The Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (‘the JORC Code’) is a professional code of practice that sets minimum standards for Public Reporting of minerals Exploration Results, Mineral Resources and Ore Reserves.
The JORC Code provides a mandatory system for the classification of minerals Exploration Results, Mineral Resources and Ore Reserves according to the levels of confidence in geological knowledge and technical and economic considerations in Public Reports.
There are two Editions of the JORC Code which are current, as a transition is underway from the 2004 Edition to the 2012 Edition of the Code. The transition arrangements for the JORC Code are:
- The JORC Code 2012 Edition and the new ASX Listing Rules relating to the disclosure of reserves and resources by ASX-listed mining and oil & gas exploration and production companies will come into effect on 1 December 2013 (with the exception of the requirement for a Pre-Feasibility Study or a Feasibility Study to be completed in order to declare an Ore Reserve, which will come into effect on 1 December 2014).
- During the transition period until 30 November 2013, the minimum requirement for Public Reports is compliance with the JORC Code 2004 Edition and the current ASX Listing Rules. From 1 December 2013 all Public Reports must comply with the JORC Code 2012 Edition and the new ASX Listing Rules (with the exception of the above-mentioned Pre-Feasibility Study and Feasibility Study requirements which must be complied with from 1 December 2014).
For more information visit www.jorc.org