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New JORC code now in effect

The 1999 edition of the Joint Ore Reserves Committee’s Australasian Code for Reporting of Mineral Resources and Ore Reserves (JORC Code) became effective at the beginning of September.

The JORC Code sets out minimum standards, recommendations and guidelines for public reporting of exploration results, mineral resources and ore reserves for all solid minerals in Australasia.

According to Perth solicitors Mallesons Stephen Jaques, reports governed by the JORC Code must contain all relevant information which investors and their professional advisers would reasonably require and expect to find and be based on work which is the responsibility of a suitably qualified and experienced person.

They should address issues such as the mineral tenement and land tenure status, deposit type, work done, tonnage and grade estimates, nature of sampling and treatment and analysis of samples.

The JORC Code is binding on companies required to comply with the listing rules of the Australian and New Zealand Stock Exchanges. It has also been adopted by, and is binding on, members of The Australasian lnstitute of Mining and Metallurgy and the Australian lnstitute of Geoscientists.

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