference 2014 , pp 179–186 (The Australasian Institute of Mining and Metallurgy: Melbourne).

Sep 1, 2014

By A Grace, C Sennersten, T Taylor, A Davie, R Lyu, D Pentecost, C A. Lindley, J Craig, L De Macedo Camargo

Many underground mine void spaces are not suitable for human entry due to unprotected roofs, instability or having an unknown safety state (eg if they are many decades old). Investigations of these voids may nevertheless be important for general mine safety, for example to detect propagating collapses or water accumulation, prevent accidental intrusion by new developments or drilling to reassess old spaces for re-mining. Robots are an ideal technology for investigating these spaces, especially flying, rotary-wing robots that can access and map vertical structures and spaces while avoiding rocks, water and mud that have accumulated on void floors. To operate in underground mines, we are developing customised unmanned aerial vehicles (UAVs) as well as interactive 3D virtual models of the vehicles and their underground environments for controlling vehicle operation and visualising incrementally gathered survey data. Using a game/simulation engine to provide an interactive interface for UAV operation makes it possible to orchestrate external spatial information and video feeds with in-game cameras for optimal visualisation that is not limited to the position, orientation or field of view of cameras mounted on the UAV. First and third-person points of view with respect to the UAV are provided, together with 2D and 3D gaze tracking to provide effective interfaces for geology and mine engineering experts without the need for specialist UAV piloting skills. Ongoing work is addressing the provision of greater levels of autonomy for these vehicles to support mapping well beyond the line of sight of operators and geological characterisation of rock surfaces using sensors mounted on them, including miniature X-ray fluorescence and Raman spectrometers. Gathered data is fed into more general 3D models of the mine, block models and orebody so that the UAVs function as elements of a mobile perceptual system for intelligent mining.CITATION:Sennersten, C, Lindley, C A, Davie, A, Lyu, R, Grace, A, Evans, B, Pentecost, D, Taylor, T, De Macedo Camargo, L, Craig, J, Salomao, G N, Hellicar, A, Biggins, D, Timms, G, Coombe, M, Shahriar, M S, Smith, G and Rahman, A, 2015. Unmanned aerial robots for remotely operated and autonomous surveying in inaccessible underground mine voids, in Proceedings Third International Future Mining Conference, pp 101–108 (The Australasian Institute of Mining and Metallurgy: Melbourne).

Nov 4, 2015

By M A. Wells

The various mechanisms by which phosphorus (P) occurs and is distributed within banded iron formations (BIF)-derived iron ore are examined. In unenriched, precursor BIF P occurs predominantly as discrete grains of primary apatite. In high-grade ores hosted mainly by the Brockman Iron Formation, P occurs in three main forms:1. as secondary apatite;2. other submicron, P-rich phases (eg Rare earth containing minerals (REE), vivianite, strengite,wavellite) present in pore networks; and3. as P occurring with iron oxides, in particular, goethite.However, the presence of secondary P-bearing phases does not contribute signifi cantly to the total P level in iron ore, and it is P associated mainly with goethite, which represents the most common occurrence of P in these ores.No direct evidence for the replacement of Fe by P within the structure of synthetic goethite has been demonstrated. Therefore, it is most likely that in iron ores P associates with goethite in occluded form as adsorbed PO4 3- species or as discrete P-bearing minerals, such as strengite, wavellite or vivianite, in ultra-fine, micro-pores or within intra-domain regions of multi-domainic goethite. Such occluded P is not easily extracted with commonly used lixiviants, such as weakly alkaline leachates. Recent development of a low temperature-alkalie/water leach extraction method has been successful in reducing not only the P content, but also amounts of Si and Al inthe initial ore. Refi nement of such a method to commercial application will have enormous benefit in realising the economic potential of large tonnages of high-P (ie >0.07 wt per cent P) bearing iron ore.

Jul 11, 2011

FOR some reason there is not any extensive literature in print on the electrolytic refining of copper, although the method is in general use in America and Europe. In Australia there are but three plants in existence one small one at Wallaroo, in SouthAustralia; one at Lithgow and one at Port Kembla the last two being in New South Wales. The largest of these is the Port Kembla plant. It is also the most modern, and embodies all the latest appliances and improvements of electrolytic practice.The plant and methods about to be described is that at Lithgow, with which the writer was associated for some years, and the experience gained there may be of interest. Electrolytic refining of copper is one of the simplest operations of metallurgy, but, like all metallurgical operations, it requires constant attention and a large amount of common sense. The man in charge should be endowed with an insatiable curiosity as to why certain things are occurring, and an instinct of cleanliness, whichmy first mentor in chemistry, Mr W A Dixon, once impressed on me was better than godliness.

Jan 1, 1911

By K Young, M Martin, D Payne

This paper outlines the evolution of managing high consequence risk scenarios in BHP Coal, with particular focus on managing the stability of an endwall that is adjacent to a public infrastructure corridor running through a Central Queensland coalmine. BHP Coal developed a Geotechnical Consequence Register after industry failures identified shortcomings in traditional risk assessment practices. Traditional risk assessments consider the consequence and likelihood of a geotechnical event occurring under normal operational conditions. As such, the risk rating for a high consequence, low likelihood failure may fall within the acceptable range, even where a lack of meaningful geological data exists due to the area being off lease or outside of mining reserves. The Geotechnical Consequence Register lists all geotechnical failure scenarios of high consequence, identifies if current controls are adequate, and highlights if specific Geotechnical Management Plans are required. This case study reviews a failure scenario that was identified through the geotechnical consequence register. The scenario had previously been considered low likelihood and subsequently driving a low risk; however, the likelihood ranking was impacted by a lack of geological data outside of the mining lease and predominately informed by an acceptable historical slope behaviour. Additional exploration identified previously unmapped faulting which increased the risk rating. The requirement to develop a specific management plan resulted in an increase in the required factor of safety, design changes, the implementation of additional monitoring and a corresponding monitoring Trigger Action Response Plans (TARP). In the case study area, the initiation of a geotechnical instability was identified early through the increased monitoring program. The instability was successfully managed and any impact to the infrastructure corridor off lease was prevented. BHP Coal has used the Geotechnical Consequence Register for several years to identify and assess high consequence geotechnical failure scenarios. In some areas this has justified additional exploration, more stringent design acceptance criteria and an increased level of geotechnical monitoring. The process has been successful in ensuring that geotechnical risk is controlled in areas that often receive less attention than active production areas.

Nov 29, 2022

By LefTvre Y

In May 1991, AZSA commissioned a new conventional Cell House. This paper focuses on the major improvements introduced in the design and the construction of the equipment, machinery and control. An effective control system together with good reporting and routine operation has resulted in quality control of the Cell House at the highest possible level. Consequently the monthly current efficiency consistently averages above 93 per cent with a total energy usage of 3000 AC kWh/t of cathode zinc. The new concept for the year 2000 and beyond is introduced.

Jan 1, 1993

By van der Walt TJ, van Deventer JSJ, Reuter MA

Owing to their complexity, many metallurgical processes are difficult to model fundamentally, and as a result more attention has been focused on the use of artificial intelligence techniques to simulate these processes. In this paper recent advances in the use of neural nets to model processes not amenable to conventional methods are discussed. These include the application of a new modelling methodology based on the use of neural nets for the dynamic simulation of metallurgical processes, the use of conventional techniques in conjunction with neural nets to simulate gravity separation circuits, as well as the detection of gross errors in variable measurements by means of a neural net representation of the relation between measurement and constraint residuals.

Jan 1, 1993

By M Bond, R R. Hargreaves, G W. Booth

There are numerous causes of speculative mineral resource and reserve inflation. Traditionally, these are linked to issues of data accuracy or misinterpretation, the use of overly optimistic estimation parameters or assumptions, an absence of independent expert verification, or the simple pressure to increase company value, covert or otherwise. Owing to its subjective nature, classification of resources and reserves remains an opaque process. Of necessity, Competent Persons rely on personal heuristic interpretations, ideally underpinned by appropriate estimation and classification experience across commodity and deposit types. Whereas independent verification of individual resource and reserve statements remains impractical, publicly available data can be interrogated for potential category inflation, particularly when viewed with exploration expenditure statistics included in annual company reports. Abrupt changes in category tonnages and market capitalisation without concomitant expenditure can aid in outlier detection. Consequently, a comparison of common exploration and resource reporting parameters offers a basis for risk assessing classification robustness, over time. In this introductory study, an analysis of globally listed companies was undertaken over a multi-year period, examining base and precious metal projects in both preproduction and operational asset classes. From these, a series of exploratory decision tree trigger points were generated against which target companies were anonymously identified and risk-ranked.

May 24, 2023