Resource Classification Clause Samples

Resource Classification. A common method used in the classification of mineral resources involves geostatistical methods that define categories based on the confidence limits of the estimation. Measured resources are defined as material in which the predicted grades are within ±15% accuracy on a quarterly basis, at a 90% confidence limit. In other words, there is a 90% chance that the predicted grades for a quarter-year of production will be within ±15% of the actually achieved production grades. Similarly, Indicated resources include material in which the yearly production grades are estimated with ±15% accuracy at the 90% confidence limit. The method is based on the large sample normal theory that assumes that as the grade estimations from smaller blocks are combined into larger ones, the errors of the estimation become normally distributed (as described by B. ▇▇▇▇▇, 1997). The steps in generating the classification parameters for the CX and Range Front zones are described as follows. This exercise assumes a nominal daily production rate from either of the zones of 500 tons per day which equates to a monthly production rate of approximately 15,000 tons per month. At an average tonnage factor of 13 cubic feet per ton, a block measuring 60x60x60 feet represents approximately one month of production (16,600 tons). A block equal in size to the volume of one month’s production is created and the kriging variance is determined using a series of theoretical drill holes at intervals averaging 50, 100 and 200 foot spacing. The calculations are done over a series of drill-hole grids in order to evaluate the variation in the results with respect to the spacing of the drill data. The correlogram used to determine the kriging variance in the large block is derived from the actual gold sample data which has been composited to 5-foot intervals (Table 17-5). Because the correlogram was used, the normalized block kriging variance (a variable which is output from the OK run) was standardized to the underlying data by multiplying by the square of the coefficient of variation (CV=std dev/mean from the original 5 ft composite data). The relative standard error for a quarter year of production is determined by taking the square root of the standard block variance divided by three (i.e. divide by 3 for a quarter-yr of production or divide by 12 in order to determine the error for a full year of production). Finally, the 90% confidence limit is determined by multiplying the relative standard error by 1...
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Related to Resource Classification

  • Job Classification Full-Time and Part-Time (a) When a new classification (which is covered by the terms of this Collective Agreement) is established by the Hospital, the Hospital shall determine the rate of pay for such new classification and notify the Local Union of the same within seven (7) days. If the local challenges the rate, it shall have the right to request a meeting with the Hospital to endeavor to negotiate a mutually satisfactory rate. Such request will be made within ten (10) days after the receipt of notice from the Hospital of such new occupational classification and rate. Any change mutually agreed to resulting from such meeting shall be retroactive to the date that notice of the new rate was given by the Hospital. If the parties are unable to agree, the dispute concerning the new rate may be submitted to arbitration as provided in the Agreement within fifteen (15) days of such meeting. The decision of the Board of Arbitration (or Arbitrator as the case may be) shall be based on the relationship established by comparison with the rates for other classifications in the bargaining unit having regard to the requirements of such classification. (b) When the Hospital makes a substantial change during the term of this agreement in the job content of an existing classification which in reality causes such classification to become a new classification, the Hospital agrees to meet with the Union, to permit the Union to make representation with respect to the appropriate rate of pay. (c) If the matter is not resolved following the meeting with the Union the matter may be referred to arbitration as provided in the Agreement within fifteen (15) days of such meeting. The decision of the Arbitrator shall be based on the relationship established by comparison with the rates for other classifications in the bargaining unit having regard to the requirements of such classifications. (d) The parties further agree that any change mutually agreed to or awarded as a result of arbitration shall be retroactive only to the date that the Union raised the issue with the Hospital.

  • New Classification Should a new position or new classification be created within the Bargaining Unit during the term of this Agreement, the Employer and the Union will decide the rate of pay. Nothing herein prevents the Employer from filling such positions and having Nurses working in such positions during such negotiations. The salary when determined will be retroactive to the date on which the successful candidate commenced work in that classification.

  • Tax Classification The Series shall elect to be treated as an association taxable as a corporation under Treasury Regulations Section 301.7701-3 with effect for each taxable period of its existence. The Series and each Member shall file all tax returns and shall otherwise take all tax and financial reporting positions in a manner consistent with such treatment. No election will be filed with the Internal Revenue Service (or the tax authorities of any State) to have the Series taxable other than as an association taxable as a corporation for income tax purposes.

  • Client Classification 7.1. We shall not have an obligation to treat our clients in different classes depending on their knowledge and expertise.

  • New Classifications If a new classification is created within the bargaining unit, the Employer agrees to meet with the Union and negotiate a rate of pay for this new classification. If the parties cannot reach agreement, at the request of either party, the matter shall be submitted to the arbitration procedure in Article 26 of this Agreement.