What is the difference between mineral reserves and mineral resources?
Mineral reserves are currently economically feasible. Mineral resources are currently or potentially economically feasible. They both answer the question ‘how much is left?’ and they seek this answer with geologic and economic considerations. Reserves can be viewed as a subset of resources. The McKelvey Box simplifies this difference by identifying economic feasibility and geologic certainty. The box consists of (from top to bottom, then right to left) reserves, marginal reserves, and demonstrated sub economic resources. Again, reserves are economically extractable at present. Marginal reserves are reserves if economic conditions change, and demonstrated sub economic resources exhibit data to show that the reserves are actually there. On the second column of the chart lie hypothetical resources which are undiscovered, but in known mining districts. And in the last column or section, there are speculative resources which are undiscovered and geologically favorable to exploration.
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