DAO No. 2023-05 Flashcards
(17 cards)
What is DAO No. 2023-05?
Revised Guidelines for the Classification and Reporting Standards of Exploration Results, Mineral Resources and Mineral Reserves.
a professional organization in the field of geology, mining engineering or metallurgical engineering, namely, the Geological Society of the Philippines (GSP), Philippine Society of Mining Engineers (PSEM), or the Society of Metallurgical Engineers of the Philippines (SMEP), respectively, accredited by the Philippine Professional Regulation Commission (PRC).
Accredited Professional Organization or APO
a minerals industry professional who is a Member or Fellow of PSEM, GSP and/or SMEP, duly accredited as such by the professional organization to which he/she belongs, or of a ‘Recognized Professional Organization’ (RPO), as included in a list promulgated by PSEM, GSP, and SMEP through the PMRCC, as the need arises, subject to applicable laws and regulations. He/she must have a minimum of five years relevant experience in the style of mineralization or type of mineral deposit under consideration and to the activity which that person is undertaking.
Accredited Competent Person or ACP
a qualified person acting alone or in consortium who is a party to a Mineral Agreement or to a Financial or Technical Assistance Agreement.
Contractor
a comprehensive technical and economic study of the selected development option for a mineral project that includes appropriately detailed assessment of applicable Modifying Factors together with any other relevant operational factors and detailed financial analysis that are necessary to demonstrate at the time of reporting that extraction is reasonably justified (economically mineable). The results of the study may reasonably serve as the basis for a final decision by a proponent or financial institution to proceed with, or finance, the development of the project.
Feasibility study
refers to the Mines and Geosciences Bureau of the Department of Environment and Natural Resources.
MGB
a concentration or occurrence of solid material of economic interest in or on the Earth’s crust in such form, grade (or quality), and quantity that there are reasonable prospects for eventual economic extraction. The location, quantity, grade (or quality), continuity, and other geological characteristics of a Mineral Resource are known, estimated or interpreted from specific geological evidence, including sampling.
Mineral Resource
the economically mineable part of a Measured and/or Indicated Mineral Resource. It includes diluting materials and allowances for losses, which may occur when the material is mined or extracted and is defined by studies at Pre-Feasibility or Feasibility level as appropriate that include application of Modifying Factors. Such studies demonstrate that, at the time of reporting, extraction could reasonably be justified.
Mineral Reserve
considerations used to convert Mineral Resources to Mineral Reserves. These include, but are not restricted to, mining, processing, metallurgical, infrastructure, economic, marketing, legal, environmental, social, and governmental factors.
Modifying Factors
a holder of an Exploration Permit.
Permittee
refers to a holder of a national government issued mining permit other than an Exploration Permit.
Permit Holder
sets out minimum standards, recommendations and guidelines for Public Reporting in the Philippines of Exploration Results, Mineral Resources, and Mineral Reserves with its latest edition in 2020. The PMRC 2020 Edition is an upgrade of the PMRC 2007 Edition and modeled substantially after the International Reporting Template (2019) of the Committee for Mineral Reserves International Reporting Standards (CRIRSCO) and the Australasian Code for Reporting of Exploration Results, Mineral Resources, and Ore Reserves (JORC Code) of the Australasian Joint Ore Reserves Committee (JORC).
Philippine Mineral Reporting Code (PMRC) or the Code
that part of a Mineral Resource for which quantity, and grade (or quality) are estimated on the basis of limited geological evidence and sampling. Geological evidence is sufficient to imply but not verify, geological and grade (or quality) continuity. It is based on information gathered through appropriate techniques from locations such as outcrops, trenches, pits, workings and drill holes which may be limited or of uncertain quality and reliability.
Inferred Mineral Resource
that part of a Mineral Resource for which quantity, grade (or quality), densities, shape, and physical characteristics are estimated with sufficient confidence to allow the application of Modifying Factors in sufficient detail to support mine planning and evaluation of the economic viability of the mineral deposit. It is based on exploration, sampling and testing information gathered through appropriate techniques from locations such as outcrops, trenches, pits, workings and drill holes. The locations are too widely or inappropriately spaced to confirm geological and/or grade continuity but are spaced closely enough for continuity to be assumed. Geological evidence is derived from adequately detailed and reliable exploration, sampling, and testing information gathered through appropriate techniques from locations such as outcrops, trenches, pits, workings, and drill holes, and is sufficient to assume geological and grade (or quality) continuity between points of observation.
Indicated Mineral Resource
that part of a Mineral Resource for which quantity, grade (or quality), densities, shape, and physical characteristics are estimated with confidence sufficient to allow the application of Modifying Factors to support mine planning and final evaluation of the economic viability of the mineral deposit. Geological evidence is derived from detailed and reliable exploration, sampling, and testing information gathered through appropriate techniques from locations such as outcrops, trenches, pits, workings, and drill holes, and is sufficient to confirm geological and grade (or quality) continuity between points of observation.
Measured Mineral Resource
the economically mineable part of an Indicated, and in some circumstances, a Measured Mineral Resource. The confidence in the Modifying Factors applying to a Probable Mineral Reserve is lower than that applying to a Proved Mineral Reserve.
Probable Mineral Reserve
the economically mineable part of a Measured Mineral Resource. A Proved Mineral Reserve implies a high degree of confidence in the Modifying Factors.
Proved Mineral Reserve
