Agnerian Consulting Ltd. has prepared numerous NI 43-101 Technical Reports for various commodities. These reports are prepared in accordance with the recent update of the requirements for NI 43-101 by the TSX Venture Exchange. Typically, the reports are based on our due diligence, including a site visit to the property, review of the property status, history of exploration and mining on the property, discussion on exploration results, geological environment and type of mineralization, data verification (including independent sampling and QA/QC), mining and metallurgical aspects, conclusions and recommendation for further work. For the legal status of the property, we rely on documents and data provided by the client and its legal counsel.


Geological evaluations are done upon critical review of exploration results and the likelihood of the existence of a mineral deposit on the property. Past exploration data on geological mapping, prospecting, geochemical sampling, geophysical (ground as well as airborne) surveys, trenching, and drilling are reviewed in detail, together with the presence of current or past mineral deposits in the area, to determine the mineral potential of the property. In general, these reports are prepared for the Board of Directors of a company, which may be considering acquisition of the subject property, or a joint venture. Upon completion of the geological evaluation, a confidential report is prepared for the client highlighting the “fatal flaws” of the property, if any.

Agnerian Consulting Ltd. has assisted in the management and supervision of a number of exploration programs, including geochemical sampling, geophysical surveys, and diamond drilling. For the latter, Agnerian has developed field logging and sampling protocols that are in accordance with Best Practices recommended by the TSX Mining Industry Task Force. Of particular importance are the Quality Assurance and Quality Control (QA/QC) procedures in drill core sampling and assays. These include insertion of control samples, such as standards and blanks, duplicate samples, as well as a program of check assays.

Agnerian Consulting Ltd. has carried out numerous valuations of mineral exploration properties in Canada, United States, Mexico, Central America and the Caribbean, Africa, Central Asia, and South America. These comprise gold, base metal, and uranium properties at various stages of exploration. Agnerian utilizes two methods that are recognized in the industry to value exploration properties. These are the Appraised Value Method (cost approach) and Comparable Transactions Method (market approach).

Using the Appraised Value Method, the value of a mineral property is arrived at by considering deemed expenditures of past exploration, including acquisition costs, and future exploration costs to test the potential of viable exploration targets and the existence of mineral deposits.

Using the Comparable Transactions Method, a number of values are considered based on market transactions. The values of these properties are either derived from company press releases, or other information readily available to the public, and are for properties with similar attributes as the subject property. These attributes include commodity, geological environment, geographic location, size of property, time of transaction, number and quality of exploration targets.

The values arrived at by both valuation methods are then compared to test their reasonableness.

Agnerian maintains a database of property transactions worldwide for most mineral commodities, dating back to 1987. This large database has assisted in valuing mineral properties especially in situations where the subject properties have been expropriated sometime in the past.

For properties with reported mineral resources, Agnerian uses the unit value (metal value in the ground) to compare with other properties and arrive at a fair market value of the subject property.

Agnerian Consulting Ltd. carries out technical due diligence as part of its preparation of NI 43-101 Technical Reports, geological evaluations, and supervision of exploration programs.



Agnerian Consulting Ltd. has extensive experience in estimating NI 43-101 compliant Mineral Resources of various commodities. For vein-type deposits, or bedded deposits such as subhorizontal roll front-type uranium deposits, or stratabound base metal deposits, we may use the Contour Method, which utilizes the grade x thickness (GT) and thickness (T) of mineralized intervals projected onto a vertical or horizontal plane. For porphyry-type deposits or irregular-shaped deposits, the Mineral Resources are estimated by constructing a block model of the mineralized zones. Mineral Resources are reported in accordance with CIM Standards.

Agnerian Consulting Ltd. also carries out audits of Mineral Resources to assess the reasonableness of the reported resources.