Resource Definition

Stage 2 of 8

Drilling has confirmed mineralization; the company is defining the size and grade of the deposit toward a formal, NI 43-101-style resource estimate.

Once drilling has confirmed that mineralization is real and continuous, the company shifts into resource definition: systematic step-out and infill drilling aimed at defining the size, shape, and grade of the deposit well enough to support a formal, code-compliant resource estimate (e.g., NI 43-101 in Canada, JORC in Australia). This is where a company builds out its Measured/Indicated/Inferred ounce count — the raw material that later economic studies will be built on. Share prices in this stage often move on drill-result news flow well before any economic study exists.