JORC Code (2012)
The JORC Code is the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves — the standard ASX-listed mining entities must use when disclosing exploration and resource information.
Definition
The JORC Code is the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves — the standard ASX-listed mining entities must use when disclosing exploration and resource information.
In detail.
The JORC Code (2012 edition) is mandatory for ASX-listed entities reporting exploration results, mineral resources, and ore reserves. It is incorporated into the ASX Listing Rules via Chapter 5 and is the framework against which every drilling, assay, resource, and reserve announcement is judged.
JORC requires that public reports be prepared by, or under the supervision of, a Competent Person — typically a member of AusIMM, AIG, or an equivalent recognised professional organisation — who consents to the form and context of the disclosure.
Every announcement of new exploration results, resource estimates, or reserve estimates must include the prescribed JORC disclosures: the Competent Person statement, the Table 1 disclosures (sampling, drilling, sample preparation, data quality), and the source materials.
ASX scrutiny of JORC announcements is high, and re-issuance of non-compliant announcements is common. The communications discipline is to draft within the Competent Person's confirmed range — not at the limit of it.
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