Ore Reserve Estimation, Iron Ore And Taconite In Minnesota - 1.0 Purpose and Scope

1.1 The purpose of this paper is to show the way by which estimates are made of the tonnage and grade of iron ore and taconite reserves of Minnesota. 1.2 The procedures include those of estimating the open pit reserves of: (a) Natural iron ore, and (b) Taconite 1.3 The methods of estimation which will be discussed are primarily based on the information from exploring iron ore deposits. They consider the geology of the deposit as well as the contained mineral of potential value. 2.0 Some geologic, engineering, and economic principles. 2.1 Ore 2.11 "In the broad economic sense, and from a legal standpoint as well, ore is mineralized rock, which under appropriate conditions of time, space, technology, economics, and politics, can be mined, processed, and made to yield a saleable metal , or other mineral products at a profit."(Parks, 1957) Stated differently, metallic ore is rock material from which presently known methods of beneficiation, a merchantable concentrate, suitable for use in the manufacture of metals at a profit, can be produced. Crude ores as low as 0.38% metal, as in the case of copper and even lower in the case of the precious metals.