TIDMAMC
RNS Number : 2626E
Amur Minerals Corporation
05 May 2017
05 May 2017
AMUR MINERALS CORPORATION
(AIM: AMC)
2017 Drill Season Underway
Amur Minerals Corporation ("Amur" or the "Company"), a
nickel-copper sulphide mineral exploration and resource development
company focused on the far east of Russia, is please to announce
that it has initiated its 2017 drill programme at its wholly owned
Kun-Manie nickel copper sulphide project, located in the Russian
Far East. For the second year in a row drilling has been initiated
well ahead of the planned 1 June 2017 start date, with this year's
drill season commencing on 5 May 2017.
Highlights
-- The 2017 field programme is fully stocked with fuel and drill
supplies, having been strategically located along the 16 kilometre
length of the Detailed Exploration and Production Licence ("DEPL").
Distribution of these supplies and materials will allow for maximum
flexibility to undertake drilling over the course of the 2017
season.
-- Low cost drilling will be completed using two Company owned
drill rigs. The LF90 has been assigned to the Kubuk ("KUB") deposit
which has deeper drill targets. The LF70 has been assigned to the
Ikenskoe / Sobolevsky ("IKEN") deposit. The cost per metre for
drilling during the 2016 season was US$40, which included labour,
drill consumables and analytical results. Similar costs are
anticipated for this year and rank among the lowest within the
mineral drilling industry.
-- At both deposits, drilling will target the conversion of
Inferred resource to that of Indicated ("JORC (2012)"), step out
drilling for resource expansion and metallurgical sample collection
is also planned. Successful identification of new mineralisation is
planned to be infill drilled at a spacing allowing for the new
mineral to be categorised at the JORC (2012) resource class of
Indicated and its inclusion in Mining Ore Reserve ("MOR")
evaluation.
-- Drilling is planned to accomplish four specific objectives including:
o The conversion of existing Inferred resources to that of
Indicated. At KUB and IKEN, there are 15.6 million tonnes of
Inferred resource averaging 1.04% nickel equivalent containing
163.4 thousand nickel equivalent tonnes. Successful infill drilling
could expand the combined 10 February 2017 Mineral Resource
Estimate ("MRE") for Measured and Indicated nickel equivalent
tonnage by as much as 20% (another 163.4 thousand nickel equivalent
tonnes).
o Resource expansion by step out drilling with follow up infill
of any newly discovered mineralisation is an integral part of our
plan allowing for new mineral to be potentially classified as an
Indicated resource. Resource expansion targets for 2017 include two
major targets. The largest undrilled area is 2,300 metres in length
and lies between the KUB and IKEN deposits. Existing drilling at
the eastern most limits of IKEN has an average thickness of about
40 metres averaging about 0.9% nickel. At the western limit of KUB,
drilling indicates an average thickness of about 60 metres
averaging about 0.5% nickel. KUB also contains a second 1,000 metre
long target to the east of the deposit Drilling at the easternmost
limits of KUB indicates thicknesses of up to 40 metres having
indicated grades of 0.70 nickel.
o Metallurgical samples will be recovered by drilling.
Approximately 20 holes are planned within the current limits of the
KUB and IKEN orebodies with additional metallurgical holes planned
in areas of new resource discovery. Previous bench scale
metallurgical test work indicates each deposit possesses unique
responses to its being processed. These samples will allow us to
determine the variability in recovery and allow for planned at
later stages in the proposed mining operation.
o A new drill objective has been added to our 2017 plan. As we
move toward production, we plan to infill drill specific limited
areas required by specific Russian agencies to be included in our
applications for mine specific operating permits.
-- Today, drilling commenced at both IKEN and KUB. The first
drill holes at each deposit are a part of our infill programme for
resource conversion from Inferred to Indicated.
Assuming minimal downtime of the drill rigs and weather
permitting, the 2017 drill programme is fully stocked to allow for
the completion 20,000 metres. Presently, drill holes containing a
total of 2,500 metres each at both deposits have been specifically
identified for drilling. As drill results become available,
specific drill locations and additional drill metres will be
approved for drill completion. This is a standard approach by the
Company thereby permitting cost control and optimisation of the
drill programme to ensure our primary drill objectives are
attained.
Robin Young, CEO of Amur Minerals, commented:
"With our 2017 field season commencing ahead of schedule,
matching the earliest start on record, our team is highly motivated
to match last year's incredible results, which provided major
upgrades to the potential of Kun-Manie. Resource expansion and the
substantial uplift in our average nickel and other metal grades
available for the determination of mineable reserves have set us a
high bar to match.
"We look forward to reporting our results and achievements as
they develop over the course of this drill season. It is with great
interest and anticipation that we are now beginning to test the two
largest remaining targets as well as move toward increasing our
existing 80 million tonne Measured and Indicated resource
inventory. We are also pleased to have reached the point where we
are able to complete drill tasks which are intended to lead to
operating permits specific to the mining operations. This addition
reflects that we no longer consider Amur to be an explorer, but a
company with a project that can be classified as a world class
operation."
Enquiries:
Company Nomad and Broker Public Relations
Amur Minerals S.P. Angel Corporate Yellow Jersey
Corp. Finance LLP
Robin Young Ewan Leggat Charles Goodwin
CEO Soltan Tagiev Harriet Jackson
+44(0)7 544
+7(4212)755615 +44(0)20 3470 0470 275 882
Notes to Editors
The information contained in this announcement has been reviewed
and approved by the CEO of Amur, Mr. Robin Young. Mr. Young is a
Geological Engineer (cum laude), a Professional Geologist licensed
by the Utah Division of Occupational and Professional Licensing,
and is a Qualified Professional Geologist, as defined by the
Toronto and Vancouver Stock Exchanges. An employee of Amur for 12
years, previously Mr. Young was employed as an independent
consultant with Fluor Engineers, Fluor Australia and Western
Services Engineering, Inc. during which time his responsibilities
included the independent compilation of resources and reserves in
accordance with JORC standards. In addition, he was the lead
engineer and participant of numerous studies and projects requiring
the compilation of independent Bankable Studies utilised to finance
small to large scale projects located worldwide. Mr. Young is
responsible for the content of this announcement.
For further information, see the Company website at
www.amurminerals.com.
Glossary
DEFINITIONS OF EXPLORATION RESULTS, RESOURCES & RESERVES
EXTRACTED FROM THE JORC CODE: (December 2012) (www.jorc.org)
A 'Mineral Resource' is a concentration or occurrence of
material of intrinsic economic interest in or on the Earth's crust
in such form, quality and quantity that there are reasonable
prospects for eventual economic extraction. The location, quantity,
grade, geological characteristics and continuity of a Mineral
Resource are known, estimated or interpreted from specific
geological evidence and knowledge. Mineral Resources are
sub-divided, in order of increasing geological confidence, into
Inferred, Indicated and Measured categories.
An 'Inferred Mineral Resource' is that part of a Mineral
Resource for which tonnage, grade and mineral content can be
estimated with a low level of confidence. It is inferred from
geological evidence and assumed but not verified geological and/or
grade continuity. It is based on information gathered through
appropriate techniques from locations such as outcrops, trenches,
pits, workings and drill holes which may be limited or of uncertain
quality and reliability.
An 'Indicated Mineral Resource' is that part of a Mineral
Resource for which tonnage, densities, shape, physical
characteristics, grade and mineral content can be estimated with a
reasonable level of confidence. It is based on exploration,
sampling and testing information gathered through appropriate
techniques from locations such as outcrops, trenches, pits,
workings and drill holes. The locations are too widely or
inappropriately spaced to confirm geological and/or grade
continuity but are spaced closely enough for continuity to be
assumed.
A 'Measured Mineral Resource' is that part of a Mineral Resource
for which tonnage, densities, shape, physical characteristics,
grade and mineral content can be estimated with a high level of
confidence. It is based on detailed and reliable exploration,
sampling and testing information gathered through appropriate
techniques from locations such as outcrops, trenches, pits,
workings and drill holes. The locations are spaced closely enough
to confirm geological and/or grade continuity.
An 'Ore Reserve' is the economically mineable part of a Measured
and/or Indicated Mineral Resource. It includes diluting materials
and allowances for losses which may occur when the material is
mined. Appropriate assessments and studies have been carried out,
and include consideration of and modification by realistically
assumed mining, metallurgical, economic, marketing, legal,
environmental, social and governmental factors. These assessments
demonstrate at the time of reporting that extraction could
reasonably be justified. Ore Reserves are sub-divided in order of
increasing confidence into Probable Ore Reserves and Proved Ore
Reserves.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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