TIDMAMC
RNS Number : 1714B
Amur Minerals Corporation
19 September 2018
19 September 2018
AMUR MINERALS CORPORATION
(AIM: AMC)
August 2018 Drill Programme Milestones
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 August 2018 drill update at its wholly owned Kun-Manie nickel
copper sulphide project ("Kun-Manie" or "the Project").
August's drilling has been highly productive with multiple
accomplishments and enhancements to the Project being achieved.
These include resource expansion within the high grade orebody at
Ikenskoe / Sobolevsky ("IKEN"), the joining up of the ISK Orebody
with the Kubuk ("KUB") Orebody and the reduction of a barren zone
that had been inadequately drilled. Drilling within all areas has
been conducted on a 100 metre ("m") by 100 m drill grid which has
been utilised by RPM Global ("RPM") to assign Indicated
resources.
The combination of mineral limit expansion and use of the
spacing to defined Indicated resource will likely have a two-fold
effect on the Kun-Manie project. It is anticipated that the results
will provide for an increase in the Mineral Resource Estimate
("MRE") with a significant portion being Indicated by JORC (Dec.
2012) classification. The future MRE will increase the tonnages
available for the determination of the Mining Ore Reserves ("MOR").
An increase in the MOR will allow for an increased flexibility in
determination of further optimisation of the mine production
schedule allowing for the treatment of higher grade ores earlier in
the mine life, and thereby improving the projected Net Present
Value ("NPV") and Internal Rates of Return ("IRR").
Highlights:
-- A total of 7,969.1 m (29 holes) of drilling was completed
during August bringing the season's total to 143 holes containing a
total of 26,235.4 m.
-- The second of three priority targets has been completely
drilled. In August 2018, the IKEN Inferred High Grade Zone ("IIHG")
had been identified by a total of 29 mineralised holes (2017 and
2018) resulting in an increase of 81% to the deposit size taking it
from 0.16 square kilometres to 0.29 square kilometers. The zone has
been expanded to the northeast (ranging from 100 m to 300 m) and
southeast (100 m).
-- Drilling within the IIHG has been completed using a 100 m by
100 m grid which has historically been utilised by RPM to assign
Indicated resource suitable for inclusion in the determination of
MOR's.
-- The configuration of the mineralisation within IIHG is
indicated to cover 0.29 square kilometre area at an indicated 30.9
m thickness averaging 0.91% for nickel and 0.25% for copper
representing an expansion of 81%.
-- The Company expects that the update of the IKEN MRE which
includes the IIHG area will result in a substantial increase with
regard to total mineralised tonnes and the JORC resource category.
At the beginning of the drill season, IIHG was estimated to contain
14.6 million tonnes of Inferred resource averaging 0.87% nickel and
0.24% copper. With expansion of the resource, the area could source
as much as four years of higher grade production for the processing
plant.
-- The 1,000 m long ISK Orebody and the 1,300 m long KUB Orebody
have been linked together with the discovery of a 400 m long
mineralised zone located between the two orebodies. In addition,
drilling has expanded the ISK Orebody by an additional 100 m to the
west. The total length of the unified orebody from the west end of
ISK to the east end of the KUB Orebody in projected to be 2,800
m.
-- The newly discovered mineralized zone located between ISK and
KUB is well mineralised. Four holes drilled along the strike of the
structure indicate an average thickness of 67.3 m at 0.75% nickel
and 0.20% copper. Of these four holes, one contains 98.6 m of
mineral averaging 0.89% nickel and 0.23% copper making it the best
drill hole completed at Kun-Manie. Drilling up dip from these holes
has confirmed the presence of mineralisation with the block between
ISK and KUB which is now drilled on a 100 m by 100 m grid. The area
will provide for an increase to the MRE whilst simultaneously
providing the potential to host previously undefined Indicated
resources.
-- At the west limit of the newly unified orebodies of ISK and
KUB, additional mineralisation has also been identified within two
holes averaging 44.2 m in thickness with 0.99% nickel and 0.26%.
Identified at the end of the month, additional drilling within the
area is necessary to identify the extent of the new mineralisation
in the dip orientation and in the strike direction southeastward
toward the ISK deposit. Based on the current drill spacing, the
Company projects this new mineralisation to be of the Inferred
resource category.
-- Consolidation of the 2017 and 2018 drill results now confirms
the presence of a persistent flat lying strike oriented mineral
structure from the west end of IIHG to the midpoint of the KUB
Orebody. This 2,900 m long area hosts a total of 2,800 m (a 100 m
waste zone between IIHG and ISK) zone of mineralisation defined by
29 drill holes. These holes on average indicate the structure to be
35.6 m in thickness containing 0.83% nickel and 0.25% copper. The
structure represents a substantial open pit target along the
entirety of the zone which is anticipated to materially increase
the reported (28 June 2018) open pit simulation results contained
within three ultimate pits. Derivation of a single pit along this
trend could result in an improved ore to waste stripping ratio
whilst simultaneously increasing the MOR.
-- Three holes have been completed in the down dip direction
from known mineral at KUB. These have identified the deeper limits
of mineral which ranges from 3.0 m to 6.8 m in thickness having
nickel grades ranging from 0.54% to 0.76%. KUB is now considered to
be completely drilled.
-- Six holes were completed in the down dip direction from 2017
ISK ore holes to determine if economic mineral continues to the
northeast. Five of the six holes intersected mineral confirming the
presence of economic grade mineral in the down dip direction. The
five mineralised holes contain from 8.0 m to 25.0 m of mineral with
nickel grades ranging from 0.50% to 0.90%.
-- Historical drilling completed in 2006 located approximately
300 m to 400 m to the northeast of the completed August down dip
holes at ISK contains 12.7 m of 1.2% nickel. Successful drilling in
the area between the 2006 intercept and that of the five ore holes
completed this month could result in the identification of the
longest dip oriented continuous mineralised zone at Kun-Manie. The
potential length in this orientation would be in the order of 800 m
and is a part of a much larger area considered to have highly
prospective potential. Drilling in the area is planned to be
undertaken after the project is in production.
-- Metallurgical sample collection continued during the month
with approximately 2,000 m remaining to be drilled. Completion of
this work will provide the Company with a metallurgical sample in
the order of 15.0 tonnes. About half will have been derived along
the IKEN - KUB Trend and the other half having been acquired during
drilling at the MKF Orebody. The 15.0 tonne sample will enable the
Company to undertake a combination of bench and pilot plant scale
test work for final flow sheet design and engineering of the plant,
capable of treating the mine life ore variability range whilst also
providing key information for consideration in the design and
construction of a Low Grade Matte production facility.
-- The Company anticipates that August's drilling will have a
substantial and material impact on the 28 June 2018 open pit
simulations along the IKEN / KUB Trend. In that evaluation, three
significant pits had been defined and were centred on the IKEN
Orebody, the ISK Orebody and the KUB Orebody. New open pit
simulations used on an updated MRE update could result in the
identification of a single large pit encompassing the majority of
the mineralisation located along the 4,100 m long IKEN / KUB
Trend.
-- Expansion of the open pit potential and the identification of
the associated MOR is anticipated to provide additional flexibility
in the identification of higher grade ores that may be available to
early production supplanting the lower grade ores whilst
simultaneously extending the mine life. Optimisation of the
production schedule by processing higher grade ores earlier in the
production cycle typically improves the Net Present Value ("NPV")
and Internal Rate of Return ("IRR").
-- The Company plans to continue drilling through the month of
September targeting acquisition of the final portion of the
metallurgical sample, defining the up dip limits of the
mineralisation in the ISK area and to continue drilling of the area
at the west end of ISK adjacent the 100 m barren area.
-- Alex Stewart Laboratory ("ASL"), responsible for the
derivation of the final analytical results used in resource
estimation, has thus far been providing results within
approximately six weeks of the samples being helicoptered off the
site and their arriving in Moscow. The comprehensive final results
for this year's drilling are anticipated for delivery by Q1 2019.
ASL results have been obtained for the majority of the drilling
completed through July 2018.
The August drill programme has completed the second of its three
priority drill objectives and allowed for the implementation of
secondary target drilling designed to identify specific mineral
limits within and along the IKEN / KUB Trend.
Previously, drilling in accordance with the Russian Federation
Sub-soil law has been completed and moving forward this will allow
the Company, in certification of the reserve, to use in attaining
necessary mining permissions. The second objective was attained on
the completion of drilling at the IIHG resource identified which
was projected to contain 14.6 million tonnes Inferred resource. The
third objective comprised of metallurgical sample collection which
is well advanced with approximately 2,000 m remaining to be
drilled.
Secondary priority level drilling was initiated in August and
was intended to identify the limits of mineralisation where
insufficient drilling was present at the end of 2017. This effort
has discovered substantial new mineral extensions where limited
potential was interpreted to exist allowing for additional ore
sources that could further increase the MRE during the next update.
The secondary priority work has linked orebodies and reduced the
length of waste along the IKEN - KUB Trend.
Drilling conducted during this season was completed, where
possible, on a drill spacing used by RPM to report Indicated
resources. The Company anticipates a substantial increase to the
March 2018 MRE, the key to the new resource will be the amount of
Indicated, or improved, resource which can be utilised for MOR
definition.
Robin Young, CEO of Amur Minerals, commented:
"August's drilling was an exceptional month having reaped
numerous successes and benefits, both anticipated and
unanticipated. These results bode well for the continual evaluation
of the Kun-Manie Project and should provide substantial future
benefits to the Project.
"In August, our drillers completed work on the Ikenskoe /
Sobolevsky High Grade Zone which represents one of the highest
grade orebodies at Kun-Manie. It has been nearly doubled in size
and drilled at the spacing likely to allow for its identification
of Indicated resource over its full extent.
"Drilling of secondary priority targets for the determination of
mineral limit definition in areas of limited drill holes have
provided unexpected, but promising results. Substantial discoveries
of new mineral have been made throughout areas thought to have
limited potential. In fact, within one area, we intersected our
best ever interval of 98.6 m of 0.89% nickel and 0.23% copper. The
August component of drilling linked orebodies together and we now
know there is a near 2,800 m long, pervasively mineral horizon
along the strike of a part of the Ikenskoe / Sobolevsky - Kubuk
Trend. Drilling indicates this is about a 35.6 m thick horizon and
contains an average of 0.83% nickel and 0.25% copper.
"It is anticipated these results will have a material impact on
the Mineral Resource Estimate, the Mining Ore Reserve, optimisation
of the production schedule and the projected economic potential of
Kun-Manie. It is a rare achievement that a month of drilling can
have such an overall potential impact on a Project."
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/20180906_RNS_0818_Drill_Update.pdf
https://amurminerals.com/content/wp-content/uploads/20180915_RNS_Aug_Drilling.mp3
August 2018 Drill Update
Project Area Nomenclature
Multiple project area names are utilised within the licence area
at Kun-Manie. To avoid confusion regarding the variously used
project area names and to provide key information related to this
announcement, a link to a PDF file has been provided presenting
details related to the area names, drill results, drill hole
location maps and additional graphics. It is recommended that this
announcement be read in conjunction with the PDF.
Area names and the related supporting slides within the PDF
follow:
-- Within the Company's licence area is the 16 kilometre long
Kurumkon Trend. It contains four deposits from which production is
presently planned. From west to east, these deposits are Maly
Kurumkon / Flangovy ("MKF"), Vodorazdelny ("VOD"), IKEN and KUB. In
March 2018, a MRE was reported on a global basis and for each
deposit. (Slide 1)
-- In the eastern half of the licence is the IKEN / KUB Trend,
it is a part of the Kurumkon Trend. The IKEN / KUB Trend is 4,200 m
long and is further divided into two areas called the IKEN Area
(2,600 m long) and the KUB Area (1,600 m long). Three orebodies are
present within the IKEN / KUB Trend (Slide 2).
-- The 2,600 m long IKEN Area contains two orebodies. The
western orebody is identified as the IKEN Orebody having a length
of 1,100 m length with the more easterly located central orebody
being identified as the ISK Orebody (1,200 m long). As of the end
of 2017, the two orebodies were separated by a barren block of
waste (300 m wide). This waste block is called the Western Fault
Zone ("WFZ"). The March 2018 MRE is identified as the IKEN MRE and
contains the mineralisation identified to be present within both
the IKEN Orebody and ISK Orebody. (Slides 2, 4 and 6).
-- The IKEN Orebody is divided into two zones. The southeast
portion of the IKEN Orebody contains a large block of higher grade
Inferred resource (defined by drilling in 2017). This southeastern
area is identified as the IIHG (Slide 4) and outcrops at its
western limit with its easterm boundary being the barren zone
called the WFZ.
-- The central orebody located along strike and to the southeast
of the IIHG is the 1,000 m long ISK Orebody (Slide 6). It is
bounded to the west by the WFZ and to the east by the Eastern Fault
Zone ("EFZ"). Reported MRE tonnages for the ISK Orebody are
included as a part of the IKEN MRE.
-- Finally, the KUB Area contains the KUB Orebody which is 1,300
m long. The western boundary is defined to be the east edge of the
EFZ. (Slide 8).
Objectives of the 2018 Drill Programme
2018 is the final year scheduled for drilling, its key
objectives were identified by the Company to gather additional
information to undertake necessary engineering works for detailed
design work related to the proposed Kun-Mine nickel copper sulphide
operation.
The 2018 drill programme was based on available information
prior to commencement of drilling in May. Key documents included
the 20 March 2018 MRE update and the Earning Before Income Tax,
Depreciation and Amortisation ("EBITDA") assessment of 16 April
2018. On 28 June 2018, while drilling was underway, the mining
potential assessment along the IKEN / KUB Trend became available
which further confirmed and supported the Company's drill programme
design. Key priority objectives for drilling included:
-- Drilling of the four deposits from which mine production is
anticipated to allow the Company to undertake Russian Federation
certification of the reserve, its inclusion in a Russian
Feasibility Study (a TEO) and its ultimate use in obtaining mining
permissions from the Russian Federation. A side benefit to this
Russian based portion of the programme is the additional
information that will also allow the Company to reclassify the
existing resource categories upward due to the increased drill
density. (Drilling Completed)
-- Establish the continuity and extent of the mineralisation
located within the area identified as the IIHG. The zone contains
elevated nickel grades exceeding those for other resource areas
which if drill confirmed at a spacing of 100 m by 100 m would
likely allow for its conversion from Inferred to Indicated. This
would subsequently allow the area to be considered in the
determination of a MOR and its subsequent insertion into the early
years of production to further enhance the economic potential of
Kun-Manie. (Drilling Completed)
-- Increase the size of the existing bulk metallurgical sample
by drilling holes along the IKEN / KUB Trend. Limited metallurgical
information and sample is available along this trend. The addition
of this sample is intended to allow the Company to identify
metallurgical recoveries with regard to rock type, grade variation,
variation by deposit and other parametres allowing for the
development of an appropriate flowsheet capable of treating the
anticipated range of metallurgical responses that will be
encountered over the life of the mine. (Underway)
To attain the objectives, the 2018 drill programme was estimated
to require approximately 20,300 m for completion of the above.
Important secondary drill targets were also identified on a
preliminary basis in the advent of early completion of the three
original objectives. The secondary objectives under consideration
were:
-- Determination of the limits of the mineralisation along
strike from the deposits of IIHG, ISK and KUB deposits including
drilling in the EFZ and WFZ interpreted to be devoid of
mineral.
-- Identification of limits of mineralisation in the down dip
direction at the KUB Orebody where it had not yet been established
and could contribute to the MOR.
-- Identification of the limits of the mineralisation in both
the down and up dip directions at the ISK Orebody where it had not
yet been established. Up dip determination would establish the
limits of mineral suitable for open pit production allowing for pit
limit determination. Drilling down dip of mineralised holes
completed in 2017 would assist in defining the presence or absence
of mineral adjacent to these holes. Positive results could expand
the MOR and modify pit limits.
The metres planned for this secondary priority effort would be
driven by the actual drill results, availability to fully support
the drilling of the additional metres and suitable weather
conditions allowing for safe drill conditions.
Global Progress - 2018 Drill Summary
Through to 31 August 2018, a total of 143 diamond core holes
(26,235.4 m) have been completed. Drilled by the Company owned
Boart Longyear LF 70 and LF 90 diamond core drill rigs, the
combined average drilled metres per day is approximately 222 m.
During August, the Company had completed all priority drilling with
the exception of a limited amount of the metallurgical sample
collection remaining (approximately 2,000 m). Given the completion
of the priority drilling in early August, the Company initiated
drilling of the secondary priority targets.
With regard to the priority drill objectives, a total of
20,148.3 m within 115 holes has been completed. Approximately 2,000
m remains to be drilled for metallurgical sample collection. A
summary of the year's drilling specific to the priority objectives
follows.
Original Plan Distribution of Drilling
Through 31 August 2018
Objective Holes Completed Remaining Budgeted
Metres Holes Metres
MKF GKZ 19 2,887.0 Completed
------ ---------- ------------ ---------
VOD GKZ 6 375.0 Completed
------ ---------- ------------ ---------
IKEN GKZ 14 776.2 Completed
------ ---------- ------------ ---------
KUB GKZ 23 2,703.0 Completed
------ ---------- ------------ ---------
Total GKZ 62 6,741.2 Completed 6,500
------ ---------- ------------ ---------
IIHG 26 8,678.8 Completed 7,000
------ ---------- ------------ ---------
Metallurgical Sample
Collection 27 4,728.3 In Progress 6,800
------ ---------- ------------ ---------
Summary 115 20,148.3 20,300
------ ---------- ------------ ---------
The drilling of secondary targets started during the month with
a great deal having been achieved with regard to the second stage
of work. In early August, the Company assigned the first available
rig to secondary target drilling with second rig joining mid-month
upon its completion of drilling at the IIHG. At the end of the
month, 24 holes (5,300.1 m) targeting secondary objectives were
complete along the IKEN / KUB Trend. The distribution of drilling
follows:
Drilling Through 31 August 2018
Secondary Level Targets
Objective Holes Completed
Metres
KUB 13 3,416.6
------ ----------
ISK 11 1,883.5
------ ----------
GORNY Geology (June) 4 787.0
------ ----------
Total 28 6,087.1
------ ----------
Limited drilling for the acquisition of additional geological
and structure information within the GORNY area was completed in
June. For completeness in reporting, it has been included in the
drill summary on secondary targets.
Results - IIHG Drill Review (Slides 4 and 5)
Selection of this area as a priority drill target was based on
the March 2018 MRE which indicated the zone to contain 14.6 million
Inferred ore tonnes averaging 0.87% nickel (127,000 nickel tonnes)
and 0.25% copper (36,500 copper tonnes). The zone was projected to
have a thickness of 30.4 m over an aerial extent of 0.16 square
kilometres. The estimated grade for this portion of the IKEN March
2018 MRE inventory indicates this zone contains one of the highest
grades at Kun-Manie.
With its elevated grade and assuming successful infill drilling
establishing the continuity of thickness and grade, the zone could
contain a potential source of higher grade ores available to the
mill at an early stage in the mine life and extend the mine life by
shifting lower grade production to later years. Ultimately, this
would enable the Company to produce greater tonnages of metal from
the same tonnage of ore feed potentially improving project
economics. For this reason, the Company undertook drilling using a
100 m by 100 m spaced drill pattern (used by RPM to assign
Indicated resource). Any newly discovered mineral was also to be
drilled using the spacing allowing for its consideration as an
Indicated resource. Successful completion would allow for this high
grade material to be incorporated in ensuing MOR
determinations.
Drilling of this priority target began 21 May 2018 and was
completed on 9 August 2018. The following was accomplished:
-- The limits of the zone have been expanded by 81% from 0.16
square kilometres to a 0.29 square kilometres substantially
increasing MRE.
-- Within the global limits of this zone, it has been drilled on
a 100 m by 100 m drill grid which has been historically used by RPM
to assign Indicated resource. The future MRE update for this
expanded resource area may no longer contain any Inferred resource
and could be completely replaced by Indicated resource.
-- Over the extent of the 0.29 square kilometres, 29 holes (2017 and 2018) indicate the zone is approximately 30.9 m in thickness with a drill indicated grade of 0.91% nickel and 0.25% copper.
A summary of the drill results from within the orebody
follows:
IIHG
Drill Statistics
Drilled Holes Average Nickel Copper
Vertical (%) (%)
Metres
2017 10 33.4 0.96 0.26
------ ---------- ------- -------
2018 19 28.1 0.88 0.24
------ ---------- ------- -------
Total 29 30.9 0.91 0.25
------ ---------- ------- -------
The Company projects that the expanded resource and total
contained metal has likely been increased in a range of 75% to 100%
(from that of 127,000 nickel tonnes) whilst simultaneously being
upgraded to an Indicated resource fully suited for inclusion in MOR
determination. Verification of these results by an independent
mining consultant is necessary. On a production basis, the IKEN
Inferred area could contain as much as four years of higher grade
production available to production earlier in the mine life
significantly contributing to project economics.
Drill Results on EFZ Secondary Target (Slides 6 and 8)
Having completed work on the priority targets, drilling was
undertaken on the secondary targets of WFZ and EFZ zones which had
been considered to be devoid of mineralisation. The two zones
contained limited drilling with sub-economic nickel values having
been defined.
On 4 August, the first available rig began drilling a 500 m long
zone located along strike and within the EFZ located between the
ISK and KUB Orebodies to determine the extent of the area devoid of
mineral. Four holes were identified for drilling along a line
between the southeasternmost well mineralised hole (C383) at ISK to
the northwesternmost well mineralised hole (C495) at KUB. The 2017
drill results for these two holes follow:
2017 Drill Results - ISK and KUB
EFZ Bounding Holes
Drill From To Length Ni Cu
Hole (m) (m) (m) (%) (%)
C383
ISK 152.5 196.5 44.0 0.82 0.20
------ ------ ------- ----- -----
201.1 226.7 25.6 0.93 0.22
------ ------ ------- ----- -----
C495
KUB 196.4 202.0 5.6 0.78 0.22
------ ------ ------- ----- -----
205.0 208.0 3.0 0.53 0.13
------ ------ ------- ----- -----
211.0 241.8 30.8 0.87 0.21
------ ------ ------- ----- -----
Average 54.5 0.85 0.21
------- ----- -----
Completion of the four holes identified that the barren zone was
well mineralised along the entire drill line. Within the four
holes, the average mineral thickness was 67.3 m containing 0.75%
nickel and 0.20% copper. Results follow:
EFZ Drill Results
Hole From To Length Ni Cu
(m) (m) (m) (%) (%)
C558 101.9 120.5 18.6 1.09 0.21
------ ------ ------- ----- -----
123.6 203.6 80.0 0.84 0.24
------ ------ ------- ----- -----
C565 128.2 141.0 12.8 0.50 0.20
------ ------ ------- ----- -----
183.4 194.6 11.2 0.50 0.15
------ ------ ------- ----- -----
198.8 203.0 4.2 0.91 0.22
------ ------ ------- ----- -----
C568 119.0 143.0 24.0 0.96 0.28
------ ------ ------- ----- -----
149.0 198.5 49.5 0.55 0.17
------ ------ ------- ----- -----
C569 211.6 241.0 29.4 0.87 0.17
------ ------ ------- ----- -----
248.5 288.1 39.6 0.55 0.13
------ ------ ------- ----- -----
EFZ Average 67.3 0.75 0.20
------- ----- -----
Immediately, the Company initiated step out drilling in the up
dip direction to define the continuity of the mineral in this
orientation. Six additional holes were completed with four
intersecting economic grades of mineralisation verifying the
presence of mineral in the up dip directions. These holes contained
an average thickness of 19.7 m with a nickel content of 0.62% and a
copper grade of 0.27%.
The EFZ area drilling has:
-- Provided the best result in a drill hole ever drilled at
Kun-Manie. Hole C588 intersected a total of 98.6 mineralised metres
averaging 0.89% nickel and 0.23% copper. This exceeds last year's
record intercept in Hole C364 containing 76.4 m of 0.90% nickel and
0.24% copper.
-- Linked the ISK and KUB deposits resulting in the discovery of
new mineral which will increase the Kun-Manie MRE. The unified
orebody length is now projected to be from 2,600 m to 2,800 m long
(from west limit of ISK Orebody to east limit of KUB Orebody).
-- The drill spacing within the new block of mineralisation may
have identified Indicated resource and may have converted existing
Inferred resource to that of Indicated.
-- 28 June 2018 open pit simulations "mined" ISK and KUB as
separate open pits. The linking together will likely result in a
single larger pit being generated having a significant impact on
the stripping ratios with the new ore having reduced waste tonnage
removal to extract the ore.
Drill Results on WFZ Secondary Target (Slides 4 and 8)
On 18 August 2018, the second drill rig became available after
having completed drilling on the IIHG. It was assigned to undertake
drilling of the WFZ level two priority target.
Prior to drilling, the WFZ was projected to have a width of 300
to 400 m. Limited drilling had been completed within and adjacent
the zone during 2017. Using two holes (one from each of IIHG and
ISK), a drill line was established along which drilling is being
conducted on 100 m intervals along strike. Drilling began in late
August and is not yet complete. A summary table providing the
current status of drilling along the drill line from west to east
WFZ follows.
WFZ Drill Results
Drill Year From To Length Ni Cu Comment
Hole (m) (m) (m) (%) (%)
C356 IKEN Ore
IKEN 2017 272.2 323.6 51.4 0.99 0.27 Inferred
------ ------- ------- ------- ------- ------- -------------------
C627 2018 New Ore
WFZ 2018 334.2 371.7 37.5 1.04 0.26 IKEN Addition
------ ------- ------- ------- ------- ------- -------------------
380.8 385.0 4.2 1.06 0.26
-------------- ------- ------- ------- ------- ------- -------------------
C632 2018 Barren Barren Barren Barren Barren 2018 WFZ
WFZ Confirmed
Barren
------ ------- ------- ------- ------- ------- -------------------
C633 2018 New Ore
WFZ 2018 176.5 237.8 61.3 1.01 0.25 ISK Addition
------ ------- ------- ------- ------- ------- -------------------
C361 2017 ISK
ISK 2017 222.6 225.6 3.0 0.42 0.38 Requires Drilling
------ ------- ------- ------- ------- ------- -------------------
C379 2017 185.3 233.2 47.9 0.83 0.21 ISK Ore
ISK 265.7 271.5 5.8 0.48 0.23
------- ------- ------- ------- ------- -------------------
Drilling presently confirms the presence of a 100 m wide barren
zone which has been reduced due to newly acquired drill results in
2018. New ore has been defined to be present to the east and west
of the WFZ reducing its length. The distribution of the 200 m of
new ore is split evenly between the IIHG and ISK. The Company plans
to complete additional drilling up and down dip from the holes
located along the drill section to determine the continuity of the
thickness and grades that are indicated to be present. The Company
also notes hole C361 contains marginal mineralisation and plans to
drill added holes along the drill section to more fully identify
the presence or absence of mineral in the dip directions.
Pervasive Mineralised Horizon Identified (Slide 3 and 10)
The 2017 and 2018 drill programmes have been predominantly
focused on a 2,900 m long including the IIHG, the ISK Orebody and
the western half of KUB mineralisation. At the end of 2017, barren
zones (WFZ and EFZ) were interpreted to be present between the
three orebodies.
With the completion of drilling the IIHG, the Company
implemented drilling of the secondary targets. This included
drilling of the barren zones (WFZ and EFZ) that separated the three
orebodies within which limited drilling had been completed in 2017.
The newly discovered mineralisation (reported above) has completely
eliminated the EFZ and substantially reduced the size of the
WFZ.
Examination of the comprehensive drill set from both 2017 and
2018 now confirms that this 2,900 m strike long area contains a
relatively flat lying pervasive mineral structure of significant
economic potential. A total of 2,800 m of strike length mineral has
been identified by 29 holes drilled at 100 m intervals averages
35.6 m in thickness and contains 0.83% nickel and 0.25% copper.
The configuration of the zones persistent length indicates that
an update to the MRE should result in an increase in the total
mineralised tonnage and much of the existing Inferred resource and
the newly defined resource may fall within the Indicated resource
category. In addition, subsequent open pit mine simulations will
significantly vary from those reported 28 June 2018. Especially
with inclusion of the new mineral which could allow the ultimate
pits to be joined together resulting in an expansion of the MOR and
its inclusion in the mine production schedule.
ISK and KUB Down Dip Limit Drilling (Slides 6 and 8)
At ISK, six holes were completed down dip of 2017 drilling to
identify the presence of deeper mineralisation. Ranging from 100 m
to 200 m from the nearest up dip holes, five intersected mineral
thicknesses ranging from 8.0 m to 25.0 m containing nickel grades
ranging from 0.5% to 0.9% confirming the presence of mineralisation
continuing in dip direction. It is also noted that these holes are
located 300 m to 400 m from a hole completed in 2006 which contains
12.7 m of 1.2% nickel. The area located in the dip direction from
ISK represents a substantial drill target for future drilling
during production.
Three additional holes were also completed along the north edge
of the KUB orebody to define the deeper limits of the orebody where
the mineralisation thins. The holes contain intervals ranging from
3.0 m to 6.8 m and have associated nickel grades in the order of
0.54% to 0.76%. The Company considers KUB to have been completed
drill off.
Metallurgical Sample Collection
Drilling to collect a large scale representative metallurgical
sample along strike length of IKEN through to KUB deposits
continues. Drill holes spaced at 100 metre intervals are being
completed with the plan comprised of a total of 6,800 m over the
entire field season. To date, all but 2,000 m have been completed.
Samples have been fully collected from KUB with holes planned for
completion along ISK and the IKEN Orebody.
Completion of the metallurgical sample collection programme is
anticipated to generate from six to seven tonnes of sample from
this area 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.
Completion of this sample collection effort is anticipated to
yield approximately 7.5 tonnes of representative sample bringing
the total available sample for testwork to 15.0 tonnes including
that already accumulated from MKF.
Remainder of Drill Season
Weather permitting, the Company plans to conduct drilling
through to the end of September. During this month the Company
plans to:
-- Complete metallurgical sample collection.
-- Complete drilling in the area of the WFZ.
-- Drill a line of holes along the up dip limits of the ISK orebody.
Definition of the mineralised limits at WFZ and ISK will allow
for reclassification of resources, the generation of updated open
pit simulations, compile an updated MOR for inclusion in future
mine production planning and scheduling.
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 Alex Stewart Laboratories ("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 sample submitted to ASL and has confirmed that
Amur's protocols all stages of its work regarding analytical
determination meet industry standards.
Presently, the Company has received ASL results for holes
completed through July 2018.
End of Message
2018 Drill Results as of 31 August 2018
Longitudinal Section Drill Results
(Slide 3)
Hole From To Length Ni Cu
(m) (m) (m) (%) (%)
C219 4.6 19.6 15.0 1.09 0.23
----- ----- ------ ---- ----
22.0 52.0 30.0 1.15 0.22
----- ----- ------ ---- ----
C608 63.0 76.0 13.0 0.89 0.21
----- ----- ------ ---- ----
82.0 116.5 34.5 1.10 0.26
----- ----- ------ ---- ----
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
----- ----- ------ ---- ----
C610 188.5 235.0 46.5 0.85 0.26
----- ----- ------ ---- ----
C355 286.4 295.2 8.8 1.01 0.36
----- ----- ------ ---- ----
299.1 319.3 20.2 1.14 0.25
----- ----- ------ ---- ----
C626 302.2 314.5 12.3 1.20 0.30
----- ----- ------ ---- ----
332.5 348.1 15.6 1.01 0.31
----- ----- ------ ---- ----
C360 Barren
--------------------------------
C635 173.7 188.5 14.8 1.04 0.27
----- ----- ------ ---- ----
191.5 203.8 12.3 0.86 0.27
----- ----- ------ ---- ----
C361 222.6 225.6 3.0 0.42 0.38
----- ----- ------ ---- ----
C378 185.3 233.2 47.9 0.83 0.21
----- ----- ------ ---- ----
265.7 271.5 5.8 0.48 0.23
----- ----- ------ ---- ----
C362 266.5 271.3 4.8 0.70 0.17
----- ----- ------ ---- ----
276.9 300.1 23.2 0.84 0.22
----- ----- ------ ---- ----
C368 312.0 327.5 15.5 0.82 0.20
----- ----- ------ ---- ----
331.5 342.4 10.9 0.80 0.21
----- ----- ------ ---- ----
C366 320.2 339.4 19.2 0.72 0.21
----- ----- ------ ---- ----
C373 342.1 347.3 5.2 0.78 0.12
----- ----- ------ ---- ----
C364 236.4 312.8 76.4 0.90 0.24
----- ----- ------ ---- ----
C372 249.6 266.7 17.1 1.06 2.63
----- ----- ------ ---- ----
271.2 291.2 20.0 0.78 0.20
----- ----- ------ ---- ----
C371 193.9 228.8 34.9 0.80 0.21
----- ----- ------ ---- ----
251.6 289.9 38.3 0.68 0.23
----- ----- ------ ---- ----
C383 152.5 196.5 44.0 0.82 0.20
----- ----- ------ ---- ----
201.1 226.7 25.6 0.93 0.22
----- ----- ------ ---- ----
C558 101.9 120.5 18.6 1.09 0.21
----- ----- ------ ---- ----
123.6 203.6 80.0 0.84 0.24
----- ----- ------ ---- ----
C572 230.5 235.0 4.5 0.55 0.28
----- ----- ------ ---- ----
249.6 260.9 11.3 1.04 0.27
----- ----- ------ ---- ----
C569 211.6 241.0 29.4 0.87 0.17
----- ----- ------ ---- ----
248.5 288.1 39.6 0.55 0.13
----- ----- ------ ---- ----
C568 119.0 143.0 24.0 0.96 0.28
----- ----- ------ ---- ----
149.0 198.5 49.5 0.55 0.17
----- ----- ------ ---- ----
C567 131.5 139.5 8.0 0.53 0.22
----- ----- ------ ---- ----
158.8 161.8 3.0 0.32 0.14
----- ----- ------ ---- ----
190.2 202.0 11.8 1.01 0.26
----- ----- ------ ---- ----
C495 196.4 241.8 45.4 0.68 0.17
----- ----- ------ ---- ----
C491 244.6 294.0 49.4 0.69 0.17
----- ----- ------ ---- ----
C487 317.5 383.3 65.8 0.86 0.22
----- ----- ------ ---- ----
C465 295.6 351.4 55.8 0.70 0.18
----- ----- ------ ---- ----
C247 215.5 282.7 67.2 0.64 0.16
----- ----- ------ ---- ----
C452 118.0 131.4 13.4 0.49 0.12
----- ----- ------ ---- ----
IIHG Drill Results
(Slides 4 and 5)
Hole From To Length Ni Cu
(m) (m) (m) (%) (%)
C600 166.7 209.5 42.8 0.98 0.30
----- ----- ------ ---- ----
C601 152.0 155.0 3.0 0.91 0.20
----- ----- ------ ---- ----
159.6 172.1 12.5 0.88 0.24
----- ----- ------ ---- ----
176.3 205.6 29.3 1.12 0.26
----- ----- ------ ---- ----
C602 201.9 209.5 7.6 0.79 0.12
----- ----- ------ ---- ----
212.5 229.3 16.8 0.84 0.22
----- ----- ------ ---- ----
C603 271.0 278.5 7.5 0.93 0.19
----- ----- ------ ---- ----
287.5 293.1 5.6 0.69 0.15
----- ----- ------ ---- ----
C604 235.8 238.8 3.0 0.40 0.04
----- ----- ------ ---- ----
245.5 253.6 8.1 0.63 0.17
----- ----- ------ ---- ----
C606 124.0 131.8 7.8 0.70 0.15
----- ----- ------ ---- ----
C607 88.0 97.0 9.0 0.44 0.13
----- ----- ------ ---- ----
104.5 112.0 7.5 0.98 0.20
----- ----- ------ ---- ----
C608 63.0 76.0 13.0 0.92 0.23
----- ----- ------ ---- ----
82.0 116.5 34.5 1.09 0.27
----- ----- ------ ---- ----
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
----- ----- ------ ---- ----
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
----- ----- ------ ---- ----
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
----- ----- ------ ---- ----
C628 368.7 392.8 24.1 0.76 0.20
----- ----- ------ ---- ----
C629 256.3 286.0 29.7 1.02 0.29
----- ----- ------ ---- ----
296.5 307.0 10.5 0.36 0.17
----- ----- ------ ---- ----
320.5 323.5 3.0 0.32 0.14
----- ----- ------ ---- ----
343.0 347.9 4.9 0.37 0.23
----- ----- ------ ---- ----
ISK Drill Results
(Slides 6 and 7)
Hole From To Length Ni Cu
(m) (m) (m) (%) (%)
C558 101.9 120.5 18.6 1.09 0.21
----- ----- ------ ---- ----
123.6 203.6 80.0 0.84 0.24
----- ----- ------ ---- ----
C559 245.9 251.8 5.9 0.64 0.17
----- ----- ------ ---- ----
257.8 263.5 5.7 0.38 0.24
----- ----- ------ ---- ----
268 278.1 10.1 0.88 0.15
----- ----- ------ ---- ----
C560 209.8 232.5 22.7 0.64 0.17
----- ----- ------ ---- ----
C561 169.2 184.9 15.7 0.96 0.23
----- ----- ------ ---- ----
C562 181.0 201.0 20.0 0.64 0.19
----- ----- ------ ---- ----
C563 180.3 183.3 3.0 0.35 0.09
----- ----- ------ ---- ----
187.6 193.2 5.6 0.89 0.19
----- ----- ------ ---- ----
C633 176.5 237.8 61.3 1.01 0.25
----- ----- ------ ---- ----
C635 173.7 188.5 14.8 1.04 0.27
----- ----- ------ ---- ----
191.5 203.8 12.3 0.86 0.27
----- ----- ------ ---- ----
KUB Drill Results
(Slides 8 and 9)
Hole From To Length Ni Cu
(m) (m) (m) (%) (%)
C553 353.4 360.2 6.8 0.54 0.17
----- ----- ------ ---- ----
C554 253.4 260.1 6.7 0.65 0.16
----- ----- ------ ---- ----
C555 256.8 259.8 3.0 0.76 0.23
----- ----- ------ ---- ----
C565 128.2 141.0 12.8 0.50 0.20
----- ----- ------ ---- ----
183.4 194.6 11.2 0.50 0.15
----- ----- ------ ---- ----
198.8 203.0 4.2 0.91 0.22
----- ----- ------ ---- ----
C567 131.5 139.5 8.0 0.53 0.22
----- ----- ------ ---- ----
158.8 161.8 3.0 0.32 0.14
----- ----- ------ ---- ----
190.2 202.0 11.8 1.01 0.26
----- ----- ------ ---- ----
C568 119.0 143.0 24.0 0.96 0.28
----- ----- ------ ---- ----
149.0 198.5 49.5 0.55 0.17
----- ----- ------ ---- ----
C569 211.6 241.0 29.4 0.87 0.17
----- ----- ------ ---- ----
248.5 288.1 39.6 0.55 0.13
----- ----- ------ ---- ----
C570 111.5 117.5 6.0 0.32 0.10
----- ----- ------ ---- ----
213.0 217.1 4.1 0.52 0.17
----- ----- ------ ---- ----
C571 152.5 163.0 10.5 0.43 0.15
----- ----- ------ ---- ----
188.5 191.5 3.0 0.32 0.15
----- ----- ------ ---- ----
221.5 226.0 4.5 0.43 0.22
----- ----- ------ ---- ----
250.0 256.0 6.0 0.56 0.28
----- ----- ------ ---- ----
277.0 282.9 5.9 0.38 0.15
----- ----- ------ ---- ----
C572 230.5 235.0 4.5 0.55 0.28
----- ----- ------ ---- ----
249.6 260.9 11.3 1.04 0.27
----- ----- ------ ---- ----
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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