Industrial Minerals recently reported ASX-listed Volt Resources shares were halted hours after the company released an announcement pertaining to its Namangale graphite project prefeasibility study in Tanzania sent ripples through the junior mining community earlier this month.
Industrial minerals such as graphite, and more recently lithium minerals, have become the focus of attention for listed exploration and mining companies, mainly due to developments in rechargeable battery technologies related to the emerging electric vehicle market. Consequently, the race has been on to acquire tenure, report larger exploration targets and resources and to tell the market why one project has merits above and beyond a competitor.
Additionally, the competition for scarce investment dollars across the entire resources sector has inspired innovative exploration approaches, as well as creative ways to tell the story of exploration success. The requirements for public reporting however remain clear, and adherence to the JORC Code is essential.
Misunderstandings of the application of the JORC Code and its interaction with corporations’ law have led to recent issues with public reporting by industrial minerals companies. Industrial mineral resources or ore reserves must be reported in terms of mineral specifications; it is not only about tonnes and grade. Further ramifications apply to the classification of mineral resources and for the application of modifying factors during technical and economic studies.
ABOUT THE AUTHORS
Dr Andrew Scogings
Andrew is a highly experienced geologist with expert knowledge of industrial minerals exploration, mining and processing, product development, market applications and commercialisation processes. He provides CSA Global’s clients with his expertise in industrial minerals exploration management, technical evaluation of exploration and acquisition targets, geological modelling and industrial minerals resource estimation. Andrew is a regular contributor to Industrial Minerals Magazine and has published several papers on the requirements of JORC 2012 Clause 49. He was recently recognised by the AIG as a Registered Professional Geologist specialising in industrial minerals.
Ivy is a corporate governance specialist, with 28 years’ experience in mining and resource estimation. She served as the national geology and mining adviser for the Australian Securities and Investments Commission (ASIC) from 2009–2015. Ivy’s experience in the mining industry in Australia and China, as an operations and consulting geologist includes open pit and underground mines for gold, manganese and chromite, and as a consulting geologist she has conducted mineral project evaluation, strategy development and implementation, through to senior corporate management roles. Ivy was invited to join the VALMIN committee in 2015.
PUBLISHED BY INDUSTRIAL MINERALS
JUNE 7, 2016