The Australasian Joint Ore Reserves (JORC) Committee has opened an online survey seeking comment from resources professionals until February 12.
This will be followed by a summary issues paper to be circulated for industry feedback at the end of April 2021 before finalisation of the updated code.
"The JORC Code is a cornerstone of our sector and underpins global confidence in the Australian industry," JORC chair Steve Hunt said.
"It's essential therefore to consult widely with professionals to ensure the code remains relevant and fit for purpose. The survey allows us to start receiving feedback from various stakeholders and to plan for more direct engagement in mid-2021, particularly as COVID-19 restrictions ease".
There are several areas where industry, regulators and public expectations have evolved since the last update in 2012.
First published in 1989, the JORC Code is incorporated into ASX listing rules, making compliance mandatory for listed companies.
The JORC Committee comprises representatives of each of the three parent bodies: the Minerals Council of Australia, the Australasian Institute of Mining and Metallurgy, and the Australian Institute of Geoscientists (AIG).
It also comprises representatives of the ASX, the Financial Services Institute of Australasia and the accounting profession, and an observer from the Association of Mining and Exploration Companies (AMEC).
The JORC Committee is a member of and works closely with CRIRSCO, the Committee for Mineral Reserves International Reporting Standards to ensure international consistency in the development of reporting standards and the promotion of best practice in implementation of the relevant standards and codes.
AIG president Andrew Waltho strongly encouraged all members involved in mineral exploration, resource evaluation and mineral resource and ore reserves estimation, to contribute to the survey.
"Professional geoscientists are critically important stakeholders whose voices need to be heard during the JORC Code review and update process," he said.
"There is unprecedented interest globally, particularly amongst business and securities regulators, in codes of practice for public reporting of exploration results, mineral resources and ore reserves. Australia is no exception."