Actually those ores and Gems are used to enchant your items (enchantment slots).
You could already do it with the man near the West teleporter (cant remember the name right now).
The good thing of enchantments is that you can remove them (Disenchant) and the use ores / gems to put the one(s) you want on equipment.
Don't worry though, you'll have your own enchanter soon (once Sentinel island is done + a place to store this stuff in the tower).
PS. you learn recipes by disenchanting items as well as buying recipe scrolls.
