Metal grades and contents of ore deposits should be measured in an unbiased manner, and with a degree of precision that reduces to an acceptable level the risk to put into production inviable prospects. The additive property of variances for metal grades and contents is used to assess the accuracy and precision characteristics of this measurement process. Each stage in the process of extracting different types of samples from ore deposits, preparing test samples from drill core sections, drill chips or crushed ore, and collecting and assaying test portions, contributes a variance component to the intrinsic variability of a metal's distribution in its matrix. Deducting such extrinsic variances results in more precise estimates for metal grades and contents of elementary units. The cumulative metal content for a set of elementary units of in-situ ore, and the sum of the variances for metal contents of all units in the set, can be used to calculate confidence intervals and confidence ranges at different probability levels as measures for risk.