TIDMAMC
RNS Number : 9505X
Amur Minerals Corporation
16 August 2018
16 August 2018
AMUR MINERALS CORPORATION
(AIM: AMC)
July 2018 Drill Programme Milestones
Infill Drilling Successfully Completed
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 pleased to provide
its third in a series of drill updates for its 2018 drill programme
at its wholly owned Kun-Manie nickel copper sulphide project
("Kun-Manie"). Covering the period ending 31 July 2018, the 20,300
metre drill programme announced on 27 February 2018, is well
advanced, including infill drilling in accordance with Russian
regulatory requirements for use in the acquisition of mining
permits, the conversion of a high grade Inferred resource to that
of Indicated for future inclusion in the Pre-feasibility Study
("PFS"), Mining Ore Reserve ("MOR") and the acquisition of a
metallurgical sample along the mineralised trend between, and
including, the deposits of Ikenskoe / Sobolevsky ("IKEN") and Kubuk
("KUB").
Highlights
-- In July, a total of 48 diamond core drill holes (7,457.4
metres) were completed bringing the total drilling through to 31
July 2018, to 114 drill holes containing a total of 16,558.3 metres
(82% of the 20,300 planned metres) for the State Committee on
Reserves ("GKZ") certification of reserves and for use in the mine
permitting process, the IKEN Inferred resource upgrade for future
consideration in the Kun-Manie nickel copper sulphide project
economics and metallurgical sample collection. An additional
1,708.0 metres have been completed in the area of Gorny (geological
investigative work) as well as additional drilling at KUB to define
up and down dip limits of previously identified mineralisation. The
combined total of 18,266.3 metres of drilling has now been
completed using Company owned Boart Longyear LF 70 and LF 90
diamond core drill rigs providing a combined daily average of
nearly 210 metres.
-- On 14 July, the GKZ requirement for infill drilling was
completed at all the deposits of Maly Kurumkon / Flangovy ("MKF"),
Vodorazdelny ("VOD"), IKEN and KUB from which mining is
anticipated. This will allow for final Russian Federation approval
of the reserve(s), and is also required, to obtain approval of mine
designs.
-- Drilling has now been completed within the March 2018
Inferred resource delimited area at IKEN (now drilled on a 100 by
100 metre grid) and the continuity of the grade and thickness of
this block has been established. The portion of the resource which
is projected to potentially yield a higher operating profit per ore
tonne was identified for infill drilling to convert it to the JORC
(Dec 2018) Indicated resource category. If successfully converted
to Indicated this would allow for this block of mineralisation to
be included in future updates to the Pre-Feasibility Study ("PFS")
where it can be inserted into the earlier years of production by
supplanting a portion of the currently defined MOR potentially
increasing the estimated Net Present Value ("NPV") and Internal
Rate of Return ("IRR"), whilst simultaneously allowing the Company
to take advantage of reduced Net Profits Tax ("NPT") and Metals
Royalty Tax ("MRT").
-- Step out drilling to the north and east of the IKEN Inferred
block is also underway. It has been determined that the aerial
limits of the mineralisation appear to have been increased by as
much as 50%. Drilling is being continued to determine the extent of
this ore body. Results received in July confirm that mineralisation
is present for an additional 100 metres in the northward direction
and at least an additional 100 metres in the eastward
direction.
-- Metallurgical sample collection within, and between, the
neighboring deposits of IKEN and KUB is being conducted by diamond
core drilling. Samples have been collected along the majority of
the KUB deposit where open pit production is planned, within the
currently defined IKEN open pit area and along the majority of the
IKEN high grade Inferred zone. Nearly 55% of the planned
metallurgical sample has been acquired and drilling will continue.
All metallurgical samples accumulated through to 31 July have been
delivered to the Company's Khabarovsk core storage facility.
-- Alex Stewart Laboratory ("ASL"), responsible for generation
of the certified and independent analytical results used in the
resource estimate, has already provided final results for more than
70% of the completed drill holes as of 31 July. Presently, ASL
results are available for all GKZ infill holes completed at MKF and
IKEN with samples presently being analysed for the GKZ VOD and KUB
drilling component of the drill programme. Approximately 50% of the
results from the collected drill samples within the Inferred zone
of IKEN have been provided as well. This year's more rapid
turnaround of the ASL final results is attributed to ASL's
increased sample capacity volume. The Company notes that its
internally generated Niton ("RFA") results are being validated by
the ASL results (within 10%).
Robin Young, CEO of Amur Minerals, commented:
"With our drill programme being over 80% complete and having
experienced no down time at the rigs, work is swiftly advancing
toward completion of our three key objectives in this year's drill
effort.
"We have already completed all infill drilling of limited areas
in each of the four areas where we anticipate mining to occur. This
information represents the final milestone required for inclusion
in our work to obtain final Russian reserves as in accordance with
Russian Federation requirements to obtain the necessary approvals
for mine plans, designs and schedules. Once all final analytical
results are available, we can begin to compile the TEO, a Russian
feasibility document.
"We are also nearing completion of conversion of a large high
grade, higher net operating profit per tonne Inferred resource at
Ikenskoe / Sobolevsky. The upgrade to Indicated resource should
enable us to enhance the production schedule and related PFS cash
flow model. We anticipate further improvement of the projected NPV
and IRR beyond that of our current positive results. There is a
second enhancement that could be derived with this conversion step
being completed. That is by mining this during the first 10 years
of production, there is added upside related to the reduced Net
Profits and Metal Royalties structure for the Far East which will
further benefit the project. Metallurgical sample collection is
also advancing and we anticipate successful completion of this
year's drill objectives by mid-September."
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 Corp. S.P. Angel Corporate Finance Blytheweigh
LLP
Robin Young CEO Ewan Leggat Megan Ray
Soltan Tagiev Tim Blythe
+44 (0) 20 7138
+7(4212)755615 +44(0)20 3470 0470 3203
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 and a qualified person as
defined by the AIM Rules for Companies. 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 which includes
results reported by Alex Stewart Laboratories and RPM Global.
For further information, see the Company website at
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/2018-July-Summary.pdf
http://amurminerals.com/content/wp-content/uploads/Audio-July-2018
Drilling.mp3
2018 Drilling Programme Design
The 2018 drill programme is well advanced with one of three
drill objectives having been fully completed and the remaining two
nearing completion. These three objectives are engineering based
drill activities requiring the completion of a planned total of
20,300 drill metres. The objectives and current status follows:
-- In accordance with Russian regulatory requirements
established by GKZ, detailed infill drilling to verify the
continuity of the mineralisation with regard to grade and thickness
is required to allow for final approval of the reserve and its
subsequent use in obtaining approval of mine designs at each
deposit from which production will be derived. On 14 July, this
infill drilling was completed at all the deposits of MKF, VOD, IKEN
and KUB from which mining is anticipated.
-- Reserves for inclusion in a PFS must be derived from
resources of the Measured and Indicated category. In addition, the
Company has determined that an 11 year minimum reserve life should
be identified to cover the repayment of project financing (150% of
the loan life defined by the drawdown and repayment life of the
structure of the project loan). At the start of this year's drill
season, the mining potential for open pit and underground
production at Kun-Manie exceeded these considerations and
parameters.
However, the Company noted that potentially mineable higher
grade Inferred resources at IKEN necessitated additional infill
drilling to convert the Inferred resource to that of Indicated.
This determination was based on the Inferred block having the
potential to yield a higher per ore tonne operating profit than
currently available to the PFS. Successful infill drilling to
upgrade this block to that of Indicated resource, allowing for its
use in MOR determination, could substantially improve the current
PFS NPV and IRR by its insertion ahead of lower operating profit
mining tonnages presently defined to be present.
In addition, the insertion of this infill drilled resource
forward in the production cycle could further enhance the economic
potential of Kun-Manie by taking advantage of the reduced NPT and
MRF available during the first 10 years of production.
Beginning on 21 May, drilling on the IKEN Inferred block was
initiated and the March 2018 reported Inferred resource has now
been completely infill drilled verifying the continuity of the
grade and thickness throughout the area. Step out drilling at a
spacing used to define Indicated resources is ongoing and the
extents of the zone have not been fully identified in the eastward
direction toward KUB.
-- Acquisition of a large metallurgical sample from economic
grade mineralisation identified to be present within, and between,
the IKEN and KUB deposits is underway. The area is projected to
contain nearly half of the presently planned 15 years of Kun-Manie
production. The metallurgical test work establishing the
variability of the metallurgical recovery of the metals from the
ores and the composition of the recovered concentrate are important
factors for the determination of smelter fees / payments in a Toll
Smelt ("TS") scenario and for the follow on design of a Low Grade
Matte ("LGM") production facility. Sample collection drilling is
underway.
In addition to the planned drill metres, geological
investigative drilling was completed in June at the Gorny deposit
area (a possible extension of the MKF) deposit and limited step out
drilling at KUB has undertaken defining the up dip and down dip
limits of the mineralisation defined previously by 2017
drilling.
30 July 2018 Progress
Through to 31 July 2018, this season's planned 20,300 metre
drill programme is well advanced with 16,558.3 metres (82%) of the
planned drill programme having been completed in the GKZ, IKEN
Inferred upgrade and metallurgical sample programme objectives. An
additional 1,708.0 metres have also been completed in the area of
Gorny and additional step out drilling at KUB. All 18,266.3 metres
of drilling has been undertaken using the Company owned Boart
Longyear LF 70 and LF 90 diamond core drill rigs with a combined
average of nearly 210 metres per day.
In July, a total of 48 diamond core drill holes (7,457.4 metres)
were completed. Presently, 114 holes have been completed containing
18,266.3 total drill metres. A summary of the 31 July 2018
distribution of the drilling is provided in the following
table.
Progress of the 2018 Drill Programme
Drill Planned Completed Remaining %
Objective (m) (m) Budget Completion
(m)
Mining Design Infill
- GKZ 6,500.0 6,741.2 0.0 100%
--------- ---------- ---------- ------------
High Grade Zone Confirmation 7,000.0 6,109.8 890.2 87%
--------- ---------- ---------- ------------
Metallurgical Sample
Collection 6,800.0 3,707.3 3,092.7 55%
--------- ---------- ---------- ------------
Total Drill Budget 20,300.0 16,558.3 3,982.9* 82%*
--------- ---------- ---------- ------------
Gorny - Geological Structure
Drilling 0.0 787.0 0.0 NIB
--------- ---------- ---------- ------------
Kubuk Step Out Drilling 0.0 921.0 0.0 NIB
--------- ---------- ---------- ------------
Total Metres Drilling
- 31 July 2018 18,266.3
--------- ---------- ---------- ------------
NIB: Not In Budget.
* takes into account additional required Mining Design Infill
metres drilled
GKZ Infill Drilling Objective
Typically, drilling at Kun-Manie has been completed on a drill
spacing ranging from 75 to 100 metres. GKZ based reserve estimates
have been compiled for the deposits based on this spacing and are
considered to be categorised as C1 and C2 Russian reserves
(equating approximately to Indicated resources by JORC (Dec. 2012)
standards).
To obtain approved mine plans and mine related operating
permits, Russian defined regulatory requirements must be met. A key
task in obtaining final reserve and mining approvals is providing
detailed infill drilling of limited areas of each deposit from
which mining is to occur. This infill approach for Kun-Manie has
been completed by completion of infill drilling at a spacing of
approximately 50 by 50 metres. This GKZ infill drilling component
has been completed allowing the Company to be in position to
complete specific obligations allowing for various mine reserve,
design and scheduling approvals allowing the Company to obtain
mining permits.
At Kun-Manie, this year's GKZ infill programme included drilling
of limited areas at MKF, VOD, IKEN and KUB where mining is
anticipated to be implemented. This portion of the 2018 drill
programme is complete and the associated drill results follow. The
Company notes that the information in the table below may vary from
that provided in the June 2018 drill update as previously
unavailable ASL final results have been incorporated in the
comparison below. Schematic drawings of the drill hole locations
are available for review by following the link to a PDF file
(provided herein).
GKZ Infill Drill Results
Thickness and Grade Comparison
Total Mineralisation Per Hole
Deposit Metric Vertical Thickness Ni Cu Lab
Per Hole (%) (%) Source
(m)
MKF 2018 30.3 0.80 0.22 ASL
------------ ------------------- ------ ------ --------
Target 27.3 0.76 0.20 ASL
---------------------- ------------------- ------ ------ --------
Difference
(%) 11.0 5.3 10.0
---------------------- ------------------- ------ ------ --------
VOD 2018 30.3 0.93 0.27 ASL
------------ ------------------- ------ ------ --------
Target 28.8 0.89 0.27 ASL
---------------------- ------------------- ------ ------ --------
Difference
(%) 5.2 4.5 0.0
---------------------- ------------------- ------ ------ --------
IKEN 2018 14.7 0.71 0.21 RFA
------------ ------------------- ------ ------ --------
Target 17.0 0.79 0.20 ASL
---------------------- ------------------- ------ ------ --------
Difference
(%) -13.5 -10.1 5.0
---------------------- ------------------- ------ ------ --------
KUB 2018 18.6 0.70 0.18 RFA
------------ ------------------- ------ ------ --------
Target 19.6 0.77 0.21 ASL
---------------------- ------------------- ------ ------ --------
Difference
(%) -5.1 -9.1 -14.3
---------------------- ------------------- ------ ------ --------
The above reported mineralised thicknesses and grades are based
on a minimum mineralised thickness of three metres at a cutoff
grade ("COG") of 0.3% nickel only. The drill results generated for
this component of the drill season are summarised in a series of
tables provided at the bottom of this announcement.
Direct comparison of the Target thickness and grade with that of
the 2018 results is indicative and the direct comparison of the
results should not be undertaken as each hole represents a
differing tonnage due to the differing areas of influence that can
vary substantially for each hole. It is noted that the infill
results versus those of the holes completed prior to this year's
programme are within 13.5% regarding thickness, 10.1% for nickel
and 14.3% for copper.
IKEN Inferred Resource Conversion Drilling
Drilling for resource upgrade (conversion of Inferred resource
to Indicated resource) is being conducted on a high grade
mineralised zone discovered at the IKEN deposit during the 2017
drill season. The targeted block of Inferred resource is favourably
situated and suitable for open pit mining (and potentially
underground extraction) and insertion into the early Kun-Manie mine
production schedule. Because of its higher grade and apparent
potential to source two to three years of ore, the Company opted to
undertake the resource conversion drill effort on this zone,
located immediately to the south of the drill Measured and
Indicated IKEN ore body.
The decision to include drilling of this area during the 2018
programme was based on the economic potential of this higher grade
block to significantly impact the overall project upside. This is
based on evaluation of specific metrics used to evaluate a
project's economic potential which include the Earnings Before
Interest, Tax, Depreciation and Amortisation ("EBITDA"), NPV and
IRR criteria. The higher the values of these metrics, better
indicated project economics can be expected. By careful production
planning, a Company can improve the economic potential of a project
by implementing more efficient operational procedures. These can
include (but are not limited to) mining higher metallurgically
recovered grade material (more metal per tonne at the same cost)
and, or, mining lower cost metal (schedule production by maximising
EBITDA) as early in the mine life as possible. These can
substantially enhance the time value based NPV and IRR which
ultimately means "dollars today are worth more than dollars
tomorrow".
At the beginning of this drill season, this Inferred resource
was defined by widely spaced drilling indicating the presence of a
mineralised vertical thickness in the order of 28.7 metres
averaging 0.94% nickel and 0.26% copper. The zone is estimated to
contain more than 12 million tonnes of resource which could provide
two years of higher grade production. With 7,000 total metres of
drilling planned to convert this zone to an Indicated resource, and
to conduct limited step out drilling where the limits of
mineralisation have not yet been established, 22 diamond core drill
holes have been completed within and adjacent the Inferred resource
area (approximately one half square kilometre). Based on the
analytical results generated by the Company, it anticipates that
this block will be upgraded to Indicated resource allowing it to be
fully included in future MOR statements.
It is also noted that the limits of this mineralisation had not
been fully established by the 2017 drill programme and that there
was potential to expand this resource in the down dip and eastward
directions. This year's drilling has confirmed that the zone does
indeed continue down dip by as much as 100 to 150 metres (a 50%
increase in the mineralised dip direction length) and to the east
by at least another 100 metres. Based on aerial limits, the plan
view size of this resource block has been increased by as much as
50% at a nickel grade in the order of 0.90% nickel (0.3% Ni COG).
It is noted that step out drilling is identifying new
mineralisation, although the new mineral thicknesses appear to be
somewhat reduced in thickness from that identified by the 2017
drilling.
Ikenskoe / Sobolevsky
Infill Resource Conversion - Inferred to Indicated
Future PFS Upgrade Potential
Company Generated RFA Analyses
Deposit Vertical Thickness Ni Cu Lab
Per Hole (%) (%) Source
(m)
24.3 m per Hole
IKEN 14.9 m per Interval 0.90 0.24 RFA
--------------------- ------ ------ --------
28.2 m per Hole
16.9 m per Interval 0.95 0.26 ASL
--------------------- ------ ------ --------
-13.8% -5.3% -7.7%
--------------------- ------ ------ --------
Metallurgical Sample Collection Drilling
Drilling is underway to collect a large scale representative
metallurgical sample along strike length of IKEN through to KUB
deposits. Drill holes spaced at 100 metre intervals are planned for
completion. This is planned to require 6,800 metres of drilling
over the entire field season. To date, approximately 55% (3,707.3
metres) of the drill plan for sample collection has ben completed.
Metallurgical drilling remains to be completed along the eastern
limits of the IKEN deposit.
Completion of the metallurgical sample collection programme is
anticipated to generate from six to seven tonnes of sample allowing
for detailed metallurgical test work related to final flowsheet
design, plant design and metallurgical recovery determination. Also
key to the processing of the sample will be the determination of
the content of the concentrate which is utilised in setting smelter
payability terms and, or, the design of the anticipated Company
owned and operated LGM facility.
Gorny - Non Budgeted Drilling
A total of four holes containing 787.0 drill metres were
completed to develop a better understanding of the structure and
orientation of the Gorny geology. Drilling had not originally been
planned to be completed in this target located to the east of the
MKF deposit. The Company was able to undertake this limited effort
for the following reasons.
-- The LF90 allocated to drill the infill holes at MKF had
completed its programme ahead of schedule and was assigned to move
to KUB to initiate its infill drill programme at the deposit.
-- The move was delayed due to high water conditions present
along the Maya River. The access road from MKF to KUB is located
adjacent the river and high melt waters from the snow and ice
precluded safe transit of the rig along the road. As the runoff
abated and river levels decreased, the rig and its crew were moved
to Gorny, allowing the Company to continue drilling precluding
stand down time.
Drilling of the geological structure indicated the presence of
thin (4.2 metre) mineralised zones averaging 0.50% nickel (ranging
from 0.32% to 0.73%) and 0.13% copper. The drill intersections are
interpreted to be similar to those up dip, low grade structures
above the deeper economic mineralisation along the eastern half of
MKF. Deeper drilling will be required in the future to test this
concept, however, completion of drilling in the Gorny area is of a
low priority at this time. The above reported results differ from
previously reported results due to the inclusion of newly acquired
ASL results which replace the Company generated RFA results.
Analytical Results - Cautionary Comment
Analytical results presented in this and upcoming RNS
announcements are derived from two sources, internally and
independently generated results. The internal Company generated
results are defined using one of two Niton XL2 500 X-Ray
Fluorescence units ("RFA"). The RFA units provide initial results
allowing for a rapid turnaround to assist in decision making to
finalise drill hole site selections and are considered to be
indicative and preliminary. Use of these results is not without
risk if the units have not been rigorously tested and calibrated.
Annually, at the beginning of every field season and on a daily
basis, these units undergo a calibration protocol that uses
standards provided with the units and results from existing samples
that have been analysed by external facilities (ASL).
The final and definitive source of analytical results is
produced by ASL located in Moscow, Russia. This fully independent,
licenced and certified laboratory is the source of the information
used in resource estimation. The ASL results provide a greater
accuracy than that of the RFA units especially for values in excess
of 1.0% nickel. RPM has reviewed the Company's sample preparation,
sample collection and check assaying related to ASL and has
confirmed that Amur's protocols for analytical determination meet
industry standards.
Comprehensive 2018 Drill Results as of 31 July 2018
Maly Kurumkon / Flangovy
All GKZ Infill Drill Results
Alex Stewart Results
(Update to Previous Announcements)
Hole From To Length Ni Cu
(m) (m) (m) % %
C507 27.1 37.6 10.5 0.76 0.21
------- ------ ------- ---- ----
48.1 55.4 7.3 0.58 0.18
------- ------ ------- ---- ----
C508 59.6 65.6 6.0 0.59 0.22
------- ------ ------- ---- ----
74.6 82.0 7.4 0.67 0.16
------- ------ ------- ---- ----
C509 86.0 92.0 6.0 0.98 0.28
------- ------ ------- ---- ----
96.5 110.0 13.5 0.67 0.21
------- ------ ------- ---- ----
113.0 120.8 7.8 0.63 0.15
------- ------ ------- ---- ----
C510 124.6 129.0 4.4 0.60 0.09
------- ------ ------- ---- ----
136.5 141.4 4.9 0.55 0.17
------- ------ ------- ---- ----
C511 143.6 150.4 6.8 0.79 0.16
------- ------ ------- ---- ----
160.5 166.0 5.5 0.72 0.10
------- ------ ------- ---- ----
C512 208.3 215.8 7.5 1.02 0.23
------- ------ ------- ---- ----
227.8 232.3 4.5 0.77 0.20
------- ------ ------- ---- ----
C513 82.0 146.0 64.0 0.89 0.22
------- ------ ------- ---- ----
C514 63.5 94.0 30.5 0.93 0.25
------- ------ ------- ---- ----
97.0 117.6 20.6 0.86 0.20
------- ------ ------- ---- ----
C515 130.3 146.5 16.2 0.55 0.16
------- ------ ------- ---- ----
149.5 173.5 24.0 0.61 0.18
------- ------ ------- ---- ----
185.5 191.3 5.8 0.63 0.14
------- ------ ------- ---- ----
C516 208.3 212.8 4.5 0.65 0.18
------- ------ ------- ---- ----
221.6 226.9 5.3 0.89 0.24
------- ------ ------- ---- ----
C517 3.0 39.0 36.0 0.82 0.25
------- ------ ------- ---- ----
43.5 59.3 15.8 0.52 0.26
------- ------ ------- ---- ----
62.5 74.7 12.2 0.83 0.23
------- ------ ------- ---- ----
C518 153.0 157.5 4.5 0.60 0.17
------- ------ ------- ---- ----
166.5 172.5 6.0 0.76 0.22
------- ------ ------- ---- ----
C519 131.1 137.0 5.9 0.93 0.25
------- ------ ------- ---- ----
146.7 155.5 8.8 0.78 0.32
------- ------ ------- ---- ----
C520 99.6 107.0 7.4 0.80 0.21
------- ------ ------- ---- ----
113.0 123.2 10.2 0.73 0.18
------- ------ ------- ---- ----
C521 5.2 30.5 25.3 0.93 0.26
------- ------ ------- ---- ----
41.4 66.4 25.0 0.96 0.22
------- ------ ------- ---- ----
C522 183.0 193.5 10.5 0.68 0.17
------- ------ ------- ---- ----
198.0 206.3 8.3 0.87 0.18
------- ------ ------- ---- ----
C523 104.2 122.0 17.8 0.74 0.26
------- ------ ------- ---- ----
131.0 146.9 15.9 0.49 0.16
------- ------ ------- ---- ----
151.3 160.0 8.7 0.66 0.23
------- ------ ------- ---- ----
170.0 181.5 11.5 0.87 0.23
------- ------ ------- ---- ----
C524 57.3 64.2 6.9 1.34 0.26
------- ------ ------- ---- ----
68.4 129.5 61.1 0.91 0.23
------- ------ ------- ---- ----
C525 20.5 41.5 21.0 0.93 0.29
------- ------ ------- ---- ----
80.5 92.9 12.4 0.60 0.19
------- ------ ------- ---- ----
30.3 m per Hole
2018 Avg. 13.7 m per Interval 0.80 0.22
------------------------ ---- ----
27.3 m per Hole
Target 13.6 m per Interval 0.76 0.20
------------------------ ---- ----
Vodorazdelny
All GKZ Infill Drill Results
Company Generated RFA Results
(First Report)
Hole From To Length Ni Cu
(m) (m) (m) (%) (%)
C620 No Mineralisation
------------------------------------
C621 No Mineralisation
------------------------------------
C622 0.0 25.3 25.3 0.72 0.18
------ ------ -------- ---- ----
C623 2.5 46.8 44.3 1.05 0.32
------ ------ -------- ---- ----
C624 19.0 32.5 13.5 0.87 0.22
------ ------ -------- ---- ----
35.5 43.3 7.8 0.98 0.34
------ ------ -------- ---- ----
C625 No Mineralisation
------------------------------------
2018 Avg. 30.3 m per Hole 0.93 0.27
22.7 m per Interval RFA RFA
------------------------ ---- ----
Target 28.8 m per Hole 0.89 0.27
18.0 m per Hole ASL ASL
------------------------ ---- ----
Ikenskoe / Sobolevsky
All GKZ Infill Drill Results
Alex Stewart Results
(Update to Previous Announcements)
Hole From To Length Ni Cu Vertical
(m) (m) (m) % % Thickness
(m)
C386 2.9 9.8 6.9 0.87 0.30 6.9
------ ----- -------- ---- ---- ----------
C387 No Mineralisation
-----------------------------------------------
C388 4.5 10.5 6.0 0.49 0.13 6.0
------ ----- -------- ---- ---- ----------
15.0 23.8 8.8 0.63 0.25 8.8
------ ----- -------- ---- ---- ----------
27.0 30.0 3.0 0.38 0.10 3.0
------ ----- -------- ---- ---- ----------
C389 No Mineralisation
-----------------------------------------------
C390 No Mineralisation
-----------------------------------------------
C391 53.5 61.0 7.5 0.73 0.28 7.5
------ ----- -------- ---- ---- ----------
65.5 76.8 11.3 0.52 0.18 11.3
------ ----- -------- ---- ---- ----------
C392 67.7 77.7 10.0 0.77 0.22 10.0
------ ----- -------- ---- ---- ----------
83.7 93.8 10.1 0.83 0.23 10.1
------ ----- -------- ---- ---- ----------
C393 No Mineralisation
-----------------------------------------------
C394 29.5 37.0 7.5 0.84 0.26 7.5
------ ----- -------- ---- ---- ----------
C395 5.5 14.5 9.0 0.66 0.16 9.0
------ ----- -------- ---- ---- ----------
19.0 30.5 11.5 0.71 0.21 11.5
------ ----- -------- ---- ---- ----------
C396 34.9 39.2 4.3 0.55 0.10 4.3
------ ----- -------- ---- ---- ----------
68.5 79.3 10.8 0.86 0.30 10.8
------ ----- -------- ---- ---- ----------
C397 49.0 52.0 3.0 0.45 0.17 3.0
------ ----- -------- ---- ---- ----------
56.5 61.0 4.5 0.58 0.09 4.5
------ ----- -------- ---- ---- ----------
C398 5.8 20.2 14.4 0.51 0.16 14.4
------ ----- -------- ---- ---- ----------
C399 23.5 33.3 9.8 1.08 0.23 9.8
------ ----- -------- ---- ---- ----------
45.6 54.6 8.0 0.81 0.24 7.6
------ ----- -------- ---- ---- ----------
14.7 m per Hole
2018 Avg. 8.2 m per Interval 0.71 0.21
----------------------- ---- ---- ----------
17.0 m per Hole
Target 9.8 m per Interval 0.79 0.20
----------------------- ---- ---- ----------
Kubuk
GKZ Infill Drill Results
Company Generated RFA Results
(Update to Previous Announcement)
Hole From To Length Ni Cu
(m) (m) (m) (%) (%)
C530 124.0 133.0 9.0 0.54 0.15
-------- ----- ------- ---- ------
137.5 150.4 12.9 0.96 0.24
-------- ----- ------- ---- ------
C531 149.8 159.0 9.2 0.56 0.16
-------- ----- ------- ---- ------
C532 161.4 184.4 23.0 0.44 0.12
-------- ----- ------- ---- ------
C533 130.0 144.5 14.5 0.49 0.16
-------- ----- ------- ---- ------
152.0 155.0 3.0 1.33 0.09
-------- ----- ------- ---- ------
C534 115.5 118.5 3.0 0.31 0.08
-------- ----- ------- ---- ------
130.0 137.4 7.4 0.47 0.14
-------- ----- ------- ---- ------
C535 91.0 95.5 4.5 0.61 0.20
-------- ----- ------- ---- ------
103.9 107.2 3.3 0.50 0.17
-------- ----- ------- ---- ------
121.0 124.8 3.8 0.37 0.10
-------- ----- ------- ---- ------
134.9 149.8 14.9 0.80 0.12
-------- ----- ------- ---- ------
C536 127.8 130.8 3.0 0.61 0.15
-------- ----- ------- ---- ------
133.8 144.7 10.9 0.63 0.16
-------- ----- ------- ---- ------
C537 61.1 91.9 30.8 0.68 0.18
-------- ----- ------- ---- ------
C538 123.1 136.1 13.0 0.85 0.24
-------- ----- ------- ---- ------
C539 90.8 93.8 3.0 0.83 0.19
-------- ----- ------- ---- ------
100.3 108.5 8.2 0.69 0.13
-------- ----- ------- ---- ------
C540 115.8 125.0 9.2 0.79 0.20
-------- ----- ------- ---- ------
C541 98.0 106.6 8.6 0.74 0.15
-------- ----- ------- ---- ------
C542 56.8 75.8 19.0 0.71 0.18
-------- ----- ------- ---- ------
C544 49.7 66.0 16.3 1.21 0.30
-------- ----- ------- ---- ----
70.5 81.1 10.6 0.87 0.23
-------- ----- ------- ---- ----
C545 No Mineralisation
------------------------------------
C546 8.2 34.3 26.1 0.61 0.17
-------- ----- ------- ---- ----
C547 No Mineralisation
------------------------------------
C548 No Mineralisation
------------------------------------
C549 8 18.5 10.5 0.77 0.22
-------- ----- ------- ---- ----
21.5 47.9 26.4 0.57 0.13
-------- ----- ------- ---- ----
C550 No Mineralisation
------------------------------------
C551 43.2 47.7 4.5 0.97 0.28
-------- ----- ------- ---- ----
50.7 64.9 14.2 0.75 0.19
-------- ----- ------- ---- ----
C552 72.6 77.0 4.4 0.55 0.15
-------- ----- ------- ---- ----
81.1 85.8 4.7 0.85 0.22
-------- ----- ------- ---- ----
88.5 95.0 6.5 0.77 0.24
-------- ----- ------- ---- ----
2018 Avg. 18.6 m per Hole 0.70 0.18
10.7 m per Interval RFA RFA
------------------------ ---- ----
Target 19.6 m per Hole 0.77 0.21
12.8 m per Interval ASL ASL
------------------------ ---- ----
Ikenskoe / Sobolevsky
Inferred Resource Drill Conversion Component
Company Generated RFA Results
(Update to Previous Announcements)
Hole From To Length Ni Cu
(m) (m) (m) % %
C600 166.7 209.5 42.8 0.82 0.27
------- ------ ------- ----- -----
C601 152.0 155.0 3.0 0.86 0.19
------- ------ ------- ----- -----
159.6 172.1 12.5 0.85 0.23
------- ------ ------- ----- -----
176.3 205.6 29.3 1.08 0.24
------- ------ ------- ----- -----
C602 201.9 209.5 7.6 0.73 0.19
------- ------ ------- ----- -----
212.5 229.3 16.8 0.76 0.19
------- ------ ------- ----- -----
C603 271.0 278.5 7.5 0.89 0.19
------- ------ ------- ----- -----
287.5 293.1 5.6 1.09 0.24
------- ------ ------- ----- -----
C604 235.8 238.8 3.0 0.38 0.09
------- ------ ------- ----- -----
245.5 253.6 8.1 0.59 0.16
------- ------ ------- ----- -----
C605 No Mineralisation
--------------------------------------
C606 124.0 131.8 7.8 0.76 0.15
------- ------ ------- ----- -----
C607 88.0 97.0 9.0 0.42 0.12
------- ------ ------- ----- -----
104.5 112.0 7.5 0.95 0.19
------- ------ ------- ----- -----
C608 63.0 76.0 13.0 0.89 0.21
------- ------ ------- ----- -----
82.0 116.5 34.5 1.10 0.26
------- ------ ------- ----- -----
C609 No Mineralisation
--------------------------------------
C610 188.5 235.0 46.5 0.85 0.28
------- ------ ------- ----- -----
C611 171.6 176.5 4.9 1.08 0.23
------- ------ ------- ----- -----
181.0 214.0 33.0 0.57 0.23
------- ------ ------- ----- -----
C612 383.2 399.4 16.2 0.71 0.20
------- ------ ------- ----- -----
C613 No Mineralisation
--------------------------------------
C614 No Mineralisation
--------------------------------------
C615 115.8 125.0 9.2 0.79 0.20
------- ------ ------- ----- -----
335.5 343.0 7.5 0.76 0.20
------- ------ ------- ----- -----
346.0 349.0 3.0 1.31 0.29
------- ------ ------- ----- -----
C616 322.0 334.0 12.0 0.81 0.20
------- ------ ------- ----- -----
C617 253.0 272.5 19.5 0.91 0.19
------- ------ ------- ----- -----
C618 209.5 240.9 31.4 0.89 0.23
------- ------ ------- ----- -----
C619 No Mineralisation
--------------------------------------
C626 302.2 314.5 12.3 1.20 0.30
------- ------ ------- ----- -----
332.5 348.1 15.6 1.01 0.31
------- ------ ------- ----- -----
C627 334.2 371.7 37.5 1.04 0.26
------- ------ ------- ----- -----
380.8 385.0 4.2 1.06 0.26
------- ------ ------- ----- -----
2018 Avg. 24.3 m per Hole 0.90 0.24
14.9 m per Interval RFA RFA
------------------------ ----- -----
Target 28.2 m per Hole 0.95 0.26
16.9 m per Interval ASL ASL
------------------------ ----- -----
March 2018 Mineral Resource Estimate
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 1.06 445 124 8.9 8.8 9.3 606.5
------ ----- ----- ------ ----- ----- ----- --------- --------- --------- ----- ----- ----------
M+I 57.5 0.77 0.22 0.015 0.15 0.16 1.06 445 124 8.9 8.8 9.3 606.5
------ ----- ----- ------ ----- ----- ----- --------- --------- --------- ----- ----- ----------
Inferred 3.4 0.80 0.22 0.017 0.16 0.15 1.06 27 7 0.6 0.5 0.5 36.1
------ ----- ----- ------ ----- ----- ----- --------- --------- --------- ----- ----- ----------
MKF TOTAL 60.9 0.78 0.22 0.015 0.15 0.16 1.06 472 131 9.5 9.3 9.8 643.0
------ ----- ----- ------ ----- ----- ----- --------- --------- --------- ----- ----- ----------
IKEN
Measured 10.6 0.71 0.18 0.011 0.22 0.26 0.98 75 19 1.1 2.3 2.8 103.2
------ ----- ----- ------ ----- ----- ----- --------- --------- --------- ----- ----- ----------
Indicated 13.6 0.66 0.17 0.012 0.18 0.20 0.91 89 24 1.7 2.4 2.8 123.7
------ ----- ----- ------ ----- ----- ----- --------- --------- --------- ----- ----- ----------
M+I 24.2 0.68 0.18 0.012 0.19 0.23 0.94 164 43 2.8 4.7 5.6 226.9
------ ----- ----- ------ ----- ----- ----- --------- --------- --------- ----- ----- ----------
Inferred 27.8 0.80 0.23 0.017 0.19 0.19 1.10 222 63 4.6 5.2 5.3 306.5
------ ----- ----- ------ ----- ----- ----- --------- --------- --------- ----- ----- ----------
IKEN TOTAL 51.9 0.75 0.20 0.014 0.19 0.21 1.03 386 106 7.5 9.9 10.8 534.0
------ ----- ----- ------ ----- ----- ----- --------- --------- --------- ----- ----- ----------
KUB
Measured -
------ ----- ----- ------ ----- ----- ----- --------- --------- --------- ----- ----- ----------
Indicated 32.9 0.69 0.19 0.014 0.13 0.12 0.93 226 63 4.7 4.3 3.9 306.0
------ ----- ----- ------ ----- ----- ----- --------- --------- --------- ----- ----- ----------
M+I 32.9 0.69 0.19 0.014 0.13 0.12 0.93 226 63 4.7 4.3 3.9 306.0
------ ----- ----- ------ ----- ----- ----- --------- --------- --------- ----- ----- ----------
Inferred 4.7 0.7 0.19 0.014 0.12 0.12 0.94 33 9 0.7 0.6 0.6 44.5
------ ----- ----- ------ ----- ----- ----- --------- --------- --------- ----- ----- ----------
KUB TOTAL 37.6 0.69 0.19 0.014 0.13 0.12 0.93 259 72 5.3 4.9 4.5 349.9
------ ----- ----- ------ ----- ----- ----- --------- --------- --------- ----- ----- ----------
VOD
Measured 0.6 0.74 0.22 0.012 0.29 0.32 1.24 5 1 0.1 0.2 0.2 7.6
------ ----- ----- ------ ----- ----- ----- --------- --------- --------- ----- ----- ----------
Indicated 3.2 0.85 0.21 0.017 0.16 0.16 1.13 27 7 0.5 0.5 0.5 36.0
------ ----- ----- ------ ----- ----- ----- --------- --------- --------- ----- ----- ----------
M+I 3.8 0.85 0.21 0.016 0.20 0.19 1.15 32 8 0.6 0.7 0.7 43.9
------ ----- ----- ------ ----- ----- ----- --------- --------- --------- ----- ----- ----------
Inferred 1.0 0.81 0.22 0.016 0.17 0.16 1.06 8 2 0.2 0.2 0.2 11.0
------ ----- ----- ------ ----- ----- ----- --------- --------- --------- ----- ----- ----------
VOD TOTAL 4.8 0.83 0.21 0.016 0.18 0.18 1.13 40 10 0.8 0.9 0.9 54.6
------ ----- ----- ------ ----- ----- ----- --------- --------- --------- ----- ----- ----------
TOTAL
Measured 11.2 0.71 0.18 0.011 0.23 0.26 0.99 80 20 1.3 2.5 3.0 110.8
------ ----- ----- ------ ----- ----- ----- --------- --------- --------- ----- ----- ----------
Indicated 107.0 0.74 0.20 0.015 0.15 0.15 1.00 787 217 16.2 16.0 16.6 1,075.1
------ ----- ----- ------ ----- ----- ----- --------- --------- --------- ----- ----- ----------
M+I 118.2 0.73 0.20 0.015 0.16 0.17 1.00 867 237 17.5 18.5 19.6 1,185.9
------ ----- ----- ------ ----- ----- ----- --------- --------- --------- ----- ----- ----------
Inferred 37.0 0.79 0.22 0.017 0.17 0.18 1.08 290 81 6.0 6.4 6.6 398.2
------ ----- ----- ------ ----- ----- ----- --------- --------- --------- ----- ----- ----------
TOTAL 155.1 0.75 0.21 0.015 0.16 0.17 1.02 1,157 319 23.5 24.9 26.0 1,581.6
------ ----- ----- ------ ----- ----- ----- --------- --------- --------- ----- ----- ----------
Numbers may not be concise due to rounding.
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 news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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