Reserves Reserves have a published study/report demonstrating positive economics.
Resources
Resources are known bodies of mineralization exceeding a specified cut-off grade (minimum amount of desired element).
Reserves and Resources can only be reported by a company if an independent qualified person (likely a consulting geologist or mining engineer) publishes a technical report up to the exchanges standards. (N.I. 43-101 in Canada, JORC in Australia). Proven and Probable are classifications of Reserves only, and are indicators of confidence level. Proven Reserves are more certain than Probable Reserves. Measured, Indicated, and Inferred are classifications of Resources only, and are also indicators of confidence levels. Measured being the most confident, Inferred being the least. These categories are not specifically defined and are somewhat left up to the independent qualified person estimating the resource to decide. Factor contributing to resource confidence; -drill hole spacing -geological complexity of the ore body .
PS,. AWM-BAY,..current 205,000 tns total, seeing 143,000 tns Inferred and 63,000 tns Indicated resource.
IMO,.The 2024 surface RC drilling would have tighten up the gap between previous drill holes and proving the continuity between the drill holes. The 63,000 tns Indicated resource could now be moved up the confidence scale seeing the continuity between holes.
The 63,000 tns possibly could see a measured resource or even a Proven reseserve depending on the gaps between ..
PS, The 143,000 tns inferred would also be up-graded likly now seeing indicated or measured resources, The summer 2024 would also have new Inferred resorces added which would be added into 2025 new up-date @ that time seeing miles of drill rods already on site @ Storm.
PS,.The new JORC-43-101, expected late November will finally give BAY-AWM something to talk about ..
PS, IMO,.@ this time of release of 43-101 official Technical report, the market will reprice BAY-AWM share price North...reflecting the $$$ Billions of hidden value now exposed in surface ore.
Let The Drilles Be Our Friends
Traps7