Estimating Recoverable Reserves: Developments In Geostatistical Ore Reserve Estimation

In addition to capital and operating costs, the accurate estimation of ore reserves is a key component to the successful outcome of any feasibility study. In recent years, there have been many project failures caused by the improper estimation of ore reserves. The accurate estimation of an ore reserve relies heavily on an understanding of the geology and the underlying assumptions unique to the estimation techniques being used. These assumptions are reviewed, and the shortcomings of the estimation techniques and their possible impact on a given project's economics are discussed. The latest developments in geostatistics in overcoming existing reserve-estimation problems are presented.