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12112094
TUGAS GEOSTATISTCS
Comparison of 2004 & 2012 Editions of the JORC Code
There are a number of significant changes between the 2004 Edition and the 2012
Edition of the JORC Code. These changes are summarised here, and the following
section of this document then works through the JORC Code, 2012 Edition providing
explanatory notes and a summary of the changes between the 2004 and 2012
editions on a Clause-by-Clause basis. The major changes introduced in the JORC
Code, 2012 Edition are as follows:
The requirement to report against Table 1 on an if not, why not basis Clauses 2,
5, 19, 27, 35, and the introduction to Table 1.
Competent Person attributions Clause 9.
At least a Pre-Feasibility Study required for an Ore Reserve declaration Clause
29.
Technical Studies definitions Clauses 37, 38, 39 and 40.
Metal equivalents Clause 50.
In situ or in ground values Clause 51.
Additional guidance on reporting requirements for Competent Persons Table 1
body of table.
2004 Edition JORC Code
perspective is unacceptable.
accordingly.
For a significant project, when Ore
Reserve estimates are first Publicly
Reported or when a material change
occurs (including classification
changes), there is an increased need for
transparent discussion of the basis for
the new Ore Reserve estimate in order
that investors are
appropriately informed of the basis for
the changes. As noted in Clauses 4 and
5 the benchmark of Materiality is that
which an investor or their advisers
would reasonably expect to see explicit
comment on from the Competent
Person, thus the reporting of all criteria
in Table 1 on an if not, why not basis is
required.
Technical Studies
37. These definitions are included in the
Code to provide clarity on what is
expected when reporting using these
terms. The definition of a Scoping Study
has been included because of the
common usage of the term in Public
Reports. However attention is drawn to
the requirement for a Pre-Feasibility
Study or a Feasibility study to have
been completed for the Public Reporting
of an Ore Reserve in Clause 29. An Ore
Reserve must not be reported based on
the completion of a Scoping Study.
38. A Scoping Study is an order of
magnitude technical and economic
study of the potential viability of
Mineral Resources. It includes
appropriate assessments of realistically
assumed Modifying Factors together
with any other relevant operational
factors that are necessary to
demonstrate at the time of reporting
that progress to a Pre-Feasibility Study
can be reasonably justified.
A Scoping Study must not be used as
the basis for estimation of Ore
Reserves.