- Mining Terms

Assay

Chemical analysis of drill core or rock samples to determine metal concentration. Performed by accredited labs.

Azimuth

Compass direction (0°–360°) of a drill hole. Used with dip to define 3D path.

Competent Person (CP)

Under JORC, a professional with 5+ years’ experience who takes legal responsibility for technical disclosures.

Concentrate

Product of mineral processing where target metals are separated and enriched from surrounding rock.

Core (drill core)

Cylindrical rock column extracted during diamond drilling. Used for logging, sampling, and assay.

Cut-off grade

Minimum grade considered economic to mine. Intercepts below cut-off are excluded from resource estimates.

DFS (Definitive Feasibility Study)

Most detailed engineering/economic study. Used to secure project financing. Also called Bankable Feasibility Study.

Diamond drilling (DD)

Drilling using a diamond-tipped bit to extract continuous rock core. Highest-quality geological samples.

Dip

Angle of drill hole below horizontal in degrees. -90° = vertical.

Deposit

Naturally occurring mineral concentration that may be economically extractable.

Epithermal deposit

Gold/silver deposit formed near surface by hot fluids. Can be high grade.

Exploration

Searching for mineral deposits through mapping, geophysics, geochemistry, and drilling.

Grade

Metal concentration in rock. g/t for precious metals, % for base metals.

GT (Grade × Width)

Grade multiplied by intercept width. Quick proxy for contained metal. See Section 6.5.

In-situ

Latin for “in place.” Value or quantity of metal as it exists in the ground before extraction.

Indicated Resource

Resource with moderate geological confidence. Suitable for feasibility studies.

Inferred Resource

Resource with low geological confidence. Estimated from limited data.

Intercept

Section of drill core containing mineralisation above cut-off grade. Basic unit of a drill result.

JORC Code

Australasian Code for Reporting of Exploration Results, Mineral Resources, and Ore Reserves.

Lassonde Curve

Model of typical mining project valuation lifecycle from exploration to production. See Section 6.9.

Laterite

Weathering-derived deposit, typically nickel/cobalt/manganese. Low grade, massive tonnage.

Measured Resource

Highest-confidence resource classification. Closely spaced drilling data.

Metallurgy

Science of extracting metals from ores. Determines recovery efficiency.

NI 43-101

Canadian disclosure standard for mineral projects on TSX/TSXV.

Open pit

Surface mining method. Large excavation suitable for near-surface, lower-grade deposits.

Ore

Rock with sufficient metal to be mined profitably.

Ore Reserve

Economically mineable portion of a Measured or Indicated Resource after all modifying factors.

PEA (Preliminary Economic Assessment)

First-pass economic study. Can use inferred resources.

Pegmatite

Coarse-grained igneous rock. Source of lithium, tantalum, rare earths.

PFS (Pre-Feasibility Study)

Intermediate engineering study. More detailed than PEA. Uses indicated resources.

Porphyry deposit

Very large, low-moderate grade Cu/Au deposit. Typically open-pit mined.

Qualified Person (QP)

Under NI 43-101, a professional responsible for public technical disclosure.

RC drilling (Reverse Circulation)

Drilling using compressed air. Faster and cheaper than DD but lower-quality samples.

Resource estimate

Formal calculation of deposit quantity and grade, classified by confidence level.

SAMREC Code

South African reporting standard for mineral resources and reserves.

Strike

Horizontal direction of a geological feature. Used with dip for 3D geometry.

True width

Actual perpendicular thickness of a mineralised zone, vs. apparent width along drill hole.

Underground mining

Mining through shafts and tunnels. For deeper, higher-grade, narrower deposits.

VMS (Volcanogenic Massive Sulphide)

Polymetallic seafloor deposit. Cu, Zn, Pb, Au, Ag.