TIDMAMC
RNS Number : 2795B
Amur Minerals Corporation
09 January 2018
09 January 2018
AMUR MINERALS CORPORATION
(AIM: AMC)
Final 2017 Drill Programme Results
3.6 Kilometres Mineralised Strike Defined
Amur Minerals Corporation ("Amur" or the "Company"), explorer
and developer of its Russian Far East Kun-Manie nickel-copper
sulphide project, is pleased to announce that its final 2017
independently derived analytical drill results have been received.
The results confirm that the originally planned 20,000 metre drill
programme, initiated on 5 May 2017 (the "Drill programme" or the
"2017 drill programme"), have expanded the known mineralised strike
length by an additional 2,250 metres to a total of 3,650 metres
located at and between the Ikenskoe / Sobolevsky ("IKEN") and Kubuk
("KUB") deposits.
The newly defined drill identified mineralisation is projected
to be 22.4 metres in thickness and averages 0.80% nickel and 0.25%
copper and it is anticipated that there will be a substantial
increase in the planned early 2018 update to its JORC Mineral
Resource Estimate ("MRE") last updated in February of 2017.
Highlights
-- During 2017, a total of 26,485.6 diamond drill cored metres
(20,000 metres planned) within 107 total holes were completed at a
record low cost of US$ 34.83 per metre (unaudited).
-- A total of 74 holes intersected ore grade mineralisation in
excess of 0.4% nickel having a minimum thickness of 3.0 metres. The
2017 average mineralised thickness per ore hole was 22.4 metres
containing a length weighted grade of 0.80% nickel and 0.25%
copper.
-- Analytical results from the accredited laboratory of Alex
Stewart Laboratories ("ASL") based in Moscow, Russia, have now been
fully completed, bringing the 2017 drill programme to completion.
External control analysis is underway with SGS Minerals ("SGS")
located in Chita, Russia.
-- A four kilometre long segment of the ore host zone known as
the Kurumkon Trend was targeted by the drill programme. Prior to
drilling, a total strike length of 1,400 metres of mineralisation
was known to exist within the target. The new 2017 drilling has
expanded by an additional 2.25 kilometres, bringing the total
mineral length to 3,650 metres.
-- The 3.6 kilometre long ore body consists of three specific
mineral blocks separated by two fault zones. The known mineral
within the IKEN block has been more than doubled in size from 600
metres to 1,250 metres of mineral length, the known KUB block has
been expanded from its previous length of 800 metres to 1,400
metres and a newly identified ISK mineral block of 1,000 metres of
new mineral has been identified between the neighboring deposits of
IKEN and KUB.
-- Prior to the 2017 drill programme, the MRE along the entire
4.0 kilometre long corridor (IKEN plus KUB) was 35.6 million ore
tonnes averaging 0.72% nickel and 0.19% copper. The identification
of an additional 2,250 metres of new mineralisation is anticipated
to substantially increase the mineralised tonnage reported in the
current February 2017 MRE. Concurrently, the new drill defined
mineralisation is also indicated to be higher in grade with the
drill indicated nickel grade being approximately 10% higher than
the MRE model grades and nearly 30% higher for copper.
-- The 2017 drill information is under review by RPM Global
("RPM") to confirm the best approach to update the MRE in early
2018.
-- The mineability of the newly defined mineralisation is
conducive to both open pit and underground production. To optimise
production of this mineral, a trade off study on the two mining
methods is planned.
-- Highly prospective potential remains along the 4.0 kilometre
long drilled segment of the Kurumkon Trend and down dip of many of
the newly completed drill holes which have not identified the
limits of the mineralisation. The total area of the target is in
the order of 2.0 square kilometres.
Robin Young, CEO of Amur Minerals, commented:
"The now complete and highly successful 2017 drill programme
results have substantially increased the known length of the
mineralisation within a quarter of the ore host Kurumkon Trend. An
increase of approximately 180% in mineralised length from 1.4
kilometres to 3.6 kilometres has proven that the Ikenskoe /
Sobolevsky and Kubuk deposits are part of a much larger deposit
with the addition of the ISK orebody lying between the two greatly
expanded deposits. The drill indicated grades for both nickel and
copper are also higher than estimated within our February 2017
Mineral Resource Estimate by as much as 10% for nickel (averaging
0.80%) and 30% for copper (averaging 0.25%).
"This new drill information indicates this area could contain as
much mineral as defined in Maly Kurumkon / Flangovy, presently our
largest drill identified deposit. We are very optimistic that there
will be a substantial increase in our global February 2017 Mineral
Resource Estimate, already one of the largest undeveloped nickel
copper sulphide projects in the world and what we believe to be the
largest nickel sulphide deposit located in the vicinity of the
three largest nickel consuming nations of China, Japan and
Korea."
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-Programme-Wrap-Up-2018-01-09.pdf
http://amurminerals.com/content/wp-content/uploads/Audio-09-Jan-2018.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 Global ("RPM"), Alex Stewart Laboratories
("ASL") and SGS Minerals ("SGS").
For further information on the Company and its nickel copper
sulphide project (Kun-Manie), see the Company website at
www.amurminerals.com.
Important Note: For the purpose of clarification, links within
this RNS provide the reader with graphical information providing
clarity to the nomenclature, referenced materials and relative
spatial relationships for the drill results and area names. This
information should be reviewed in conjunction with this RNS.
Final Independent Analytical Results Complete 2017 Drill
Programme
Having received the final set of certified and independent
analytical results from the accredited Moscow, Russia based Alex
Stewart Laboratories ("ASL") the 2017 drill programme is complete.
The certified drill results have been verified, compiled and are
ready for use in an update to the February 2017 RPM ("RPM") Mineral
Resource Estimate ("MRE"). Drill results confirm the potential of a
substantial increase of newly identified resource not previously
contained within the Company's current February 2017 MRE.
Benchmark February 2017 MRE
Mineralisation within the Kun-Manie nickel copper polymetal
deposit is contained within a 16 kilometre long host zone
identified as the Kurumkon Trend. Prior to the 2017 drill
programme, four deposits had been drill identified along this
linear structure located within the Kun-Manie production licence
area. These deposits are known as the Maly Kurumkon / Flangovy
("MKF"), Vodorazdelny ("VOD"), Ikenskoe / Sobolevsky ("IKEN") and
Kubuk ("KUB") deposits.
The 2017 drill results indicate that a substantial increase to
the MRE statement issued in February 2017 based on a cutoff grade
("COG") of 0.4% nickel will be attained. Excluding the 2017 drill
results, the benchmark February 2017 MRE contains a total of 101.3
million ore tonnes, averaging 0.76% nickel (770,000 tonnes) and
0.20% (220,000 tonnes) copper per tonne. By-product cobalt (15,200
tonnes), platinum (16.7 tonnes) and palladium (18.1 tonnes) are
also present. Using February 2017 commodity pricing, a nickel
equivalent grade of 1.03% nickel equating to more than 1.0 million
contained nickel equivalent tonnes has been defined. The global MRE
estimate is based on the 31 December 2016 drill data set comprised
of 58,084.3 drill metres within 375 holes. The February 2017 MRE by
deposit follows.
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
------------------------------------------------------------------------------------------------------------------------------
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
------------------------------------------------------------------------------------------------------------------------------
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
------------------------------------------------------------------------------------------------------------------------------
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
------------------------------------------------------------------------------------------------------------------------------
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
------------------------------------------------------------------------------------------------------------------------------
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
---------------- ------ ----- ----- ------ ----- ----- ----- --------- --------- --------- ----- ----- ----------
M+I includes the combination of Measured and Indicated
resources.
Numbers may not be concise due to rounding.
Design of the 2017 Drill Programme and Objectives
The 2017 drill programme was focused along a 4.0 kilometre
segment of the 16 kilometre long Kurumkon Trend. The area included
portions of the IKEN and KUB deposits and a geochemical anomaly
("ISK") that linked the two neighboring deposits. A total of 20,000
metres were planned for drill completion to establish the
following:
-- Define the down dip limits of mineralisation at IKEN and KUB
for Mining Ore Reserve ("MOR") definition purposes and would likely
not increase the resource inventory but could impact the MOR.
-- Infill drill the February 2017 reported Inferred resource of
IKEN and KUB to that of Indicated resource for future use in MOR
determination. The total targeted tonnage for upgrade to Indicated
was 15.6 million tonnes containing 121,000 tonnes of nickel and
31,000 tonnes of copper.
-- Expand the global resource by step out drilling along a three
kilometre long previously undrilled nickel copper anomaly ("ISK")
linking the deposits of IKEN and KUB. Successful drilling of this
area would establish that the IKEN and KUB deposits represent the
western and eastern limits of a much larger deposit and would
increase the resource by identifying new mineralisation providing
for a substantial increase to the February 2017 MRE.
With having completed the 2017 programme, the Company believes
the 2017 drill programme will result in the substantial increase in
the MRE at both the IKEN and KUB (a combined mineralised strike
length of approximately 1,400 metres) deposits and from the newly
discovered mineral lying between the two deposits. The February
2017 MRE within the drilled area is 35.6 million mineralised ore
tonnes containing 258,000 nickel tonnes and 66,000 tonnes of
copper. The detailed February 2017 MRE that will specifically be
impacted by the 2017 drill programme is summarised in the table
below.
IKEN and KUB Mineral Resource Estimates
February 2017
0.4% Nickel Cutoff Grade
Resource Ore Ni Cu Co Pt Pd Eq Contained Metal (t)
Classification Ni
---------------- ------------------------------------------------------
Mt % % % g/t g/t (%) Ni Cu Co Pt Pd Eq
Ni
----------------
(1000's) (1000's) (1000's) (t) (t) (1000's)
---------------- ----- ----- ----- ------ ----- ----- ----- --------- --------- --------- ---- ---- ---------
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 0.016 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
---------------- ----- ----- ----- ------ ----- ----- ----- --------- --------- --------- ---- ---- ---------
IKEN + KUB
--------------------------------------------------------------------------------------------------------------------------
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 9.9 0.71 0.17 0.013 0.18 0.23 0.97 70 17 1.3 1.8 2.3 96.3
---------------- ----- ----- ----- ------ ----- ----- ----- --------- --------- --------- ---- ---- ---------
M+I 20.0 0.69 0.18 0.012 0.20 0.24 0.95 137 35 2.4 3.9 4.8 190.9
---------------- ----- ----- ----- ------ ----- ----- ----- --------- --------- --------- ---- ---------
Inferred 15.6 0.78 0.20 0.016 0.17 0.17 1.05 121 31 2.5 2.6 2.6 163.4
---------------- ----- ----- ----- ------ ----- ----- ----- --------- --------- --------- ---- ---- ---------
TOTAL 35.6 0.72 0.19 0.014 0.18 0.12 0.99 258 66 4.9 6.5 7.4 351.3
---------------- ----- ----- ----- ------ ----- ----- ----- --------- --------- --------- ---- ---- ---------
Numbers may not be concise due to rounding.
The 2017 Drill Programme Accomplishments
A total of 26,485.6 diamond drill cored metres within 107 holes
were drilled during the 2017 field season. This was an increase of
32% over the planned 20,000 metres and was possible due to an
earlier than planned start to the drill season and higher than
planned drill rates. Of these holes, 74 intersected economic grade
nickel mineralisation defined to have a minimum thickness of 3.0
metres at a COG in excess of 0.4% nickel. For the season, the
average length weighted grade of nickel is 0.80% with copper being
0.25%. The average thickness per ore hole is indicated to be 22.4
metres.
Expansion to the Mineralised Tonnage Inventory
The 2017 drill programme along the targeted 4.0 kilometre long
segment of the Kurumkon Trend has substantially expanded the
previously identified strike length of the mineralisation.
Previously it was known to be 1,400 metres in length and has now
been expanded to a total of 3,650 metres representing 90% of the
total 4.0 kilometre the targeted area. This area is now known to
contain three large mineralised blocks (a minimum of one kilometre
in length), separated by two fault zones.
At IKEN and KUB, mineralisation has been substantially expanded
outward from pre-2017 ore hole intersections. Expansion eastward
from IKEN and westward from KUB has nearly doubled the known strike
length of mineralisation within these two deposits which previously
had a combined mineralised strike total of 1,400 strike metres and
now is defined to be in the order of 2,650 metres. In addition, a
one kilometer long ISK mineral block located between IKEN and KUB
has been drill identified. Hence, newly discovered mineralisation
not included in the February 2017 MRE has been increased by 2.25
kilometres to a total of 3.65 kilometres.
A longitudinal section of the new mineral is provided in the
link provided above. A summary of the increase in the strike length
of the mineralisation for the three mineral blocks is provided
below:
Strike Length of Mineralisation
(>0.4% nickel - > 3.0 metres minimum thickness)
Area Original New Length Increased
Length (m) Length
(m) (m)
--------------- --------- ----------- ----------
IKEN 600 1,250 650
ISK* 0 1,000 1,000
KUB 800 1,400 600
--------------- --------- ----------- ----------
Total Mineral
Length 1,400 3,650 2,250
--------------- --------- ----------- ----------
*ISK, the newly identified orebody located between IKEN and
KUB.
It is also noted that mineralisation remains open down dip of
ore holes that contain potentially economic values of nickel and
copper and confirm the presence of a highly prospective drill
target of approximately 2.0 square kilometres to be present.
IKEN Results
Drilling of seven holes to determine the limits of mineralised
outcrop and the extents of deep mineralisation within the February
2017 IKEN resource model limits has been completed. Of these, five
ore holes confirmed the presence of mineralisation averaging 9.2
metres in thickness per ore hole containing a length weight nickel
grade of 0.67% nickel and 0.22% for copper. The newly acquired
drill results are supportive of the reported MRE grades of 0.69%
nickel and 0.17% copper.
Step out drilling of 13 holes for resource expansion to the
southeast of the IKEN deposit (toward the KUB deposit) has expanded
the mineralisation southeastward by an additional 650 metres of
strike length. Nine holes intersected new ore with having an
average thickness per ore hole of 33.1 metres averaging 0.95%
nickel and 0.26% copper. This new resource is nearly triple the
thickness of the mineralisation defined within the limits of the
existing February 2017 IKEN MRE. The nickel and copper grades are
also substantially higher than that reported within the IKEN MRE.
The nickel grade is 38% higher than the MRE grade with copper
content being nearly 50% higher than that of the MRE. The Company
anticipates the combination of greater mineralised thicknesses and
higher grades will markedly increase the contained nickel and
copper at IKEN.
KUB Results
The combination of infill and deep mineralised extension
drilling indicates an average thickness of 13.5 metres per ore hole
averaging 0.75% nickel and 0.22% copper. The February 2017 MRE
grades at KUB are projected to be 0.77% nickel and 0.20%
copper.
Stepout drilling to the northwest toward the IKEN deposit has
also extended the mineralisation an additional 600 metres beyond
the limits identified by pre-2017 drilling. The average thickness
per ore hole (22 ore holes) is 19.8 metres with length weighted
average grades for nickel being 0.75% and 0.20% for copper. The
grade of the mineralisation is nearly the same to that of the KUB
MRE grades estimated in February 2017.
ISK Results
The ISK block of mineralisation located between the IKEN and KUB
deposits is bounded at its northwestern and southeastern limits by
faults. The total mineralised strike length is defined to be
approximately one kilometre. All ISK mineralisation is new resource
and will further expand the global resource of Kun-Manie as no MRE
has been estimated with this area. Drilling of 21 ore holes (23
total holes) indicates an average thickness of 22.9 metres per ore
hole with 0.80% nickel and 0.30% copper being the length weighted
average grades.
MRE Expansion Potential
With the expansion of IKEN and KUB and the addition of the ISK
ore body, the total strike length of mineralisation is now
projected to be in the order of 3,650 metres, an increase of 2,250
metres. Based on the 2017 drill results averaging 0.80% nickel and
0.25% copper, the Company anticipates the planned MRE update
anticipated in early 2018 will be substantially increased from the
February 2017 MRE inventory which is presently reported to be 35.6
million tonnes averaging 0.72% nickel and 0.19% copper for IKEN and
KUB. The Company anticipates there is the potential to nearly
double the IKEN and KUB resource.
With the addition of the ISK mineral block, the total resource
potential indicated by this year's drill results could approach
that of the current largest deposit of MKF, which is approximately
3.5 kilometres in length. MKF contains a total resource of 60.9
million ore tonnes containing 472,000 tonnes of nickel and 131,000
tonnes of copper.
Alex Stewart Laboratory Analytical Results
AMC utilises three stages of analytical determination during its
drilling programme. These consist of:
-- Onsite use of one of two Company owned Niton XL2 500 X-Ray
Fluorescence units ("RFA") as a first stage determinant of nickel
and copper content. This allows the Company to undertake field
decisions such as drill hole location, sample selection for
independent analytical results, etc. These results allow the
Company to maintain cost control procedures in sample selection for
independent certified analysis as well as more strategically site
drill holes. The RFA results are reported by the Company in drill
update reports (RNS) allowing for a more expeditious reporting of
drill progress. This information is not used in resource
determination but is suitably accurate to ensure drill results
reporting is reasonably accurate.
-- External and independent laboratory analyses (ASL) for
resource determination are necessary in the compilation of a JORC
(Dec. 2012) compatible MRE. These results must be derived by an
industry accredited laboratory. Due to the long lead time to obtain
these results, the Company reports its RFA results in RNS updates
during the ongoing drill phase. Once all ASL results are available,
the drill programme is officially considered to be complete.
-- External control is also necessary in the derivation of a
JORC MRE. The Company submits 5% of the ASL analysed samples to a
second accredited laboratory (SGS Laboratory located in Chita,
Russia) for verification of the ASL results. External control
analysis is underway.
Over the course of the 2017 drill season, the Company has
released its RFA analytical results within various RNS drill
updates. This is possible as historical comparisons of the Company
generated RFA results and those of ASL have been mutually
supportive. For 2017, it is noted that the nickel RFA average grade
was 0.81% for nickel versus that of ASL being 0.80%. Company copper
results were projected to be 0.23% with ASL being 0.25%. The
Company considers that previously reported RNS results based on the
RFA work to have been representative. It is also noted that all
information reported herein with regard to mineralised thicknesses
and grades are now sourced from the accredited laboratory of
ASL.
2017 Projected Drilling Cost
Company owned drill rigs provide a highly cost effective
approach to drilling and result in a substantial cost reduction
when compared to contract direct drilling costs, which range from
US$ 80.00 to US$ 120.00 per metre.
The Company projects that its 2017 direct plus indirect cost per
metre is in the order of US$ 34.83 (unaudited). Of this, US$ 23.49
is direct drill cost and the remaining US$ 11.34 is attributable to
indirect costs. Indirect costs include sample preparation
consisting of core sawing, crushing, site analysis of the nickel
and copper content, independent laboratory analytical results, down
the hole drill survey costs, drill hole collar survey costs,
transport of personnel, supplies and materials to the rigs and
transport of the samples to Moscow, Russia.
With the 2017 all-in cost of US$ 34.83 per metre is
approximately 15% less than last year's Company all-in drill cost
of approximately US$ 40 per metre. This all-in cost is a record low
drill season cost per drill metre. When compared to contract
drilling costs (direct costs only), the Company cost is nearly a
quarter of that if AMC were to utilise contract drillers.
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
DRLFKFDDOBKDQDK
(END) Dow Jones Newswires
January 09, 2018 02:00 ET (07:00 GMT)
Amur Minerals (LSE:AMC)
Historical Stock Chart
From Apr 2024 to May 2024
Amur Minerals (LSE:AMC)
Historical Stock Chart
From May 2023 to May 2024