How In-Ground Gold Is Verified (NI 43-101, JORC, S-K 1300, SAMREC)

Gold that is still in the ground can be measured, described, and reported long before anyone digs it up. The mining industry has done this for decades using formal reporting standards. Those standards are what let a market treat an in-ground resource as a real, describable asset rather than a guess. This page explains how in-ground gold is verified, which standards are used, and what verification does and does not promise.

It is a neutral explainer. If you want to see how verified in-ground gold fits into a token model, start with the pillar guide on the nGRND Gold Protocol; this page stays focused on the standards themselves.

In short: how in-ground gold is verified

In-ground gold is verified under recognised mineral-reporting standards by qualified, independent professionals. The most widely used are NI 43-101 (Canada), the JORC Code (Australasia), S-K 1300 (United States), and SAMREC (South Africa). Under each standard, a suitably qualified expert (a "Qualified Person" or "Competent Person") reviews the drilling data, geology, and sampling, then classifies the gold into confidence categories such as Inferred, Indicated, and Measured resources. These standards sit within an internationally aligned family of codes, so results are broadly comparable across markets. Verification describes how much gold is present and how confident the estimate is, under a named standard. It classifies a resource; it does not certify a guaranteed quantity, a guaranteed value, or a future price.

Key takeaways

• Verification always names a standard. The recognised standards are NI 43-101, JORC, S-K 1300, and SAMREC. A credible claim points to the specific standard used, not a vague "certified" label.
• A qualified, independent expert signs off. Each standard requires a Qualified Person or Competent Person, who takes professional responsibility for the classification.
• Resources are graded by confidence. Gold is reported as Inferred, Indicated, or Measured (and, for reserves, Probable or Proven), reflecting how much data supports the estimate.
• The standards are internationally aligned. NI 43-101, JORC, S-K 1300, and SAMREC share common definitions, which makes reporting broadly comparable across markets.
• Verification is not a guarantee. Classifying a resource under a standard describes it with defined confidence. It does not guarantee a fixed quantity, a value, or a future price.

Why in-ground gold can be reported at all

A gold deposit does not have to be mined to be described. Once a site has been drilled and sampled, geologists can estimate how much gold is present and how reliable that estimate is. Mining companies have long been valued partly on these in-ground resources and reserves, which is why the market already understands in-ground gold as an asset class.

The point of a reporting standard is trust. Without a shared framework, anyone could publish a favourable-sounding number. The standards impose a consistent method, independent professional sign-off, and clear definitions, so that a "resource" reported in one place means broadly the same thing as a "resource" reported in another.

The four recognised standards

These four codes are the most widely recognised for reporting gold and other mineral resources. They are aligned internationally, which is why they are usually named together.

NI 43-101 (Canada) National Instrument 43-101 is the Canadian rule for public disclosure of scientific and technical information about mineral projects. It requires disclosure to be based on the work of a Qualified Person and is often summarised in a formal technical report. It is one of the most widely referenced standards in the resource sector.

JORC Code (Australasia) The JORC Code, published by the Joint Ore Reserves Committee, is the Australasian standard for reporting exploration results, mineral resources, and ore reserves. It relies on the concept of a Competent Person who takes responsibility for the reported figures. JORC is one of the oldest and most influential codes and helped shape the others.

S-K 1300 (United States) S-K 1300 is the United States framework for disclosure of mining property information. It modernised US mineral reporting and brought it closer to the international family of codes, using a Qualified Person and familiar resource and reserve categories.

SAMREC (South Africa) The South African Mineral Resource Committee Code, SAMREC, is the standard used in South Africa, another major gold jurisdiction. Like the others, it uses a Competent Person and the same broad resource and reserve definitions.

Because these codes are aligned within a common international family of reporting definitions, a resource classified under one is broadly comparable to one classified under another. That alignment is what makes cross-market reporting meaningful.

What "verified" actually means

Under any of these standards, verification is a structured process rather than a stamp. In outline:

1. Data collection. Drilling, sampling, and assays build a picture of where the gold is and at what grade.
2. Independent review. A Qualified Person or Competent Person, with the right experience, reviews the data and methods.
3. Classification by confidence. The gold is reported in categories that reflect how much is known. Resources run from Inferred (lowest confidence) through Indicated to Measured (highest). Where economic and technical work supports it, a portion may be reported as reserves, categorised as Probable or Proven.
4. Disclosure under the standard. The results are published in the format the standard requires, with the expert's name attached.

This is why the honest phrase is "verified under NI 43-101" or "verified under JORC", never a bare "verified" or "certified". The standard is the meaning.

What verification does not do

Verification is powerful, but it has limits, and stating them plainly is part of doing it properly.

• It does not guarantee a fixed quantity. A resource estimate carries a defined confidence level, not a promise. Higher-confidence categories narrow the uncertainty; they do not remove it.
• It does not set a value or predict a price. Classifying gold in the ground says nothing about what it will be worth. Market prices move independently.
• It is not the same as extraction. A verified resource is gold that has been described to a standard, not gold that has been mined.

How this connects to the nGRND Gold Protocol

The nGRND Gold Protocol relies on this verification layer. The Preserved Gold it works with is drawn from in-ground gold resources validated under recognised standards such as NI 43-101 and JORC, and the approved positioning cites over 600,000 ounces of Preserved Gold secured under agreement. This is the basis for the phrase "backed by verified resources": the token is backed by verified in-ground resources, not by physical gold you can claim. The NGRND token represents an economic exposure to verified in-ground gold, not a claim on extracted physical gold, and confers no ownership right.

Verification is also what allows the gold to stay in the ground as Preserved Gold while still being describable and provable, secured by an independent digital custodian. To read the full model, see the pillar guide on the nGRND Gold Protocol. To understand the broader category of tokenised assets, see what real world assets on-chain are.

Frequently asked questions

What is NI 43-101?

NI 43-101 is Canada's National Instrument for public disclosure of scientific and technical information about mineral projects. It requires that disclosure be supported by a Qualified Person and is commonly presented in a formal technical report. It is one of the most widely used mineral-reporting standards, and it is one of the frameworks nGRND references for verified in-ground gold.

How is in-ground gold verified?

In-ground gold is verified by qualified, independent professionals who review drilling, sampling, and assay data and classify the gold under a recognised standard such as NI 43-101, JORC, S-K 1300, or SAMREC. The result is a resource reported by confidence category (Inferred, Indicated, or Measured). Verification describes the resource under a named standard rather than certifying a guaranteed amount.

What is the difference between JORC and S-K 1300?

JORC is the Australasian reporting code and S-K 1300 is the United States framework, but they belong to the same internationally aligned family and use similar concepts. Both require a qualified expert and use comparable resource and reserve categories. The main differences are jurisdictional: which markets and regulators they serve, and the exact disclosure format required.

Does verification mean the gold is guaranteed?

No. Verification classifies a resource under a named standard and states how confident the estimate is; it does not guarantee a fixed quantity, a value, or a future price. Higher-confidence categories such as Measured resources reduce uncertainty, but no resource classification is a guarantee. Verified in-ground gold is described to a standard, not promised.

About nGRND

This page is published by nGRND, the team behind the nGRND Gold Protocol, a Web3 participation Ecosystem built around verified in-ground Preserved Gold and long-term alternative land use monetisation measured against ESG, SDG and other sustainability initiatives. nGRND works with in-ground gold resources validated under recognised reporting standards.