Re: i asked kieser today......
posted on
Mar 27, 2014 01:31PM
A "43-101" is not a fill in the blanks document that has to include a set list of specific things such as drilling data, reserve estimates, etc. The 43-101 standard is simply a standard that governs how information is gathered and presented, and how or even whether it can be interpreted. For example, a company can present historical information in a format that conforms to the 43-101 standard. That includes results from drilling. But they can't use that drilling data to calculate reserves unless the drilling and assays also meet the 43-101 standard, which precludes the use of data from before the the implementation of the standard. The standard also includes stuff such as needing a certified person to sign off, etc. Also remember that 43-101 is a Canadian standard, not a US standard. But producing a report that meets the standard is often required for financing. The main thing about the standard is that it governs how a company can prove up/calculate the different categories of reserves (proven, probable, etc.) and how that information can be presented. You don't need to include reserves in a 43-101, but if you do the drilling, assays, and calculations have to be done according to the standard.
A 43-101 can be added to/modified as new information becomes available. Reserve calculations can be added to a strictly historical 43-101 as drilling data becomes available.