TIDMAMC
RNS Number : 5225I
Amur Minerals Corporation
20 June 2017
20 June 2017
AMUR MINERALS CORPORATION
(AIM: AMC)
2017 Inaugural Drill Update
30% of Planned Metres (5,903.5 m) Completed
Amur Minerals Corporation ("Amur" or the "Company"), a
nickel-copper sulphide mineral exploration and resource development
company focused on the far east of Russia, is pleased to announce
its progress through 14 June 2017 on its 2017 drill programme at
the Ikenskoe / Sobolevsky ("IKEN" ) and Kubuk ("KUB") deposits of
Kun-Manie.
Highlights:
-- The 2017 drill programme is focused on the deposits of IKEN
and KUB and began 4 weeks ahead of schedule on 5 May 2017.
-- The programme is designed to convert existing Inferred
resource to Indicated, define the up dip and down dip limits of
mineralisation for mine planning purposes, expand resources between
IKEN and KUB (a 2.5 kilometre long target) where drilling has not
yet been completed and to derive additional sample for
metallurgical test work.
-- Through 14 June 2017, a total of 5,903.5 metres of drilling have been completed representing approximately 30% of the planned 20,000 metres. The average daily drill rate is 137.3 metres.
-- The Company owned LF70 drill rig is drilling at IKEN and has
completed 2,804.5 metres within 16 holes. Of these, 6 holes have
been completed (591.0 metres) to establish the limits of
mineralisation for mine planning purposes, an additional 2 holes
(219.0 metres) completed as infill holes and 8 holes step out holes
(1,995.5 metres) for resource expansion toward KUB have been
completed to the southeast of the previously defined IKEN ore
zone.
-- At KUB, the Company owned LF90 has drilled 3,099.0 metres
contained with 16 holes through 14 June 2017. Seven holes (1,066.0
metres) have been completed as infill holes to convert Inferred
resource to that of Indicated. The remaining 9 holes (2,033.0
metres) are considered to be a combination of resource expansion
and mineral limit determination holes located at the northern and
eastern limits of the previously drill defined boundaries of the
deposit.
-- Analytical results for 25 of the 32 completed holes have been
generated at our onsite sample preparation facility using two Niton
XL2 500 X-Ray Fluorescence units ("RFA"). The results are under
review and subject to release via an RNS announcement once the RFA
calibration verification programme is completed on 23 June 2017.
Completion of this annual verification process allows management to
report the RFA results which are preliminary in nature and
internally derived. Ore host rock types, mineralisation and
sulphide content are similar to that identified by previous drill
seasons and it is anticipated that ore grade mineralisation will be
reported in the near term and on completion of the calibration
verification results.
-- The first shipment of samples to Alex Steward Laboratories
("ASL") was made on 14 June 2017. Located in Moscow, Russia, ASL is
responsible for the determination of the final metal content of all
samples. Results for nickel, copper, cobalt, platinum and palladium
are anticipated to be available in about 6 to 10 weeks, depending
on ASL sample load. The ASL results supersede that of the RFA
results and are the primary source of information for use in
resource and reserve definition. When available, these results will
be released as a part of the drill reporting process.
2017 Drilling Objectives
A total of 20,000 metres of drilling are planned for the 2017
field season. Targeting the IKEN and KUB deposits, the following
objectives are planned:
-- At KUB, convert existing Inferred resource to that of
Indicated for use in reserve definition.
-- At both IKEN and KUB, identify down dip and outcrop limits of
two deposits for mine planning purposes.
-- Conduct resource expansion drilling focused on the largest
exploration target (a 2.5 kilometre long undrilled area between
IKEN and KUB).
-- Obtain additional metallurgical samples from both deposits.
The specific distribution of the drilling between the two
deposits is not defined. The intent is to keep both drill rigs
fully operational and drill meters will be allocated to appropriate
targets and objectives within each distinct deposit and as each the
drill rigs complete a hole.
Progress to Date
During the period from 5 May 2017 through 14 June 2017, a total
of 5,903.5 metres (32 holes) have been completed representing 29.5%
of the planned 2017 drill programme. During the five week period
since start of drilling, the Company is presently ahead of schedule
due than planned to start on 1 June 2017. Drilling is based on a
budgeted drill rate of 1,000 metres per week and with the early
start we are presently about 4,000 meters ahead of schedule. A link
to figures depicting the location of the completed holes as of 14
June 2017 is provided at the end of this RNS.
Drilling is being completed simultaneously on the IKEN and KUB
deposits. The LF70 has completed 2,804.5 metres (16 holes) at IKEN
with the LF90 having completed 3,099 metres (16 holes) at KUB. In
combination, the two rigs are averaging approximately 137.3 metres
per day, slightly less than the planned daily budget of 142
metres.
The onsite sample preparation facility is fully operational and
two Company owned and operated Niton XL2 500 X-Ray Fluorescence
units ("RFA") have generated preliminary analytical results for
drill intervals within 25 of the 32 completed drill holes (15 at
IKEN) and (10 at KUB). These RFA results are under final annual
calibration and verification review which is scheduled for
completion on 23 June 2017. Once completed, the RFA derived results
can be approved by management for release to shareholders.
In addition, the first batch of samples (665 total) from 18 of
the completed 32 holes have already been transported by helicopter
from site to our Khabarovsk, Russia office and transshipped (14
June 2017) to ASL for derivation of the final metal content of
nickel, copper, cobalt, platinum and palladium. It is anticipated
that ASL results for this first batch could be available within the
next 6 to 10 weeks, depending on ASL's sample load. These results
will be reported when finalised and will replace those of which are
derived using the RFA approach.
Robin Young, CEO of Amur Minerals, commented:
"I am pleased to provide an update on our drill accomplishments
at Ikenskoe / Sobolevsky and the Kubuk deposits. Getting an early
start, we are ahead of schedule and are now verifying our
internally derived results to enable us to report mineralised
grades and thicknesses. As we are drilling two deposits, we plan to
successively issue results individually by deposit to provide a
clear and coherent presentation of results in what will be an
interesting year as we test our largest existing 2.5 kilometres
long undrilled target located between these two deposits. We plan
for weekly updates with the next update including results from
Ikenskoe / Sobolevsky, then Kubuk, then hydrological results
followed by a comprehensive summary of the previous results."
Market Abuse Regulation (MAR) Disclosure
Certain information contained in this announcement would have
been deemed inside information for the purposes of Article 7 of
Regulation (EU) No 596/2014 until the release of this
announcement.
Enquiries:
Company Nomad and Broker Public Relations
Amur Minerals S.P. Angel Corporate Yellow Jersey
Corp. Finance LLP
Robin Young Ewan Leggat Charles Goodwin
CEO Soltan Tagiev Harriet Jackson
+44(0)7747
+7(4212)755615 +44(0)2034 700 470 788 221
For additional information, visit the Company's website,
www.amurminerals.com.
Please follow the link at the end of this RNS to view figures
depicting drill hole locations of the drill holes completed as at
14 June 2017.
Notes to Editors
The information contained in this announcement has been reviewed
and approved by the CEO of Amur, Mr. Robin Young. Mr. Young is a
Geological Engineer (cum laude), a Professional Geologist licensed
by the Utah Division of Occupational and Professional Licensing,
and is a Qualified Professional Geologist, as defined by the
Toronto and Vancouver Stock Exchanges. An employee of Amur for 13
years, previously Mr. Young was employed as an exploration and mine
geologist, mining engineer, construction manager of a mine startup
as well as independent consultant with Fluor Engineers, Fluor
Australia and Western Services Engineering, Inc. during which time
his responsibilities included the independent compilation of
resources and reserves in accordance with JORC standards. In
addition, he has been the lead engineer and project manager in the
compilation of numerous studies and projects requiring the
compilation of independent Bankable Studies utilised to finance
small to large scale projects located worldwide. Mr. Young is
responsible for the content of this announcement.
For further information, see the Company website at
www.amurminerals.com.
Ikenskoe / Sobolevsky Drill Progress Summary Report
As at 14 June 2017 2017
Hole Results Objective Depth To ASL
(m)
------- ------------- ----------- -------- -------
C340 RFA* Down Dip 113.0 Yes
Limit
------- ------------- ----------- -------- -------
C341 RFA* Down Dip 113.0 Yes
Limit
------- ------------- ----------- -------- -------
C342 RFA* Down Dip 115.0 Yes
Limit
------- ------------- ----------- -------- -------
C343 RFA* Down Dip Yes
Limit 100.0
------- ------------- ----------- -------- -------
C344 RFA* Down Dip Yes
Limit 90.0
------- ------------- ----------- -------- -------
C345 RFA* Outcrop Yes
Limit 60.0
------- ------------- ----------- -------- -------
C346 RFA* Infill 103.0 Yes
------- ------------- ----------- -------- -------
C347 RFA* Infill 115.0 Yes
------- ------------- ----------- -------- -------
C348 RFA* Expansion 205.0 Yes
------- ------------- ----------- -------- -------
C349 RFA* Expansion 221.5 Yes
------- ------------- ----------- -------- -------
C350 RFA* Expansion 190.0 Yes
------- ------------- ----------- -------- -------
C351 RFA* Expansion 193.0 Yes
------- ------------- ----------- -------- -------
C352 RFA* Expansion 250.0
------- ------------- ----------- -------- -------
C353 RFA* Expansion 295.0
------- ------------- ----------- -------- -------
C354 RFA* Expansion 313.0
------- ------------- ----------- -------- -------
C355 In Progress Expansion 328.0
------- ------------- ----------- -------- -------
Total 2,804.5
----------------------------------- -------- -------
RFA*: Results available and under review and verification.
Verification to be completed 23 June 2017.
Kubuk Drill Progress Summary Report
As at 14 June 2017 2017
Hole Results Objective Depth To
(m) ASL
------- ------------- ----------- -------- -----
C446 RFA* Infill 49.0 Yes
------- ------------- ----------- -------- -----
C447 RFA* Infill 127.0 Yes
------- ------------- ----------- -------- -----
C448 RFA* Infill 106.0 Yes
------- ------------- ----------- -------- -----
C449 RFA* Expansion
Down Dip 313.0 Yes
------- ------------- ----------- -------- -----
C450 RFA* Expansion
Down Dip 235.0 Yes
------- ------------- ----------- -------- -----
C451 RFA* Infill 235.0 Yes
------- ------------- ----------- -------- -----
C452 RFA* Infill 262.0
------- ------------- ----------- -------- -----
Expansion
C453 RFA* Down Dip 347.0
------- ------------- ----------- -------- -----
Expansion
C454 RFA* Down Dip 259.0
------- ------------- ----------- -------- -----
Expansion
C455 RFA* Down Dip 211.0
------- ------------- ----------- -------- -----
Expansion
C456 In Progress Down Dip 248.0
------- ------------- ----------- -------- -----
C457 In Progress Infill 211.0
------- ------------- ----------- -------- -----
Expansion
C458 In Progress To East 97.0
------- ------------- ----------- -------- -----
Expansion
C459 In Progress To East 127.0
------- ------------- ----------- -------- -----
Expansion
C460 In Progress To East 196.0
------- ------------- ----------- -------- -----
C461 In Progress Infill 76.0
------- ------------- ----------- -------- -----
Total 3,099.0
----------------------------------- -------- -----
RFA*: Results available and under review and verification.
Verification to be completed 23 June 2017.
Analytical Results - Cautionary Comment
Analytical results to be presented in upcoming RNS announcements
will be reported in two stages. Initial results internally
generated by the Company using two Niton XL2 500 X-Ray Fluorescence
units ("RFA") will be provided first. The second and final set of
results for use in resource and reserve definition will be provided
by ASL, an independent laboratory. This approach has been
implemented historically by the Company.
The Company's use of its RFA units provide initial results
allowing for a rapid turnaround to assist in decision making to
finalise drill hole site selections. Use of these results is not
without risk if the units have not been rigorously tested and
calibrated. Annually and at the beginning of every field season,
these units undergo a rigorous calibration programme. Using
standards provided with the units and existing samples that have
been analysed by external facilities (ASL), it is possible to
calibrate and ensure that the results generated by the units are
representative. The data acquisition for the calibration programme
has now been completed and the Company is conducting a final
analysis of the results assuring that the RFA results are
representative and suitable for reporting.
To maintain the integrity of the reported RFA results over the
course of the field programme, daily calibration tests at the start
and end of each on site sample preparation shift are completed to
ensure that there is no drift during the shift allowing for the
introduction of erroneous results. With verified calibration
results, the RFA results provide reasonable accuracy but are not
the definitive result. Typically, results will be available within
a few days of completion of a drill hole. The Company reiterates
that RFA results require this cautionary comment.
As noted, the second and definitive source of analytical results
is produced by Alex Stewart Laboratories ("ASL") located in Moscow,
Russia. This fully independent, licenced and certified laboratory
provides the results that are used in resource estimation and is of
a greater accuracy than that of the RFA unit especially for values
in excess of 1.0% nickel. As ASL is located in Moscow and samples
are shipped from the site on a monthly basis, the final and
official results require a minimum of 6 weeks to be reported to the
Company. Upon receipt of the ASL results, the Company updates
previously RFA reported results and includes the information in
ensuing RNS updates.
Alex Stewart Laboratory Turnaround
The turnaround time from when a mineralised core sample is
recovered at the drill rig to obtaining the final analytical result
is dependent upon multiple factors. The Company provides a monthly
helicopter flight to the site to provide fresh food stuffs,
undertake staff changes and provide required spares. On the return
flight, the sample pulps are delivered to Khabarovsk staff and then
are transshipped by rail to ASL's Moscow, Russia facility.
On receipt of the ASL results, the Company carefully examines
the data to ensure that both the RFA and ASL results are mutually
supportive. For further control, blind known and blank samples are
inserted. If there is any notable difference between the RFA and
ASL results, the Company will request a re-assay of the sample
batch. Once results are verified as representative, these become
the master result available for future use in resource estimation
and metallurgical test work.
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.
Click on, or paste the following links into your web browser, to
view the associated PDF document and audio file.
http://www.rns-pdf.londonstockexchange.com/rns/5225I_-2017-6-19.pdf
http://amurminerals.com/content/wp-content/uploads/drill-results-update-19-June.mp3
This information is provided by RNS
The company news service from the London Stock Exchange
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