TIDMAMC
RNS Number : 5604R
Amur Minerals Corporation
25 September 2017
25 September 2017
AMUR MINERALS CORPORATION
(AIM: AMC)
Successful Resource Expansion Drill Report
Anticipated Material Increase in Mineral Resource Estimate
Amur Minerals Corporation ("Amur" or the "Company"), a
nickel-copper sulphide mineral exploration and resource development
company focused on its Kun-Manie project in the Russian Far East,
is pleased to provide a drill update on the exploration anomaly
("ISK") linking the Ikenskoe / Sobolevsky ("IKEN") and Kubuk
("KUB") deposits. Results have thus far identified a minimum 2,200
metres of new mineralisation along ISK, the three kilometre
exploration anomaly. The newly acquired drill results are expected
to materially increase the current February 2017 Mineral Resource
Estimate ("MRE") which presently stands at 770,000 tonnes of nickel
and 207,000 tonnes of copper.
Highlights:
-- A total length of 2,200 metres (73%) of the 3.0 kilometre
long ISK target has been drill tested. Nickel and copper
mineralisation has been identified to be present along 1,900 metres
(86%) of the drilled area.
-- The average thickness per ore hole is 23.1 metres with an
average length weighted nickel grade of 0.87% and 0.24% for
copper.
-- New mineralisation has been identified immediately to the
east of IKEN deposit (ISK-1) where 500 additional metres nearly
doubling the size of the deposit. Drilling indicates this zone is
approximately 31.8 metres thick, averaging 0.98% nickel and 0.28%
copper. The drill grades for the new mineralisation are
substantially higher (42% for nickel and 65% for copper) in than
those previously reported in the IKEN MRE.
-- The KUB deposit has been extended to the west by nearly 600
metres (ISK-3 area) doubling the size of the deposit. Current drill
results indicate a mineralised thickness of 19.1 metres averaging
0.79% nickel and 0.20% copper.
-- Along the ISK target and between the IKEN and KUB deposit
areas, a third mineralised block (ISK-2) has been identified. It is
800 metres long and contains an average of 24.2 metres thickness
averaging 0.79% nickel and 0.21% copper.
-- A segment totaling 800 metres along the ISK target remains to
be drilled. The untested block of ground lies between mineralised
holes. Successful drilling could link the areas forming a single
deposit have a continuous mineralised length of nearly 2.5
kilometres. The area is highly prospective.
-- Drilling to date is expected to represent a substantial and
material upgrade to the global February 2017 MRE inventory
(currently containing 770,000 tonnes of nickel and 207,000 tonnes
of copper) and at both IKEN and KUB. IKEN and KUB contain a
combined total of 258,000 tonnes of nickel and 66,000 tonnes of
copper. Mineral defined within the ISK-2 area is all new mineral
and will provide a further increase to the MRE.
-- Drilling has also identified additional prospective
exploration ground down dip and to the east of IKEN and to the
north of ISK-2. Down dip of ISK is a drill hole (completed in 2005)
that intersected 11.6 metres of 1.28% nickel.
-- Due to the depth of the mineralisation, the derived average
mineralised thicknesses and grades are suited for underground
production. Some limited open pit potential is available for
consideration.
-- Resource expansion drilling will continue on a weather permitting basis.
Robin Young, CEO of Amur Minerals, commented:
"Resource expansion drilling has been highly successful.
Drilling along the exploration anomaly linking Ikenskoye /
Sobolevsky and Kubuk concludes that these two deposits are part of
a single longer trend. More drilling remains to be completed to
fully link the two deposits.
"We are optimistic that our current drill results have
substantially and materially upgraded our February 2017 Mineral
Resource Estimate at these two deposits and in the area located
between. With Ikenskoe / Sobolevsky and Kubuk containing nearly a
quarter of a million tonnes of nickel, we anticipate the next
resource update could place our Kun-Manie resource at over a
million tonnes of nickel not including the associated copper,
cobalt, platinum and palladium."
Market Abuse Regulation (MAR) Disclosure
Certain information contained in this announcement would have
been deemed inside information for the purposes of Article 7 of
Regulation (EU) No 596/2014 until the release of this
announcement.
Enquiries:
Company Nomad and Broker Public Relations
Amur Minerals S.P. Angel Corporate Yellow Jersey
Corp. Finance LLP PR
Robin Young Ewan Leggat Charles Goodwin
CEO Soltan Tagiev Harriet Jackson
Dominic Barretto
+44(0)7544
+7(4212)755615 +44(0)2034 700 470 275 882
For additional information, visit the Company's website,
www.amurminerals.com.
Click on, or paste the following link into your web browser, to
view the associated PDF document and audio file.
http://amurminerals.com/content/wp-content/uploads/Drill-Results-25-Sep-2017.pdf
http://amurminerals.com/content/wp-content/uploads/Audio-25-Sep-2017.mp3
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 13
years, previously Mr. Young was employed as an exploration and mine
geologist, mining engineer, construction manager of a mine startup
as well as 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 has been the lead engineer and project manager in the
compilation 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 which includes
results reported by RPM Asia Limited ("RPM").
For further information, see the Company website at
www.amurminerals.com.
Resource Expansion Phase of the 2017 Drill Programme
On 5 May 2017, the Company initiated its 2017 (20,000 metre)
drill programme. The largest component of this programme included
resource expansion drilling (step out) of approximately 50 holes
with a total estimated drill meterage of 14,500 metres. The
resource expansion target was the continuous three kilometre long
exploration anomaly connecting the IKEN and KUB deposits.
Successful identification of nickel and copper mineralisation along
this anomalous zone would result in identification of the second
largest deposit (up to 4.5 kilometres long) within the Kun-Manie
production licence area.
Drilling within this anomaly ("ISK") was begun 20 May 2017 and
by 31 August 2017, the Company had completed 20,000 metres of
drilling of total drilling, a full eight weeks ahead of schedule.
Sufficient onsite fuel reserves and continued good weather allowed
the Company to extend the drill season at a minimal cost. The
expanded programme is exclusively focused on further resource
expansion efforts along this anomaly identified as the ISK
target.
The Company recommends the following link be accessed which
provides key graphical information to be read in conjunction with
the remainder of this RNS.
http://amurminerals.com/content/wp-content/uploads/Drill-Results-25-Sep-2017.pdf
Progress Update on Resource Expansion Drilling
From 20 May through 18 September, 56 step out holes have been
completed along 2,400 metres of the three kilometre long
exploration anomaly identified as the ISK target. A total of 2,100
metres along the centreline of ISK had been drill tested.
To date, a total of 44 holes (80% of those drilled) have
intersected economic nickel grades defined at a minimum of three
metres thickness and in excess of 0.4% nickel. Mineralisation has
been identified to be present along 90% (1,900 metres) of the drill
tested of the centreline of the ISK anomaly. The average thickness
per ore hole is 23.1 metres with an average length weighted nickel
grade of 0.87% and 0.24% for copper.
Discoveries
Drilling has identified five geographically distinct areas along
the centreline of the ISK anomaly. Three are ore bearing zones
(ISK-1, ISK-2 and ISK3) containing continuous lengths of newly
discovered mineralisation. The fourth is a fault block void of
mineralisation whilst the highly prospective fifth area remains to
be drilled. Descriptions of the five areas follow:
-- ISK-1: This high grade block of mineralisation is an
expansion eastward of the IKEN deposit. Drilling has expanded the
limits of the mineralisation by an additional 500 metres along
strike and 400 metres in the down dip direction to the northeast. A
steeply dipping fault truncates the mineralisation at the eastern
end of this block. Additional potential for resource expansion
remains to be drilled in the down dip direction. Drilling indicates
this zone is approximately 31.8 metres thick averaging 0.98% nickel
and 0.28% copper.
-- Fault Block: A 300 metre long barren fault block has been
identified. The ISK-1 block lies immediately to the west and the
ISK-2 block lies immediately to the east. No mineral is
present.
-- ISK-2; Located directly above the centreline of the ISK
anomaly and to the southeast of the Fault Block, drilling along the
strike of ISK has identified the presence of a continuous mineral
body having a minimum 800 metre length. . In the down dip
direction, mineralisation has been identified over a distance
ranging from 200 to 250 metres. Mineral expansion remains open
along strike to the east and northward in the down dip direction.
Current drill results indicate this zone is 24.2 metres thick
averaging 0.79% nickel and 0.21% copper.
-- ISK-3: The ISK-3 area is a continuation of mineralisation in
the northwest direction from the KUB deposit. Drilling has extended
the KUB deposit by approximately 600 metres along strike toward
ISK-2. In the down dip direction, drilling confirms mineralisation
is present over a length of 200 to 300 metres. In the direction of
ISK-2, the limits of the mineralisation have not been identified.
Current drill results indicate a mineralised thickness of 19.1
metres averaging 0.79% nickel and 0.20% copper.
-- ISK Anomaly - Undrilled: Approximately 800 metres of
expansion potential (along the centreline of the ISK anomaly)
remain to be drilled. Lying between ISK-2 and ISK-3, successful
form a deposit having a total length of approximately 2,000 metres.
Drilling is underway at both ends of this undrilled portion of the
ISK anomaly.
Impact of Drilling on February 2017 MRE
The existing drill results will have a substantial impact on the
current MRE inventory at Kun-Manie summarised below.
RPM Ordinary Kriging Mineral Resource Estimates
February 2017
0.4% Nickel Cutoff Grade
Resource Ore Ni Cu Co Pt Pd Eq Contained Metal (t)
Classification Mt % % % g/t g/t Ni
(%)
---------------- ------ ----- ----- ------ ----- ----- ----- ---------------------------------------------------------
Ni Cu Co Pt Pd Eq
(1000's) (1000's) (1000's) (t) (t) Ni
(1000's)
---------------- ------ ----- ----- ------ ----- ----- ----- --------- --------- --------- ----- ----- ----------
MKF
------------------------------------------------------------------------------------------------------------------------------
Measured
---------------- ------ ----- ----- ------ ----- ----- ----- --------- --------- --------- ----- ----- ----------
Indicated 57.5 0.77 0.22 0.015 0.15 0.16 1.05 445 124 8.9 8.8 9.3 602.5
---------------- ------ ----- ----- ------ ----- ----- ----- --------- --------- --------- ----- ----- ----------
M+I 57.5 0.77 0.22 0.015 0.15 0.16 1.05 445 124 8.9 8.8 9.3 602.5
---------------- ------ ----- ----- ------ ----- ----- ----- --------- --------- --------- ----- ----- ----------
Inferred 3.4 0.80 0.22 0.017 0.16 0.15 1.06 27 7 0.6 0.5 0.5 36.2
---------------- ------ ----- ----- ------ ----- ----- ----- --------- --------- --------- ----- ----- ----------
MKF TOTAL 60.9 0.78 0.22 0.015 0.15 0.16 1.05 472 131 9.5 9.3 9.8 639.3
---------------- ------ ----- ----- ------ ----- ----- ----- --------- --------- --------- ----- ----- ----------
IKEN
------------------------------------------------------------------------------------------------------------------------------
Measured 10.1 0.66 0.18 0.011 0.21 0.25 0.94 67 18 1.1 2.1 2.5 94.6
---------------- ------ ----- ----- ------ ----- ----- ----- --------- --------- --------- ----- ----- ----------
Indicated 6.3 0.61 0.14 0.011 0.20 0.25 0.87 39 9 0.7 1.2 1.6 54.7
---------------- ------ ----- ----- ------ ----- ----- ----- --------- --------- --------- ----- ----- ----------
M+I 16.4 0.65 0.17 0.011 0.20 0.25 0.91 106 27 1.8 3.3 4.1 149.3
---------------- ------ ----- ----- ------ ----- ----- ----- --------- --------- --------- ----- ----- ----------
Inferred 4.7 0.84 0.20 0.016 0.19 0.23 1.14 40 9 0.8 0.9 1.1 53.9
---------------- ------ ----- ----- ------ ----- ----- ----- --------- --------- --------- ----- ----- ----------
IKEN TOTAL 21.1 0.69 0.17 0.012 0.20 0.25 0.96 146 36 2.6 4.2 5.2 201.8
---------------- ------ ----- ----- ------ ----- ----- ----- --------- --------- --------- ----- ----- ----------
KUB
------------------------------------------------------------------------------------------------------------------------------
Measured -
---------------- ------ ----- ----- ------ ----- ----- ----- --------- --------- --------- ----- ----- ----------
Indicated 3.6 0.87 0.21 0.016 0.18 0.19 1.17 31 8 0.6 0.6 0.7 41.6
---------------- ------ ----- ----- ------ ----- ----- ----- --------- --------- --------- ----- ----- ----------
M+I 3.6 0.87 0.21 0.16 0.18 0.20 1.17 31 8 0.6 0.6 0.7 41.6
---------------- ------ ----- ----- ------ ----- ----- ----- --------- --------- --------- ----- ----- ----------
Inferred 10.9 0.74 0.20 0.015 0.16 0.14 1.00 81 22 1.7 1.7 1.5 109.5
---------------- ------ ----- ----- ------ ----- ----- ----- --------- --------- --------- ----- ----- ----------
KUB TOTAL 14.5 0.77 0.20 0.016 0.16 0.15 1.04 112 30 2.3 2.3 2.2 149.5
---------------- ------ ----- ----- ------ ----- ----- ----- --------- --------- --------- ----- ----- ----------
VOD
------------------------------------------------------------------------------------------------------------------------------
Measured 0.6 0.74 0.22 0.012 0.29 0.32 1.16 5 1 0.1 0.2 0.2 7.1
---------------- ------ ----- ----- ------ ----- ----- ----- --------- --------- --------- ----- ----- ----------
Indicated 3.2 0.85 0.21 0.017 0.16 0.16 1.13 27 7 0.5 0.5 0.5 35.8
---------------- ------ ----- ----- ------ ----- ----- ----- --------- --------- --------- ----- ----- ----------
M+I 3.8 0.85 0.21 0.016 0.20 0.19 1.13 32 8 0.6 0.7 0.7 42.9
---------------- ------ ----- ----- ------ ----- ----- ----- --------- --------- --------- ----- ----- ----------
Inferred 1.0 0.81 0.22 0.016 0.17 0.16 1.07 8 2 0.2 0.2 0.2 11.1
---------------- ------ ----- ----- ------ ----- ----- ----- --------- --------- --------- ----- ----- ----------
VOD TOTAL 4.8 0.83 0.21 0.016 0.18 0.18 1.12 40 10 0.8 0.9 0.9 54.0
---------------- ------ ----- ----- ------ ----- ----- ----- --------- --------- --------- ----- ----- ----------
TOTAL
------------------------------------------------------------------------------------------------------------------------------
Measured 10.7 0.67 0.18 0.011 0.21 0.25 0.95 72 19 1.2 2.3 2.7 101.7
---------------- ------ ----- ----- ------ ----- ----- ----- --------- --------- --------- ----- ----- ----------
Indicated 70.5 0.77 0.21 0.015 0.16 0.17 1.04 542 148 10.7 11.1 12.1 734.6
---------------- ------ ----- ----- ------ ----- ----- ----- --------- --------- --------- ----- ----- ----------
M+I 81.2 0.76 0.21 0.015 0.17 0.18 1.03 614 167 11.9 13.4 14.8 836.3
---------------- ------ ----- ----- ------ ----- ----- ----- --------- --------- --------- ----- ----- ----------
Inferred 20.1 0.77 0.20 0.016 0.17 0.16 1.05 156 40 3.3 3.3 3.3 210.6
---------------- ------ ----- ----- ------ ----- ----- ----- --------- --------- --------- ----- ----- ----------
TOTAL 101.3 0.76 0.20 0.015 0.17 0.18 1.03 770 207 15.2 16.7 18.1 1,044.5
---------------- ------ ----- ----- ------ ----- ----- ----- --------- --------- --------- ----- ----- ----------
Numbers may not be concise due to rounding.
Drill results related to the expansion programme will likely
have a substantial impact on the existing February 2017 MRE
inventory. Observations follow:
-- The global resource of 101.3 million tonnes containing
770,000 nickel tonnes (0.76%) and 207,000 copper tonnes (0.20%)
will substantially increase.
-- The newly identified mineralisation at ISK-1 located
immediately adjacent the IKEN deposit should substantially increase
the IKEN MRE with regard to both grade and tonnage. Presently, the
IKEN MRE contains a total of 21.1 million tonnes of resource
averaging 0.69% nickel (146,000 tonnes) and 0.20% copper (36,000
tonnes). The aerial limit of the newly discovered mineral within
ISK-1 is nearly as large as the February 2017 MRE mineral limits.
In addition, the average grade of the new mineral is 42% higher
(0.98% nickel and 0.28% copper) than estimated within the February
2017 MRE. The combination of nearly doubling the size of the
deposit and the new mineral being substantially higher in grade
should result in a major increase to the MRE of IKEN by the
addition of from 70,000 to 150,000 tonnes of nickel.
-- Similarly, the KUB deposit has been expanded from it February
2017 length of 700 metres to more than a kilometre in length. In
addition, new mineral has been identified in the down dip direction
where there had been an absence of drill information. The new drill
discovered mineral has nearly doubled the aerial size of the KUB
orebody at drill grades of 0.79% nickel and 0.20% copper .With a
near doubling of the size, it is anticipated that an additional
60,000 to 120,000 tonnes of nickel could be added to the
inventory.
-- All newly discovered mineral identified within the ISK-2 area
has never been included in any MRE compiled at Kun-Manie. This zone
will further increase the global nickel inventory at Kun-Manie with
regard to both tonnage and contained nickel and copper.
-- Drilling that is currently underway and to be completed by
the end of the drill season should continue to add additional
resource to the MRE inventory beyond that presented in the
above.
Expansion Drilling and Exploration Target Expansion
Resource expansion remains within the area between ISK-2 and
ISK-3 which is presently being drilled. In addition, the expansion
drilling at ISK-1 and ISK-2 indicate down dip potential should be
investigated. A review of this year's drill results and those from
previously completed drill campaigns indicates the following:
-- Down dip to the north of ISK-1, a block of ground up to 750
metres in length is highly prospective. Drill identified mineral to
the west and north of this target area indicate the potential for
ISK-1 to be substantially expanded.
-- Down dip from ISK-2, mineralisation has been identified in
holes up to 500 metres away. One of the holes (C53) contains 11.6
metres of 1.28% nickel which was drilled in 2005.
-- Additional resource expansion exists between the Maly
Kurumkon / Flangovy and Gorny areas. Other smaller targets also
remain to be considered for future drilling near Vodorazdelny.
Most of the exploration of these newly identified targets will
be conducted in the future when Kun-Manie is in production.
Conceptual Mining Considerations
All but a minor amount of the newly defined mineral is located
at depths averaging from 250 to 275 metres below the surface. At
these depths, underground production is the best option for mining
of the majority of the newly discovered mineralisation.
Conceptually, these areas can all be accessed using the same
underground development and access infrastructure.
Limited open pit production is possible is along the western
edge of the newly discovered mineralisation at ISK-1. Steep slopes
are prevalent in this area of ISK-1 and potential stripping ratios
will increase rapidly in the eastward direction. For this reason,
the majority of ISK-1 is also considered to be an underground
production target.
Remainder of the 2017 Drill Season
With sufficient fuel, supplies, personnel, and materials on site
(enough to drill another 10,000 metres), the Company extended the
drill programme to allow for additional drilling along the ISK
anomaly. The end of the drill season will be based on weather
conditions precluding safe operating conditions for our drill
personnel. Typically, this is temperature dependent and drill
activities are halted when subzero night time temperatures impair
drill productivities and begin to preclude safe operating
conditions for our drill crews.
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
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