TIDMAMC
RNS Number : 0071O
Amur Minerals Corporation
04 February 2016
4 February 2016
AMUR MINERALS CORPORATION
(AIM: AMC)
("Amur" or the "Company")
2016 Field Programme Update
Company To Accelerate Compilation of the Definitive Feasibility
Study
Amur Minerals Corporation is pleased to provide an update on the
Company's progress in preparation for its 2016 field programme at
its Kun-Manie nickel copper sulphide project located in the Far
East of Russia.
Capital purchases and delivery of the newly acquired fleet
components to the Verkhnezeisk base station represents Amur's
initial step in aggressively moving toward the compilation of its
Definitive Feasibility Study ("DFS"). Backed by is strong cash
position, and supported by the Russian Government, the Company has
doubled its drill capacity with newly acquired equipment, which
will be transported over the ice road in March of this year. With
its strengthened operating capability, the Company can now rapidly
expand the resource, define additional reserves and acquire
additional key information required for inclusion in the DFS. The
expanded capability will allow for a total of 15,000 metres to be
drilled during this season, which represents a 40% increase in the
total metres drilled since the acquisition of its original
exploration licence in 2004. The Company has already begun
marshalling the new equipment and necessary supplies at
Verkhnezeisk (its base station along the Amur Baikal rail line).
Highlights and a comprehensive update of the shipping status of the
expanded fleet is provided below:
Highlights:
-- The seasonal drill meterage has been doubled to 15,000
metres. Support equipment for drill road building and drill pad
preparation has been included.
-- Summer and winter fuel totaling 240 tonnes for the season is
scheduled for delivery by rail to the base station. The decline in
the price of fuel over the past year has resulted in substantial
savings to the Company.
-- During Q4 of 2015, the two D9R dozers were fabricated at the
Caterpillar plant in Peoria, Illinois and are presently in transit
via ocean freight to Vladivostok, Russia. Amur Machinery (the local
distributor) has arranged for direct rail shipment to the
Verkhnezeisk base station.
-- The 329D excavator is already in Vladivostok, Russia and is
ready for shipment by rail along with the dozers. The unit also
includes a rock breaker to assist in road and drill pad
construction.
-- Factory spares for the Caterpillar equipment and existing on
site bulldozer fleet (3 units) have been acquired and delivered to
Verkhnezeisk.
-- The LF-90, its spares and drill supplies capable of
undertaking 15,000 metres of drilling have been delivered to
Verkhnezeisk.
-- A track configured mobile transport base unit upon which the
LF 90 will be mounted has been purchased and is presently in
transit via rail to the base station. On delivery, the LF-90 will
be mounted on to the base unit allowing the rig to be
self-propelled.
-- A truck mounted, 25 tonne crane has been purchased and delivered to the base station.
-- An additional fuel truck with a ten tonne capacity has been
purchased joining the existing fleet of two. A 10 tonne Ural dump
truck has also been acquired. All units are in transit to
Verkhnezeisk.
-- Two additional diesel fueled generators (a 30kW and a 100kW)
have been purchased to support the expanded field programme and
have been delivered to Verkhnezeisk.
-- An additional personnel carrier (GT-SM GAZ) has been
purchased enabling the Company to more efficiently transport
personnel on site. This unit will also provide material support and
delivery of the drill core to the site located laboratory
facilities.
-- Additional portable containerised housing units have been
purchased to handle the increase in personnel related to the
increased drill capacity.
-- The comprehensive upgrade to the mobile equipment fleet at
Kun-Manie will enable the Company to more aggressively advance the
project through the DFS phase.
Considerations
Following the award of the "Detailed Exploration and Production
Licence" ("Licence") in mid-2015, the Company's intention to
rapidly advance the project toward the completion of a DFS, and a
stable financial position, have enabled the Company to prepare for
an aggressive 2016 field season. To advance the DFS as swiftly as
possible, the Company has taken the decision to increase the field
capabilities by doubling the drilling capacity through the purchase
of a new drill rig and necessary support equipment to allow full
utilisation of the enhance drilling capacities. In doing so, the
Company can now drill up to 15,000 metres per season allowing for
rapid infill resource conversion from Inferred to Indicated, step
out drilling for continued resource expansion in the highly
prospective mineral trend and acquisition of representative samples
for additional metallurgical test work.
The 2016 Field Programme
Successful implementation of the 2016 programme will result in
the greatest total number of metres ever drilled by Amur in a
single five month field season. This single season ability
represents an increase of nearly 40% to the currently completed
37,443 metres accumulated since 2004. To support the planned 2016
programme targeting Maly Kurumkon / Flangovy ("MKFL") or Kubuk, the
Company purchased a new LF-90 Boart Longyear diamond core rig to
augment the existing LF-70 rig.
Key earthmoving equipment (announced 27 November 2015) was also
purchased including two new D9R Caterpillar bulldozers and a 329D
Caterpillar excavator. This equipment will enable the construction
of the additional necessary drill roads and drill platforms to
continue infill and step out drilling as well as metallurgical
sampling. Additional support equipment has been acquired over the
last 90 days and is also being mobilised to the Company's base
station at Verkhnezeisk, located on the Baikal Amur rail line. It
is from this location that the supplies and materials will be
transported in March via the ice road to the Kun-Manie site.
Drill Target Selection
Two major targets have been identified for the 2016 drill
programme. Both targets require 15,000 metres of drilling. As a
result, and to optimise drill production, the Company will focus on
drilling one of the two targets this year. Selection of the target
to be drilled will be based on SRK Consulting (UK) Ltd ("SRK")
resource updates currently being compiled for each of the two
targets, Maly Kurumkon / Flangovy, ("MKFL") and Kubuk. Criteria
will include consideration of the grade distribution and its
resource classification, metallurgical recovery and projected
profitability per tonne of ore. The SRK results are expected to be
available in advance of activation of the winter ice road in March
allowing for mobilisation to the preferred drill target.
SRK Resource Estimates
As released on 12 January 2016, the Company announced that SRK
had been selected to generate updated resource estimates at both
MKFL and Kubuk. The MKFL resource estimate will include the 2015
drill results which will result in a full update of the resource
using the newly acquired infill drill results and expansion of the
ore zone by an additional 400 metres to the east. Kubuk is also
being updated even though there are no additional new drill holes
in the deposit. The newly generated resource models for both
deposits will enable a more precise determination of open cast
versus underground interfaces and consideration of the current
commodity prices.
Operating Plan Update
As results become available and the SRK resource updates are
completed for the two highest grade deposits, the operating plan
for 2016 will be completed. This will include additional
information regarding the infrastructure considerations and the
longer term development plans for Kun-Manie.
Robin Young, CEO of Amur Minerals Corporation, commented:
"We have made significant progress in the build up to the 2016
field programme and geared up for the implementation of data
acquisition and development of our Kun-Manie nickel copper sulphide
project. Our decision to double our drilling and earth moving
abilities demonstrates our confidence and we fully intend to
advance the Definitive Feasibility Study as rapidly as possible.
Importantly, we have the financial resources to implement our
strategy and remain on track, going against the current trend of
the mining industry."
Enquiries:
Company Nomad and Broker Public Relations
Amur Minerals S.P. Angel Corporate Yellow Jersey
Corp. Finance LLP
Robin Young Ewan Leggat Dominic Barretto
CEO Laura Harrison Harriet Jackson
+44 (0) 7981 +44 (0) 77
126 818 +44 (0) 20 3470 0470 99 003 220
Notes to Editors
The information contained in this announcement has been reviewed
and approved by the CEO of Amur, Robin Young. Mr. Young is a
Geological Engineer (cum laude) and is a Qualified Professional
Geologist, as defined by the Toronto and Vancouver Stock
Exchanges.
For further information, see the Company website at
www.amurminerals.com.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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