Measured ResourceEdit

Measured Resource is a formal classification used in the mining and exploration industries to express a high degree of confidence about the amount and quality of ore in a deposit. It sits within a broader framework of mineral resource estimation that guides investment decisions, mine planning, and regulatory disclosure. In practice, measured resources are the portion of a mineral deposit for which geologists have a well-supported understanding of grade, geometry, tonnage, and continuity based on detailed sampling and verifiable data. They are the bedrock for detailed mine designs and financial analyses, and they form the foundation from which economic viability is assessed.

Measured Resource is not an economic guarantee in itself. It becomes a reserve only when economic, legal, environmental, social, and other modifying factors are applied and the deposit is demonstrated to be mineable under those conditions. As such, measured resources, along with indicated resources and inferred resources, are part of the overall Mineral resource framework that regulators, auditors, and investors use to evaluate a project. The categories and terminology are standardized across jurisdictions, with notable implementations in NI 43-101, JORC Code, SAMREC, and the broader CRIRSCO.

Understanding the classification

Definition and data quality: A measured resource implies that enough sampling density, assay results, and geological understanding exist to describe the deposit with a high level of confidence. This confidence is grounded in systematic drilling, sample analysis, and robust quality assurance/quality control (QA/QC). The data underpinning a measured resource are typically sufficient to support detailed mine planning and pre-feasibility activities. See Geostatistics and Drill hole programs for the processes that generate the data underpinning these estimates.
Confidence tiers: Measured resources sit above indicated resources and inferred resources in terms of confidence. While indicated resources rely on broader sampling and modeling, measured resources reflect a tight continuity of grade and geometry that reduces uncertainty. The relationships among these categories are codified in the international reporting standards, which align expectations for investors and regulators. See Reserves for how these classifications relate to the economic outcomes a project can deliver.
Data products and reporting: A measured resource is described in terms of tonnage and grade (and sometimes other attributes like recoveries and contaminant levels) and is accompanied by a statement of the geological model, data used, and any assumptions. Public disclosures often include maps, block models, and plan-view representations to illustrate how the resource is distributed within the ore body. See Feasibility study for how measured resources feed into later stages of project evaluation.

From measured resource to economic viability

Economic criteria and modifying factors: To become a mineable asset, a measured resource must pass the test of economic viability under plausible price, cost, and exchange-rate scenarios. This is where the concept of a reserve enters the picture. Economically mineable parts of measured and indicated resources, after applying modifying factors such as mining method, metallurgical recoveries, capital and operating costs, and environmental and social considerations, are designated as proved reserves or probable reserves.
The role of feasibility studies: A bankable or practical feasibility study translates measured resources into a timeline for development, an anticipated mine life, and an expected rate of production. These studies rely on measured resources as a foundation but extend beyond to address project finance, infrastructure needs, and permitting pathways. See Feasibility study for how this progression works in practice.
Regulatory and investor expectations: Transparent reporting that adheres to recognized standards reduces information asymmetry between mining companies and capital markets. That transparency supports risk pricing, debt covenants, and strategic decisions about project alternatives or partnerships. See Regulatory reporting for a sense of how different jurisdictions frame these disclosures.

Standards, governance, and global practice

International frameworks and national overlays: The CRIRSCO family of reporting standards underpins how measured resources are described globally, with regional implementations like NI 43-101, JORC Code, and SAMREC ensuring comparability across markets. These standards emphasize traceability of data, explicit qualifiers, and independent reviews where appropriate.
Data integrity and QA/QC: The credibility of a measured resource depends on rigorous QA/QC programs, independent verifications, and transparent documentation of data sources. Such practices help mitigate the risk that estimates are overstated or inadequately supported, which is especially important to lenders and insurers.
Subtle debates over precision: Some observers argue that even within the measured category there remains nontrivial uncertainty at depth or laterally within a deposit. Proponents of strict standards contend that reporting should err on the side of conservatism, while others advocate for more flexible, dynamic models that incorporate price and technology shifts. In practice, the recognized standards require clear communication of assumptions and uncertainties.

Controversies and debates

Accuracy versus ambition: Critics may claim that resource estimates, including measured resources, can be inflated to attract investment or to support favorable financing terms. Proponents counter that independent audits, regulatory oversight, and standardized reporting reduce these risks, and that a measured resource is only a stage in a larger process that culminates in official reserves when all factors are satisfied.
Environmental and social trade-offs: Mining projects inevitably raise concerns about environmental impact and social license to operate. A measured resource assessment can be criticized for underestimating long-term stewardship costs or community effects. Supporters of conventional resource development argue that well-planned projects, guided by best practices and transparent reporting, deliver economic benefits while implementing mitigation and reclamation plans.
Price volatility and technological change: The economic viability of measured resources depends on metal prices, input costs, and technological advances in extraction and processing. Critics may say that this makes long-range planning risky. Advocates respond that scenario analysis, sensitivity testing, and adaptable project designs are standard parts of modern feasibility work and budgeting, helping to manage these risks.

Practical implications and policy perspective

Resource development and jobs: Measured resources provide a reliable basis for investors to finance mining projects, which can support local employment, infrastructure development, and regional growth. A clear framework for estimating and reporting resources helps align private investment with public policy goals around economic development and energy security.
Property rights and regulatory clarity: Secure property rights and predictable permitting processes encourage responsible development. While regulatory scrutiny is essential, a well-structured framework for measured resources reduces uncertainty and supports orderly resource extraction in line with societal interests.
Innovation and efficiency: As technology reduces the cost and environmental footprint of extraction, the value of measured resources can increase. Industry practice continually refines modeling methods, sampling techniques, and ore-sorting technologies to improve the precision and reliability of estimates.