Review of 2004 JORC Code and Comparison with National Instrument 43-101


Patrick R. Stephenson

The current version of the JORC Code was issued in 2004 and since that date the Australian Securities Exchange, in collaboration with JORC, has issued a number of companies' updates to provide guidance on various reporting issues. An interim review will be undertaken during 2010 to meld these updates with the current 2004 Code. This will be followed by a full review during 2010/11 covering all aspects of the Code and focusing particular attention on: clauses / guidelines relating to Exploration Results, exploration targets and the reporting of historical estimates; issues relating to the Public Report, including definition, the requirements for Competent Person sign-off, level of disclosure and mandatory requirements; guidance on techniques to quantify resource / reserve estimation uncertainty; the level of study required to convert Mineral Resources to Ore Reserves, and disclosure of prices and economic factors; expansion of the requirements for reporting of marketable material for bulk commodities; the use of language and tone that anticipates new and emerging technologies and techniques for the qualitative and quantitative measurements of data; and linkages to valuation and the valuation code (The VALMIN Code). Although the Canadian and Australian reporting regimes for public statements on Exploration Results, Mineral Resources and Mineral (Ore) Reserves are similar in intent and coverage, they differ in detail, sometimes substantially. Canadian requirements are generally more wide-ranging and prescriptive than Australian requirements, including in the need in many situations to publicly lodge a Technical Report, a requirement that does not exist in Australia. Australian-listed companies seeking to list in Canada, and Competent Persons seeking to act as Qualified Persons in Canada, need to ensure that they are fully conversant with Canadian regulations and how they differ from those in Australia.
Keywords: JORC Code, VALMIN Code, exploration results, mineral resources, mineral reserves, Canada, Australia