The Dannemora Iron Feasibility Study Technical Report contains significant deficiencies in accordance with the JORC Code (2012) Public Report Disclosure requirements. These deficiencies include the potential for misleading estimates of Mineral Resources and Ore Reserves.
As stated in Guidance to Clause 41, for clarity of understanding, it is recommended that tonnage and grade estimates of such material be itemised separately in Public Reports, although they may be aggregated with total Mineral Resource and Ore Reserve figures.
As stated in the Guidance to Clause 41, it is recommended that tonnage and grade estimates of such material be itemized separately in public reports, although they may be aggregated with total mineral resource and ore reserve figures. The competent persons (CPs) did not follow the JORC Code (2012) recommendation to itemize separately the tonnage and grade estimates of the remnant tailings material.
As stated in Guidance to Clause 25, in most situations, rounding to the second significant figure should be sufficient.
However, the disclosure of the estimates of Mineral Resource and Ore Reserve is misleading. As stated in the Guidance to Clause 25, rounding to the second significant figure is sufficient in most situations. The Competent Persons did not adhere to the reporting precision of Mineral Resources and Ore Reserves. The level of reporting precision of Mineral Resource and Ore Reserve does not represent adherence to the JORC Code (2012). The Code specifies reporting against the relevant sections of Table 1.
As stated in JORC Code Clause 27, in a Public Report of a Mineral Resource for a significant project for the first time, or when those estimates have materially changed from when they were last reported, a brief summary of the information in relevant sections of Table 1 must be provided.
According to JORC Code Clause 27, a brief summary of the relevant sections of Table 1 must be provided in a public report of a mineral resource for a significant project for the first time or when those estimates have materially changed from the last report.
Dannemora Iron did not report in accordance with the JORC Code.
As stated in JORC Clauses 10 and 17, a correct Competent Person statement and Table 1 must be included in the stock exchange public announcement.
As stated in JORC Clauses 10 and 17, a correct Competent Person statement and Table 1 must be included in the stock exchange public announcement. Therefore, Dannemora Iron must include a correct Competent Person statement and Table 1 in the stock exchange announcement.
