TIDMAMC
RNS Number : 2614G
Amur Minerals Corporation
05 November 2018
5 November 2018
AMUR MINERALS CORPORATION
(AIM: AMC)
Amur Completes 2018 Drill Programme
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 final 2018 field programme update at its wholly owned Kun-Manie
nickel copper sulphide project ("Kun-Manie" or "the Project").
Designed as a two-stage programme with priority and secondary
objectives established, the drill programme has now been
successfully completed with all objectives attained. Key objectives
included drilling per Russian agency requirements allowing for the
compilation of a TEO (Russian Feasibility Study) for use in its
application for necessary mining permits, drilling to convert
approximately 25.0 million tonnes of existing Inferred resources to
that of Indicated, identification of new resources drilled at an
Indicated drill spacing for determination of a life of mine Mining
Ore Reserves ("MOR") for future study updates and the acquisition
of additional representative metallurgical bulk sample for final
flow sheet and plant design determination. All results will provide
valuable input into the development of a project financing
structure.
Highlights:
-- During the season, the Company has completed 32,526.5 metres
("m") of drilling within 169 drill holes located throughout the
mining licence area, bringing the total drilled metres to 117,343.7
m within 656 diamond core drill holes.
-- Entering this drill season, the nickel discovery rate metre
drilling at the four deposits of Maly Kurumkon / Flangovy ("MKF"),
Vodorazdelny ("VOD"), Ikenskoe / Sobolevsky ("IKEN") and Kubuk
("KUB") ranged from 27,630 pounds ("lbs") to 37,140 lbs.
-- Drilling to convert Inferred resource to Indicated was
completed during September and October, allowing its future use in
the determination of a MOR. Drilling has been completed at IKEN
(within the Ikenskoe Inferred High Grade Zone ("IIHG")), along the
ISK deposit ("ISK") located between the IKEN and KUB deposits, and
at the western end of KUB. Containing a combined total of 32.5
million tonnes, averaging 0.78% nickel and 0.22% copper, the
majority of this Inferred resource has now been drilled on a 100 m
by 100 m grid used by RPM Global ("RPM") to assign Indicated
resource that can be utilised in the determination of a MOR.
-- Newly discovered mineralisation located adjacent to IIHG, ISK
and western area of KUB has been drill identified based on the RPM
Indicated spacing of 100 m by 100 m. The March 2018 IIHG resource
of 14.6 million Inferred ore tonnes, averaging 0.87% nickel and
0.25% copper, has been expanded laterally by as much as 81%.
Drilling adjacent and between ISK and western KUB has also expanded
the resource along strike and laterally from 17.9 million tonnes,
at 0.74% nickel and 0.21% copper, by a projected 90%. In
combination, the Company anticipates the newly discovered
mineralisation will increase the March 2018 Mineral Resource
Estimate ("MRE") in the order of 25 million, most of which is
anticipated to be categorised as Indicated ore suitable for
inclusion in development of additional MOR.
-- Final analytical results generated by Alex Stewart
Laboratories ("ASL") are now available for all but the last five
drill holes. Once available and the data base is fully compiled and
verified, the Company can initiate the update to the March 2018
MRE. External check assaying by SGS Minerals is underway. Final
analytical results are anticipated to be available Q1 2019.
-- Highly prospective drill targets remain to be tested in the
future during operations. Mineralisation has not yet been fully
delineated at all of the deposits. Presently the largest target is
located down dip of the ISK area and covers an area of
approximately 0.5 km(2) .
-- June 2018 preliminary open pit designs indicated the
potential to derive MOR from the IKEN, ISK and KUB area was in the
order of 58 million ore tonnes, requiring 744 million tonnes of
waste to be mined and providing a 12.8 to 1.0 waste to ore
stripping ratio. The average mine diluted grades were projected to
be 0.61% nickel and 0.17% copper. Based on the March 2018 MRE, the
newly discovered mineralisation and the conversion of existing
Inferred resources, it is anticipated that there will be a material
change to the preliminary ultimate pit designs. Previously, it was
indicated that three separate pits could be mined. With the linking
of the deposits at ISK and KUB and the reduction of the waste zone
between IIHG and ISK having been drill proven, new ultimate pit
optimisation results may result in the unification of the three
currently identified pits into a single large ultimate pit having
an overall reduced stripping ratio.
-- During September and October 2018, the remainder of the
representative bulk sample was collected from IKEN, KUB and the
area lying between. During the season, a total of 36 holes (6,604.4
m) containing approximately 7.5 tonnes of mineralisation was
acquired, bringing the cumulative project wide bulk metallurgical
sample to approximately 15 tonnes. This sample will be used to
establish final flow sheet designs, metallurgical recoveries, ore
variabilities, plant design, and determination of a furnace / flash
smelter design with the potential to generate a Low Grade Matte
("LGM").
-- As reported in earlier RNS announcements, Russian regulatory
drilling requirements have been completed at all deposits, 62 holes
have been completed at a drill spacing of 50 m by 50 m containing a
total of 6,742.2 m. This information will be utilised to certify
the reserve, compile a TEO and obtain mining permissions. Drilling
within these areas will likely allow for the upgrade of the
contained resources to that of Measured by JORC (Dec. 2012)
standards.
Robin Young, CEO of Amur Minerals, commented:
"Having successfully completed the 2018 engineering related
drill programme at our Kun-Manie nickel copper sulphide project,
the Company can fully shift its focus to the detailed engineering
phase of the project. This year's drill results have been highly
beneficial to the Company.
"With the focus on all drilling being done to define Indicated
resources, we believe as much as 30 million tonnes of existing
Inferred ore may have been converted to Indicated and the potential
to increase the mineral resource inventory by up to an additional
25 million tonnes should materially impact the estimated mineral
resource of the project. Especially in light of the fact that
Indicated resource can be used in the definition of a larger
MOR.
"Based on an RPM preliminary ultimate pit design which did use
Inferred resources, allowing us to establish our 2018 drill
objectives, we anticipate that the three pits located at IKEN, ISK
and KUB may merge into one large pit, covering a strike length of
more than four kilometres. This being possible, it could provide
substantially greater potential to selectively mine higher grade
production earlier in the mine life, resulting in an increase in
the tonnes of metal produced by the processing plant."
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
Competent Person's Statement
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, SGS Minerals 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/20180511-RNS-Oct-Drill-Update.pdf
https://amurminerals.com/content/wp-content/uploads/20180511-RNS-Oct-Drilling.mp3
Completion of the 2018 Drill Programme
This is the fifth and final drill update for the 2018 drill
programme designed to advance engineering works related to the
Kun-Manie nickel copper sulphide project. Priority and secondary
objectives were fully completed during the season, both of which
will enable the Company to undertake follow up engineering works
for detailed design work related to the proposed Kun-Mine nickel
copper sulphide operation and to further evaluate the long term
technical and economic potential of the project.
The first phase of drilling was focused on priority objectives
which have been successfully completed including:
-- Drilling of the four deposits from which mine production is
anticipated to allow the Company to undertake Russian Federation
certification of the reserve ("GKZ"), its inclusion in a TEO and
its ultimate use in obtaining mining permissions from the Russian
Federation. The additional drill information will also allow the
Company to upgrade the existing resource category of Indicated
upward to that of Measured due to the increased drill density.
(Completed in July 2018)
-- Establish the continuity and extent of the mineralisation
located within the Ikenskoe / Sobolevsky High Grade Zone ("IIHG")
of the IKEN deposit for subsequent inclusion in forward looking MOR
statements. The zone contains elevated nickel grades exceeding
those of other resource areas and was drilled at a spacing of 100 m
by 100 m, likely allowing for its conversion from Inferred to
Indicated. This area can now be considered in the future
determination of a MOR and its subsequent insertion into the early
years of production, allowing for the production of greater
tonnages of nickel and copper enhancing the economic potential of
Kun-Manie. (Completed in August 2018)
-- Obtain additional bulk metallurgical sample by drilling holes
along and within the IKEN, KUB and ISK deposits. Previously,
limited sample and metallurgical information were available within
this area prior to this season's drill programme. The acquisition
of this additional sample will allow the Company to conduct
metallurgical test work to determine metal recoveries with regard
to rock type, grade variation, variation by deposit and
identification of additional operational 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. (Completed in October
2018)
Drilling of the secondary objectives was initiated in August
2018 and was successfully completed over the remainder of the drill
season and included the following objectives:
-- Determination of the limits of the mineralisation along a
1,800 m long drill target, including the ISK deposit and
approximately 400 m of the western area of KUB. Drillingestablished
the extent of the mineralisation along the target area where the
potential to discover new mineralisation was present along strike
and in the up and down dip directions from 2017 existing ore
holes.
-- Drilling throughout the entire strike length of the 1,800 m
target and within areas of newly discovered mineral was to be
completed at a drill spacing of 100 m by 100 m. This spacing has
been used by RPM to assign Indicated resources for future inclusion
in the determination of additional MOR.
All objectives were successfully completed during the 2018 drill
programme which was halted prior to winter conditions setting in
precluding safe operations with regard to transportation of
supplies, materials and staff to and from the drill hole
locations.
Global 2018 Drill Summary
A total of 169 diamond core holes (32,526.5 m) were completed
during the 2018 season. All drilling was conducted using the
Company owned Boart Longyear LF 70 and LF 90 diamond core drill
rigs. Since 2004, the Company has drilled 656 holes containing a
total of 117,343.7 m.
Entering the 2018 drill season, the nickel discovery rate per
drilled metre ranged from 27,630 pounds (KUB) to 37,140 pounds
(MKF) having projected in situ ranging from $207,227 per drilled
metre to $278,548 per drilled metre at $7.50 per pound nickel.
Typical Company all in costs to drill a metre of core have
historically ranged from $20 to $50 per metre. Entering 2018, the
discover ratio (nickel value discovered / cost to drill a metre)
has ranged from approximately 5,125 to 10,250.
2017 Nickel Discovery Rate Per Drilled Metre*
Deposit Drill Total Discovered Discovered Discovered
(m) Ni Lbs Ni Tonnes $ / m
/ m / m
(2017 / 2018) $7.50 /
Ni Lb
MKF 28,010 / 30,897 37,140 16.9 $278,548
---------------- ----------- ----------- -----------
VOD 2,975 / 3,350 29,634 13.4 $222,252
---------------- ----------- ----------- -----------
IKEN 22,968 / 38,215 37,041 16.8 $277,804
---------------- ----------- ----------- -----------
KUB 20,659 / 27,285 27,630 12.5 $207,227
---------------- ----------- ----------- -----------
Total 74,631 / 99,748 34,177 15.5 $256,326
---------------- ----------- ----------- -----------
*The remaining 17,596 m have been drilled as twins,
metallurgical holes, and within other targets.
The distribution of drilling for the full 2018 season is
summarised below.
Distribution of 2018 Drill Programme
2018 Totals September / October Area
Total
Holes (m) Holes (m)
--------- --------- -----------
169 32,526.5 26 6,287.1 All
--------- --------- ----------- -------------------
Metallurgical
36 6,604.4 9 1,873.1 Sample
--------- --------- ----------- -------------------
19 2,887.0 0 0.0 MKF GKZ
--------- --------- ----------- -------------------
14 777.2 0 0.0 IKEN GKZ
--------- --------- ----------- -------------------
23 2,703.0 0 0.0 Kubuk GKZ
--------- --------- ----------- -------------------
6 375.0 0 0.0 VOD GKZ
--------- --------- ----------- -------------------
31 9,063.5 2 387.7 IIHG
--------- --------- ----------- -------------------
15 3,922.6 2 503.0 Kubuk Step Out
--------- --------- ----------- -------------------
21 5,406.8 13 3,523.3 ISK Step Out*
--------- --------- ----------- -------------------
4 787.0 0 0.0 Gorny - Geological
--------- --------- ----------- -------------------
*Considered to be a part of the IKEN deposit.
Intent of September and October Drilling
In mid-August, the Company undertook the drilling of widely
spaced holes located along strike eastward from the IIHG along the
identified ISK and western limits of KUB. In late August, newly
obtained drill results confirmed that the ISK deposit extended an
additional 100 m to the west and that the previously thought barren
400 m long segment (previously referred to as the East Fault Zone)
between the ISK and KUB deposits is mineralised. The combination of
these two results established that the IKS and KUB deposits were
indeed a single large deposit.
Given the August discovery of new mineralisation and its
location relative to preliminarily indicated open pit potential
(RPM defined in June 2018) at both ISK and KUB, the Company
adjusted its September and October drill programme with the
objective to convert as much of the existing (March 2018 MRE)
Inferred resource to Indicated as possible. Simultaneously drilling
of any newly discovered mineralisation along the 1,800 m ISK / KUB
area was also to be completed at the spacing of 100 m by 100 m. By
conversion of the Inferred to Indicated resource, future MOR
upgrades can be compiled including the resource within this large
area.
ISK and Western KUB Results
During September and October, 4,026.3 m of core in 15 holes were
completed in the target area. Additional metallurgical drill sample
collection holes and two holes at IIHG were completed.
Upon completion of the 2018 programme, the drill grid (all 2018
and previously existing holes) within the area had been completed
on a 100 m by 100 m spacing used to define Indicated resources.
This included both the March 2018 MRE Inferred resource and the new
discovered mineralisation. Globally, ISK and west KUB results
indicate that:
-- The Inferred component of the March 2018 MRE has likely been
converted to Indicated. This is represented by 10.9 million
Inferred ore tonnes averaging 0.77% nickel and 0.22% copper.
Drilling is anticipated to have increased the local March 2018 MRE
Indicated inventory to a total of 17.9 million tonnes averaging
0.74% nickel and 0.21% copper.
March 2018 MRE at ISK and Western KUB
Deposit Resource Tonnes Ni Cu 2017
Category (m) (%) (%) Drill
Holes
ISK Indicated 7.0 0.69 0.2 12
----------- ------- ----- ----- -------
Inferred 10.7 0.77 0.22 11
--------------------- ------- ----- ----- -------
KUB Inferred 0.2 0.74 0.21 2
----------- ------- ----- ----- -------
Cumulative 17.9 0.74 0.21 25
------- ----- ----- -------
-- The newly discovered mineralisation located to the west of
ISK and between ISK and KUB was drilled at the Indicated resource
category assignment. Step out holes in the up dip and down dip
directions were also completed along the 1,800 m target and the
limits of the mineralisation were indicated to have been expanded
by nearly 90%. The newly discovered mineral is projected to be
approximately 26.8 m in vertical thickness, averaging 0.75% nickel
and 0.27% copper.
Consolidated Impact
The March 2018 MRE in the ISK and western KUB area was defined
by 25 drill holes completed prior to 2018. The MRE included the
presence of a total of 17.9 million tonne resource (averaging 23.9
m vertical thickness). The March 2018 MRE was utilised to derive
preliminary open pit designs (including Inferred resource) for use
in drill planning in the area. These designs were excluded from
consideration in the Prefeasibility Study ("PFS") work as nearly
60% of the MRE in this area was classified as an Inferred
resource.
The 2018 drill results at ISK and western KUB materially impact
the project potential:
-- The existing Inferred resource in the area has likely been
converted to Indicated allowing for its inclusion in future MOR
definition work. The current Inferred resource is 10.9 million ore
tonnes averaging 0.77% nickel and 0.22% copper and has not been
considered in the PFS. Its conversion to Indicated allowing for its
use in the derivation of MOR will be evaluated in the future.
-- The existing MRE has likely been substantially increased as a result of the discovery of new mineralisation along this ISK, western KUB area. Drilled at the Indicated resource spacing, the newly discovered mineralisation will also be evaluated in future MOR derivations. The 2018 drill programme has expanded the limits of the mineralisation by 90% and is now identified to cover an area of approximately 470,000 m(2) . The newly discovered ores could increase the MRE in this area by as much as 15 to 20 million tonnes averaging approximately 0.75% nickel and 0.27% copper.
-- June 2018 preliminary open pit designs indicated the
potential to derive MOR from the IKEN, ISK and KUB area was in the
order of 58 million ore tonnes requiring 744 million tonnes of
waste to be mined providing a 12.8 to 1.0 waste to ore stripping
ratio. The average mine diluted grades were projected to be 0.61%
nickel and 0.17% copper. Based on the March 2018 MRE, the newly
discovered mineralisation and the conversion of existing Inferred
resources, it is anticipated that there will be a material change
to the preliminary ultimate pit designs. Previously, it was
indicated that three separate pits could be mined. With the linking
of the deposits at ISK and KUB and the reduction of the waste zone
between IIHG and ISK having been drill proven, new ultimate pit
optimisation results may well result in the unification of the
three currently identified pits into a single large ultimate pit
having a reduced stripping ratio.
Other 2018 Drill Accomplishments
These include:
-- At the IIHG area of the IKEN deposit, the Company projects
that drilling has expanded resource and total contained metal in
the 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. On a production basis,
the IIHG 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 grades
indicate a nickel content of 0.91% and a copper grade of 0.25%.
-- Drilling along a 2,900 m long strike including the IIHG, the
ISK Orebody and the western half of KUB mineralisation indicates
the presence of a single near continuous ore body identified by 29
holes drilled at 100 m intervals. The drill line of holes along the
structure indicates the core of the mineralisation averages 35.6 m
in thickness and contains 0.83% nickel and 0.25% copper. The area
represents an open pit target along the entire length and
underground potential may exist on the deep ores.
-- Detailed infill drilling has been completed on an
approximately spacing of 50 m by 50 m within each of the MKF, VOD,
IKEN and KUB deposits. Required by Russian regulatory agencies, the
work is used to certify Russian reserve statements, subsequent use
in the compilation of a TEO and applications for mining
permissions. The reduced drill hole spacing may also increase the
Measured resource inventory.
-- Metallurgical sample collection by drilling has been completed providing the Company with a representative bulk sample distributed throughout all deposits. The sample will enable the Company to undertake key design work related to flow sheet design, metallurgical recovery determination, assessment of the variability of the ores and related responses, plant design, and evaluation of the potential design of a LGM generation facility.
Analytical Results - Cautionary Comment
Analytical results presented in this RNS announcement 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 RFA 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). A total of five holes have utilised the
RFA results.
The final and definitive source of analytical results is
produced by Alex Stewart Laboratories 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.
Maly Kurumkon / Flangovy Russian Infill Area
Final ASL 2018 Drill Results
Hole From To Length Ni ASL Cu ASL Vertical
(m) (m) (m) (%) (%) Thickness
(m)
C507 27.1 37.6 10.5 0.76 0.21 10.1
------- ------- -------- ------- ------- -----------
48.1 55.4 7.3 0.58 0.18 7.1
------- ------- -------- ------- ------- -----------
C508 59.6 65.6 6.0 0.59 0.22 5.8
------- ------- -------- ------- ------- -----------
74.6 82.0 7.4 0.67 0.16 7.2
------- ------- -------- ------- ------- -----------
C509 86.0 92.0 6.0 0.98 0.28 5.8
------- ------- -------- ------- ------- -----------
96.5 110.0 13.5 0.67 0.21 13.0
------- ------- -------- ------- ------- -----------
113.0 120.8 7.8 0.63 0.15 7.5
------- ------- -------- ------- ------- -----------
C510 124.6 129.0 4.4 0.60 0.09 4.3
------- ------- -------- ------- ------- -----------
136.5 141.4 4.9 0.55 0.17 4.7
------- ------- -------- ------- ------- -----------
C511 143.6 150.4 6.8 0.79 0.16 6.6
------- ------- -------- ------- ------- -----------
160.5 166.0 5.5 0.72 0.10 5.3
------- ------- -------- ------- ------- -----------
C512 208.3 215.8 7.5 1.02 0.23 7.3
------- ------- -------- ------- ------- -----------
227.8 232.3 4.5 0.77 0.20 4.4
------- ------- -------- ------- ------- -----------
C513 82.0 146.0 64.0 0.89 0.22 61.8
------- ------- -------- ------- ------- -----------
C514 63.5 94.0 30.5 0.93 0.25 29.5
------- ------- -------- ------- ------- -----------
97.0 117.6 20.6 0.86 0.20 19.9
------- ------- -------- ------- ------- -----------
C515 130.3 146.5 16.2 0.55 0.16 15.7
------- ------- -------- ------- ------- -----------
149.5 173.5 24.0 0.61 0.18 23.2
------- ------- -------- ------- ------- -----------
182.5 191.3 8.8 0.63 0.14 8.5
------- ------- -------- ------- ------- -----------
C516 208.3 212.8 4.5 0.65 0.18 4.4
------- ------- -------- ------- ------- -----------
221.6 226.9 5.3 0.89 0.24 5.1
------- ------- -------- ------- ------- -----------
C517 3.0 39.0 36.0 0.82 0.25 34.8
------- ------- -------- ------- ------- -----------
43.5 59.3 15.8 0.52 0.26 15.3
------- ------- -------- ------- ------- -----------
62.5 74.7 12.2 0.83 0.23 11.8
------- ------- -------- ------- ------- -----------
C518 153.0 157.5 4.5 0.57 0.18 4.4
------- ------- -------- ------- ------- -----------
166.5 172.5 6.0 0.76 0.22 5.8
------- ------- -------- ------- ------- -----------
C519 131.1 137.0 5.9 0.93 0.25 5.7
------- ------- -------- ------- ------- -----------
146.7 155.5 8.8 0.78 0.32 8.5
------- ------- -------- ------- ------- -----------
C520 99.6 107.0 7.4 0.80 0.22 7.2
------- ------- -------- ------- ------- -----------
113.0 122.0 9.0 0.78 0.20 8.7
------- ------- -------- ------- ------- -----------
C521 5.2 30.5 25.3 0.93 0.26 24.4
------- ------- -------- ------- ------- -----------
41.4 66.4 25.0 0.93 0.22 24.2
------- ------- -------- ------- ------- -----------
C522 183.0 193.5 10.5 0.68 0.17 10.1
------- ------- -------- ------- ------- -----------
198.0 206.3 8.3 0.87 0.18 8.0
------- ------- -------- ------- ------- -----------
C523 104.2 122.0 17.8 0.74 0.26 17.2
------- ------- -------- ------- ------- -----------
131.0 146.9 15.9 0.49 0.16 15.4
------- ------- -------- ------- ------- -----------
151.3 160.0 8.7 0.66 0.23 8.4
------- ------- -------- ------- ------- -----------
170.0 181.5 11.5 0.87 0.23 11.1
------- ------- -------- ------- ------- -----------
C524 57.3 64.2 6.9 1.34 0.26 6.7
------- ------- -------- ------- ------- -----------
68.4 129.5 61.1 0.91 0.23 59.0
------- ------- -------- ------- ------- -----------
C525 20.5 41.5 21.0 0.93 0.29 20.3
------- ------- -------- ------- ------- -----------
80.5 92.9 12.4 0.60 0.19 12.0
------- ------- -------- ------- ------- -----------
Average m / Hole- 30.3
Average m / Interval - 13.7 0.80 0.22
------- ------- -----------
Vodorazdelny Russian Infill Area
Final ASL 2018 Drill Results
Hole From To Length Ni ASL Cu ASL Vertical
(m) (m) (m) (%) (%) Thickness
(m)
C620 No Mineral
---------------------------------------------------------
C621 No Mineral
---------------------------------------------------------
C622 0.0 25.3 25.3 1.06 0.25 25.3
------- ------ --------- ------- ------- -----------
C623 2.5 46.8 44.3 1.02 0.31 44.3
------- ------ --------- ------- ------- -----------
C624 19.0 32.5 13.5 0.81 0.21 13.5
------- ------ --------- ------- ------- -----------
35.5 43.3 7.8 0.87 0.30 7.8
------- ------ --------- ------- ------- -----------
C625 No Mineral
---------------------------------------------------------
Average m / Hole- 30.3
Average m / Interval - 22.7 0.99 0.28
------- ------- -----------
Ikenskoe / Sobolevsky Russian Infill Area
Final ASL 2018 Drill Results
Hole From To Length Ni ASL Cu ASL Vertical
(m) (m) (m) (%) (%) Thickness
(m)
C386 2.9 9.8 6.9 0.87 0.30 6.9
------- ------ -------- ------- ------- -----------
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
------- ------ -------- ------- ------- -----------
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
------- ------ -------- ------- ------- -----------
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 9.0 0.81 0.24 9.0
------- ------ -------- ------- ------- -----------
Average m / Hole- 14.7
Average m / Interval - 8.2 0.71 0.21
------- ------- -----------
Kubuk Russian Infill Area
Final ASL 2018 Drill Results
Hole From To Length Ni ASL Cu ASL Vertical
(m) (m) (m) (%) (%) Thickness
(m)
C530 124.0 133.0 9.0 0.53 0.16 9.0
------- ------- -------- ------- ------- -----------
137.5 150.4 12.9 0.86 0.23 12.9
------- ------- -------- ------- ------- -----------
C531 149.8 159.0 9.2 0.51 0.16 9.2
------- ------- -------- ------- ------- -----------
C532 161.4 184.4 23 0.44 0.13 23.0
------- ------- -------- ------- ------- -----------
C533 130.0 144.5 14.5 0.49 0.17 14.5
------- ------- -------- ------- ------- -----------
152.0 155.0 3.0 1.36 0.10 3.0
------- ------- -------- ------- ------- -----------
C534 121.5 124.5 3.0 0.37 0.11 3.0
------- ------- -------- ------- ------- -----------
130.0 137.4 7.4 0.42 0.13 7.4
------- ------- -------- ------- ------- -----------
C535 91.0 95.5 4.5 0.61 0.21 4.5
------- ------- -------- ------- ------- -----------
103.9 107.2 3.3 0.47 0.16 3.3
------- ------- -------- ------- ------- -----------
121.0 125.7 4.7 0.36 0.11 4.7
------- ------- -------- ------- ------- -----------
134.9 149.8 14.9 0.76 0.12 14.9
------- ------- -------- ------- ------- -----------
C536 127.8 130.8 3.0 0.58 0.14 3.0
------- ------- -------- ------- ------- -----------
133.8 144.7 10.9 0.55 0.15 10.9
------- ------- -------- ------- ------- -----------
C537 61.1 91.9 30.8 0.63 0.18 30.8
------- ------- -------- ------- ------- -----------
C538 123.1 136.1 13.0 0.87 0.25 13.0
------- ------- -------- ------- ------- -----------
C539 90.8 93.8 3.0 0.88 0.26 3.0
------- ------- -------- ------- ------- -----------
100.3 108.5 8.2 0.67 0.19 8.2
------- ------- -------- ------- ------- -----------
C540 115.8 125.0 9.2 0.76 0.21 9.2
------- ------- -------- ------- ------- -----------
C541 98.0 106.6 8.6 0.76 0.16 8.6
------- ------- -------- ------- ------- -----------
C542 56.8 75.8 19.0 0.57 0.15 19.0
------- ------- -------- ------- ------- -----------
C543 73.5 82.5 9.0 0.90 0.23 9.0
------- ------- -------- ------- ------- -----------
85.5 92.1 6.6 0.59 0.18 6.6
------- ------- -------- ------- ------- -----------
C544 49.7 66.0 16.3 1.05 0.27 16.3
------- ------- -------- ------- ------- -----------
70.5 81.1 10.6 0.79 0.22 10.6
------- ------- -------- ------- ------- -----------
C545 No Mineral
---------------------------------------------------------
C546 8.2 34.3 26.1 0.59 0.17 26.1
------- ------- -------- ------- ------- -----------
C547 No Mineral
---------------------------------------------------------
C548 No Mineral
---------------------------------------------------------
C549 8 18.5 10.5 0.64 0.19 10.5
------- ------- -------- ------- ------- -----------
21.5 47.9 26.4 0.56 0.13 26.4
------- ------- -------- ------- ------- -----------
C550 33.6 37.7 4.1 0.48 0.08 4.1
------- ------- -------- ------- ------- -----------
C551 43.2 47.7 4.5 0.85 0.25 4.5
------- ------- -------- ------- ------- -----------
50.7 64.9 14.2 0.74 0.18 14.2
------- ------- -------- ------- ------- -----------
C552 72.6 77 4.4 0.55 0.16 4.4
------- ------- -------- ------- ------- -----------
81.1 85.8 4.7 0.85 0.24 4.7
------- ------- -------- ------- ------- -----------
88.5 95.0 6.5 0.78 0.24 6.5
------- ------- -------- ------- ------- -----------
Average m / Hole- 18.0
Average m / Interval - 10.6 0.66 0.18
------- ------- -----------
Ikenskoe / Sobolevsky Area
IIHG Drill Results
Final ASL 2018 Drill Results*
*RFA Company Result
Hole From To Length Ni ASL Cu ASL Vertical
(m) (m) (m) (%) (%) Thickness
(m)
C600 166.7 209.5 42.8 0.82 0.27 42.8
------ ------ ------- ------- ------- -----------
C601 152.0 155.0 3.0 0.86 0.19 3.0
------ ------ ------- ------- ------- -----------
159.6 172.1 12.5 0.85 0.23 12.5
------ ------ ------- ------- ------- -----------
176.3 205.6 29.3 1.08 0.24 29.3
------ ------ ------- ------- ------- -----------
C602 201.9 209.5 7.6 0.73 0.19 7.6
------ ------ ------- ------- ------- -----------
212.5 229.3 16.8 0.76 0.19 16.8
------ ------ ------- ------- ------- -----------
C603 271.0 278.5 7.5 0.89 0.19 7.5
------ ------ ------- ------- ------- -----------
287.5 293.1 5.6 1.09 0.24 5.6
------ ------ ------- ------- ------- -----------
C604 235.8 238.8 3.0 0.38 0.09 3.0
------ ------ ------- ------- ------- -----------
245.5 253.6 8.1 0.59 0.16 8.1
------ ------ ------- ------- ------- -----------
C605 No Mineral
------------------------------------------------------
C606 124.0 131.8 7.8 0.76 0.15 7.8
------ ------ ------- ------- ------- -----------
C607 88.0 97.0 9.0 0.42 0.12 9.0
------ ------ ------- ------- ------- -----------
104.5 112.0 7.5 0.95 0.19 7.5
------ ------ ------- ------- ------- -----------
C608 63.0 76.0 13.0 0.89 0.21 13.0
------ ------ ------- ------- ------- -----------
82.0 116.5 34.5 1.10 0.26 34.5
------ ------ ------- ------- ------- -----------
C609 No Mineral
------------------------------------------------------
C610 188.5 235.0 46.5 0.85 0.26 46.5
------ ------ ------- ------- ------- -----------
C611 171.6 176.5 4.9 0.98 0.24 4.9
------ ------ ------- ------- ------- -----------
181.0 214.0 33.0 0.54 0.23 33.0
------ ------ ------- ------- ------- -----------
C612 383.2 399.4 16.2 0.69 0.20 16.2
------ ------ ------- ------- ------- -----------
C613 No Mineral
------------------------------------------------------
C614 No Mineral
------------------------------------------------------
C615 335.5 343.0 7.5 0.73 0.20 7.5
------ ------ ------- ------- ------- -----------
346.0 349.0 3.0 1.41 0.32 3.0
------ ------ ------- ------- ------- -----------
C616 322.0 334.0 12.0 0.82 0.20 12.0
------ ------ ------- ------- ------- -----------
C617 253.0 272.5 19.5 0.84 0.19 19.5
------ ------ ------- ------- ------- -----------
C618 209.5 240.9 31.4 0.89 0.14 31.4
------ ------ ------- ------- ------- -----------
C619 No Mineral
------------------------------------------------------
C626 302.2 314.5 12.3 1.06 0.29 12.3
------ ------ ------- ------- ------- -----------
332.5 348.1 15.6 0.93 0.29 15.6
------ ------ ------- ------- ------- -----------
C627 334.2 371.7 37.5 0.95 0.23 37.5
------ ------ ------- ------- ------- -----------
380.8 385.0 4.2 1.00 0.27 4.2
------ ------ ------- ------- ------- -----------
C628 368.7 392.8 24.1 0.74 0.20 24.1
------ ------ ------- ------- ------- -----------
C629 256.3 286.0 29.7 1.04 0.26 29.7
------ ------ ------- ------- ------- -----------
296.5 307.0 10.5 0.34 0.16 10.5
------ ------ ------- ------- ------- -----------
343.0 347.9 4.9 0.38 0.23 4.9
------ ------ ------- ------- ------- -----------
C580 - RFA 67.1 73.0 5.9 0.83 0.19 5.9
------ ------ ------- ------- ------- -----------
77.5 100.3 22.8 0.69 0.18 22.8
------ ------ ------- ------- ------- -----------
C581 - RFA 246.6 268.0 21.4 0.60 0.17 20.1
------ ------ ------- ------- ------- -----------
C630 No Mineral
------------------------------------------------------
C631 No Mineral
------------------------------------------------------
C632 No Mineral
------------------------------------------------------
C634 No Mineral
------------------------------------------------------
Average m / Hole- 27.1
Average m / Interval - 16.3 0.83 0.22
------- ------- -----------
ISK Area
Final ASL 2018 Drill Results*
*RFA Company Result
Hole From To Length Ni ASL Cu ASL Vertical
(m) (m) (m) (%) (%) Thickness
(m)
C558 101.9 143 41.1 0.86 0.25 41.1
------ ------ ------- ------- ------- -----------
146 203.6 57.6 0.87 0.22 57.6
------ ------ ------- ------- ------- -----------
C559 245.9 251.8 5.9 0.64 0.17 5.9
------ ------ ------- ------- ------- -----------
257.8 260.8 3.0 0.45 0.25 3.0
------ ------ ------- ------- ------- -----------
268 278.1 10.1 0.85 0.24 10.1
------ ------ ------- ------- ------- -----------
C560 209.8 232.5 22.7 0.61 0.16 22.7
------ ------ ------- ------- ------- -----------
C561 169.2 184.9 15.7 0.92 0.22 15.7
------ ------ ------- ------- ------- -----------
C562 181.0 201.0 20.0 0.62 0.17 20.0
------ ------ ------- ------- ------- -----------
C563 180.3 183.3 3.0 0.36 0.09 3.0
------ ------ ------- ------- ------- -----------
187.6 193.2 5.6 0.83 0.18 5.6
------ ------ ------- ------- ------- -----------
C564 No Mineral
------------------------------------------------------
C633 176.5 237.8 61.3 0.88 0.22 61.3
------ ------ ------- ------- ------- -----------
C635 173.7 188.5 14.8 0.97 0.25 14.8
------ ------ ------- ------- ------- -----------
191.5 203.8 12.3 0.80 0.23 12.3
------ ------ ------- ------- ------- -----------
C573 300.7 303.7 3.0 0.36 0.19 3.0
------ ------ ------- ------- ------- -----------
C636 115.0 142.0 27.0 0.88 0.25 27.0
------ ------ ------- ------- ------- -----------
164.5 167.5 3.0 0.37 0.18 3.0
------ ------ ------- ------- ------- -----------
173.5 176.5 3.0 0.35 16.90 3.0
------ ------ ------- ------- ------- -----------
C574 No Mineral
------------------------------------------------------
C637 177.0 185.5 8.5 0.53 0.14 8.5
------ ------ ------- ------- ------- -----------
233.5 238.0 4.5 0.60 0.28 4.5
------ ------ ------- ------- ------- -----------
C575 No Mineral
------------------------------------------------------
C638 200.6 224.5 23.9 1.01 0.26 23.9
------ ------ ------- ------- ------- -----------
227.5 263.6 36.1 0.77 0.24 36.1
------ ------ ------- ------- ------- -----------
C576 286.0 292.0 6.0 0.37 0.18 5.9
------ ------ ------- ------- ------- -----------
C639 193.0 217.0 24.0 0.80 0.19 24.0
------ ------ ------- ------- ------- -----------
220.0 229.0 9.0 0.84 0.26 9.0
------ ------ ------- ------- ------- -----------
C640 169.0 194.5 25.5 0.79 0.21 25.5
------ ------ ------- ------- ------- -----------
197.5 218.5 21.0 0.69 0.24 21.0
------ ------ ------- ------- ------- -----------
C641 178.0 210.7 32.7 0.85 0.26 32.7
------ ------ ------- ------- ------- -----------
C642 188.8 200.3 11.5 0.75 0.21 11.5
------ ------ ------- ------- ------- -----------
C643 284.0 307.0 23.0 0.68 0.18 20.8
------ ------ ------- ------- ------- -----------
C577 - RFA 212.5 236.5 24.0 0.72 0.12 22.6
------ ------ ------- ------- ------- -----------
239.5 248.4 8.9 0.64 0.17 8.4
------ ------ ------- ------- ------- -----------
Average m / Hole- 29.7
Average m / Interval - 18.8 0.79 0.31
------- ------- -----------
Kubuk Area
Final ASL 2018 Drill Results*
*RFA Company Result
Hole From To Length Ni ASL Cu ASL Vertical
(m) (m) (m) (%) (%) Thickness
(m)
C553 353.4 360.2 6.8 0.51 0.16 6.8
------ ------ ------- ------- ------- -----------
C554 253.4 260.1 6.7 0.66 0.17 6.7
------ ------ ------- ------- ------- -----------
C555 256.8 259.8 3 0.81 0.25 3.0
------ ------ ------- ------- ------- -----------
C556 No Mineral
------------------------------------------------------
C557 No Mineral
------------------------------------------------------
C565 128.2 141.0 12.8 0.51 0.19 12.8
------ ------ ------- ------- ------- -----------
183.4 194.6 11.2 0.49 0.14 11.2
------ ------ ------- ------- ------- -----------
198.8 203.0 4.2 0.84 0.18 4.2
------ ------ ------- ------- ------- -----------
C566 No Mineral
------------------------------------------------------
C567 131.5 139.5 8.0 0.50 0.21 8.0
------ ------ ------- ------- ------- -----------
190.2 202.0 11.8 0.91 0.24 11.8
------ ------ ------- ------- ------- -----------
C568 119.0 143.0 24.0 0.88 0.24 24.0
------ ------ ------- ------- ------- -----------
149.0 198.5 49.5 0.61 0.19 49.5
------ ------ ------- ------- ------- -----------
C569 211.6 241.0 29.4 0.78 0.21 29.4
------ ------ ------- ------- ------- -----------
248.5 288.1 39.6 0.74 0.18 39.6
------ ------ ------- ------- ------- -----------
C570 213.0 217.1 4.1 0.51 0.15 3.4
------ ------ ------- ------- ------- -----------
C571 152.5 158.5 6.0 0.47 0.12 5.4
------ ------ ------- ------- ------- -----------
188.5 191.5 3.0 0.34 0.15 2.7
------ ------ ------- ------- ------- -----------
221.5 226.0 4.5 0.41 0.20 4.1
------ ------ ------- ------- ------- -----------
250.0 256.0 6.0 0.51 0.26 5.4
------ ------ ------- ------- ------- -----------
277.0 282.9 5.9 0.43 0.15 5.4
------ ------ ------- ------- ------- -----------
C572 230.5 236.5 6.0 0.50 0.24 6.0
------ ------ ------- ------- ------- -----------
249.6 260.9 11.3 0.92 0.23 11.3
------ ------ ------- ------- ------- -----------
C578 - RFA 183.2 193.6 10.4 0.65 0.22 8.8
------ ------ ------- ------- ------- -----------
C579 - RFA 183.3 189.7 6.4 1.02 0.36 6.4
------ ------ ------- ------- ------- -----------
Average m / Hole- 22.2
Average m / Interval - 12.1 0.68 0.20
------- ------- -----------
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 0.70 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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