TIDMAMC
RNS Number : 4781H
Amur Minerals Corporation
18 August 2016
18 August 2016
AMUR MINERALS CORPORATION
(AIM: AMC)
Maly Kurumkon / Flangovy 2016 Drilling Enters Final Stage
900 Metres Of Mineralised Strike Length Added to Reserve
Potential
Amur Minerals Corporation ("Amur" or the "Company"), a far east
Russian sulphide nickel copper explorer, is pleased to provide an
update on the 2016 drill results from its Maly Kurumkon / Flangovy
("MKF") drill programme at Kun-Manie.
An early start to the drilling season, combined with higher than
planned drill rates, has enabled the Company to complete a total of
54 holes (11,978.3 metres) as of 1 August 2016. A total of 34
resource definition holes have been completed and 2,100 metres of
the current MKF 2,500 metre length is now considered to be
completely drilled for resource and reserve determination (based on
parameters previously used by SRK Consulting Ltd ("SRK"). This
2,100 metre length also includes 400 metres of newly discovered
resource extension located at the western limit of the deposit.
All of the planned 20 metallurgical drill holes (3,959 metres)
have also been completed, providing a 6.9 tonne bulk metallurgical
sample. A full 3 months ahead of schedule, these samples have
already been airlifted off the project site and are being
inventoried and sorted in the Company's core storage facility in
Khabarvosk.
This bulk metallurgical sample will be used for the evaluation
of the metallurgical response of the MKF ore, which is a key
element for the Definitive Feasibility Study ("DFS"). This
metallurgical testwork leads to the defining of recoveries,
flowsheet design, process plant design, assessment of the final
composition of the concentrate and determination of the suitability
of the Company to construct its own smelter / furnace for the
generation of a salable product on the international market.
The remainder of the drill season will focus on the eastern end
of the MKF deposit. Drilling will target further Inferred resource
upgrade of as much as 9.2 million tonnes of ore to Indicated, as
well as potential resource expansion eastward of the last drill
section toward the Gorny deposit. A sufficient tonnage of fuel was
delivered to site to allow for an estimated 18,000 metre drill
programme, and as such drilling will continue until either the fuel
supply is exhausted or early winter conditions set in.
Highlights:
-- The length of MKF has been extended an additional 400 metres
bringing the total length of MKF to 2,500 metres.
-- In less than 3 months, the Company has drilled 11,978.3
metres in 54 holes. Drilling is now considered to be complete in
two of the three planned MKF drill targets.
-- A total of 34 holes have been drilled for resource
definition. The average mineralised thickness per hole intersecting
ore is 24.8 metres averaging 0.74% nickel and 0.20% copper. The
average thickness per intercept interval is 16.1 metres. These
represent suitable thicknesses and grades for mining in both the
open pit and underground mine production environments.
-- The entire westernmost 2,100 metre length of MKF has now been
drilled to a spacing used by SRK Consulting Ltd ("SRK") to assign
Indicated resources. Previously, the Indicated resource was
established to be 1,300 metres in length. This represents an
increase of 62% over the previously identified Indicated resource
strike length.
-- Resource expansion will be derived from the discovery of the
new resource westward. An additional 400 metres have been drilled
at the SRK Indicated spacing. No mineral had previously been
identified in the area. At a cutoff grade of 0.2% nickel, the
average thickness is 21.0 metres having an average grade of 0.74%
nickel and 019% copper.
-- Infill drilling within the western Inferred resource block
(300 metres) confirms existing drill results previously used to
define the resource understated the mineralised thickness by as
much as 78%.. The average infill drill results indicate a thickness
of 34.8 metres per hole at 0.74% nickel and 0.21% copper based on a
0.2% nickel cutoff grade.
-- All planned metallurgical drill holes (3,959 metres) have
been completed and the bulk metallurgical sample totals 6.9 tonnes
for the ore intervals. The samples from these holes have already
been airlifted from the project site and are being inventoried and
sorted in the Company's core storage facility located in
Khabarovsk. This has been completed 3 months ahead of schedule as
transport was available sooner than anticipated. Additional
metallurgical holes may be drilled based on future drill
results.
-- Drilling was initiated on the last target area as scheduled
(3 August 2016). Presently the easternmost block of Inferred
resource is being drilled to convert it to an Indicated category of
resource for reserve definition. Using a 0.2% cutoff grade, the
area presently contains 9.2 million tonnes of ore averaging 0.58%
nickel and 0.17% copper. At a cutoff grade of 0.5%, the mineralised
tonnage is 5.7 million tonnes averaging 0.76% nickel and 0.20%
copper.
-- The aggressive and highly successful drill programme may
preclude portions of the step out drilling planned in Area C due to
the availability of fuel. A sufficient tonnage of fuel was
delivered to site to allow for nearly 18,000 metres to be drilled.
Hence, drilling will proceed until the drilling fuel supply is
exhausted or an early winter creates unsafe drill operating
conditions.
-- Alex Stewart Laboratories ("ASL") has now delivered its
analytical results from the first two batches of drill samples.
Totaling 1,048 samples, the results reported within this RNS
reflect the final analytical results suitable for resource
estimation. Presently only three holes have not been analysed by
ASL. These 76 samples are now in transit to Moscow.
Robin Young, CEO of Amur Minerals, commented:
"This year's drill season has already produced remarkable
results in less than 90 days of drilling. We have been able to
identify new resources at the western limits of Maly Kurumkon /
Flangovy and drill these out to what we anticipate to be Indicated
by JORC standards based on parameters used by SRK Consulting.
Infill drilling has also resulted in attaining a drill spacing
where the next resource update should convert these to Indicated as
well, not to mention much greater thicknesses and higher grades
have been identified to be present within the zone. The combination
of these two efforts has now substantially enhanced the reserve
potential over a length of nearly 700 metres adding substantially
to the reserve inventory for inclusion in the Definitive
Feasibility Study.
"Having completed the planned metallurgical drill programme is a
major milestone and its extraction from site almost 3 months ahead
of schedule is a real credit to logistical staff. This presents us
with the potential to initiate metallurgical test and design work
for the Definitive Feasibility Study earlier than anticipated."
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
+74212755615 +44(0)2034700470 +44(0)7544275882
For additional information, visit the Company's website,
www.amurminerals.com.
Please follow the link at the end of this RNS to view figures
showing MKF drill hole location map.
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 12
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 worldwide. Mr. Young is responsible
for the content of this announcement which includes information
derived by SRK Consulting Ltd and Alex Stewart Laboratories.
For further information, see the Company website at
www.amurminerals.com.
Link for graphical presentation:
http://www.rns-pdf.londonstockexchange.com/rns/4781H_-2016-8-17.pdf
The 2016 MKF Drill Programme Design and Objectives
Amur's 2016 drill programme of 15,000 metre is focused on the
Maly Kurumkon / Flangovy ("MKF") deposit, the largest of five drill
defined deposits at its Kun-Manie nickel - copper sulphide
deposit.
Selection of the deposit for this year's drilling is based on
its containing 59% of the Kun-Manie Global Measured and Indicated
resource, its containing a substantial and continuous (2,500 metres
long) high grade zone averaging more than 0.75% nickel, potential
for resource expansion at both its western and eastern drilled
limits and its location being nearest the planned ore processing
site.
As such, MKF represents the primary source of ore production
during the early stage (anticipated to be approximately 5 to 6
years of production at 6 million ore tonnes per annum) of the
planned operation. Additional Measured and Indicated resources
exist at the deposits of Ikenskoye / Sobolevsky, Kubuk and
Vodorazdelny that will be considered in the life of mine production
schedule for the Definitive Feasibility Study ("DFS").
Global Resource - All Deposits
Zero Cutoff Grade (Includes Internal Waste)
Resource Tonnes Ni Ni Cu Cu Pt Pt Pd Pd
Category (millions) (%) Tonnes (%) Tonnes g/t Kg g/t Kg
----------- ----------- ----- -------- ----- -------- ----- ------- ----- -------
Measured 18.3 0.51 93,300 0.14 25,600 0.19 3,400 0.20 3,700
----------- ----------- ----- -------- ----- -------- ----- ------- ----- -------
Indicated 88.7 0.44 390,900 0.12 111,100 0.11 9,600 0.11 10,200
----------- ----------- ----- -------- ----- -------- ----- ------- ----- -------
Sub-total 107.0 0.45 484,100 0.13 136,600 0.12 13,000 0.13 13,900
----------- ----------- ----- -------- ----- -------- ----- ------- ----- -------
Inferred 57.7 0.44 255,900 0.13 76,200 0.13 7,700 0.14 7,800
----------- ----------- ----- -------- ----- -------- ----- ------- ----- -------
Grand
Total 164.7 0.45 740,100 0.13 212,900 0.12 20,600 0.13 21,700
----------- ----------- ----- -------- ----- -------- ----- ------- ----- -------
The MKF 2016 drill plan has been divided into three geographical
targets located along the MKF deposit. Each contains unique drill
objectives. The targets are identified as Area A (the westernmost),
Area B (the central) and Area C (the easternmost). This year's
drilling has been and will continue to be conducted using the
Company owned Boart Longyear drill rigs (LF70 and LF90C). The Q1
2016 programme was planned and has been advanced from west to east
to allow for efficient logistical support of both drill rigs
working proximate one another. The drill objectives by Area include
the following:
-- Area A: Infill drilling to convert existing Inferred resource
to that of Indicated resource. Limited step out drilling intended
to define the limits of mineralisation. Metallurgical drill sample
collection for use in the determination of the metallurgical
responses of the ore, allow for the definition of the process
flowsheet design of the process plant, establish to composition of
the concentrate and assist in the evaluation of the construction of
a Company owned smelter / furnace for the generation of a final
salable product.
-- Area B: Limited drilling to define up and down dip limits of
mineralisation along drill sections where mineralisation is not yet
adequately defined. The bulk of the metallurgical drill sample
effort.
-- Area C: Infill drilling to convert existing Inferred resource
to that of Indicated. Step out drilling to define additional
mineralisation toward the Gorny deposit. Metallurgical drill sample
collection.
Beyond this year's drill programme, future substantial drill
targets have already been identified at Ikenskoe / Sobolevsky
("Iken") indicating the potential for resource expansion and at
Kubuk where an upgrade of the Inferred resource to Indicated is
likely and resource expansion in the east, west and down dip
directions is available.
2016 Drill Productivity Report
In Q1 2016, the 2016 drill programme was designed to test three
geographical areas located along the MFK deposit. The 15,000 metre
drill plan was to be completed over a five month period (a typical
length to the drill season) with drill start up set for the first
week of June and completion at the end of October. The planned
programme follows.
2016 Drill Plan
Area Area Area
Drill A B C TOTAL
Objective (m) (m) (m) (m)
-------------------------- ------ ------ ------ -------
Resource Verification
(Indicated) 800 500* - 1,300
-------------------------- ------ ------ ------ -------
Resource Conversion
(Inferred to Indicated) 1,200 -* 4,500 5,700
-------------------------- ------ ------ ------ -------
Resource Expansion 600 - 2,000 2,600
-------------------------- ------ ------ ------ -------
Metallurgical Sample
Collection 700 2,500 2,200 5,400
-------------------------- ------ ------ ------ -------
Planned Metres 3,300 3,000 8,700 15,000
-------------------------- ------ ------ ------ -------
31
Scheduled Completion 1 Jul 1 Aug Oct
-------------------------- ------ ------ ------ -------
*Previously reported as Resource Conversion, it is now
considered to be Resource Verification.
As of 1 August 2016, 54 holes containing 11,978.6 metres have
been completed. All drilling has been located within Areas A and B
is now complete. A drill of the completed work by Area and
objective is provided below.
Drill Progress As Of 1 August 2016
Area Area Area
Drill A B C TOTAL
Objective (m) (m) (m) (m)
------------------------------- --------- --------- ----- ---------
Resource Verification
(Indicated) 702.5 1344.0** - 702.5
------------------------------- --------- --------- ----- ---------
Resource Conversion (Inferred
to Indicated) 1,321.8* - ** - 2,665.8
------------------------------- --------- --------- ----- ---------
Resource Expansion 4,651.3* - 4,651.3
------------------------------- --------- --------- ----- ---------
Metallurgical Sample
Collection 1,512.0 2,447.0 - 3,959.0
------------------------------- --------- --------- ----- ---------
Total Completed 8,187.6 3,791.0 - 11,978.6
------------------------------- --------- --------- ----- ---------
Completion Date 21 July 31 July
------------------------------- --------- --------- ----- ---------
* In Area A, 683.0 metres of drilling has been reassigned from
Resource Conversion to Resource Expansion.
** Reassigned from Resource Conversion to Resource
Verification
Drilling using both rigs has been initiated on the final target
(Area C) and on schedule. After a two day care and maintenance
cycle completed at the end of every calendar month, drilling was
initiated on 3 August 2016.
With regard to total drill metres, 6,600 metres were scheduled
for completion in Areas A and B as of 1 August, however actual Area
A and B drilling totals 11,978.6 total metres (nearly double the
planned metres). The substantial increase is because of the
discovery of a continuous 400 metre extension of new mineralisation
at the west end of MKF. Limited surface geological information had
indicated little potential for successful step out drilling to
expand the resource and had therefore not been budgeted.
Discovery of the new mineral extension resulted in the Company's
decision to substantially increase the drilling in Area A to allow
for comprehensive evaluation of the newly identified mineral
extension by drilling newly discovered mineral to the drill spacing
allowing for its classification as an Indicated resource. In
addition, unplanned metallurgical holes were completed within the
new mineral for inclusion in the DFS bulk sample. This approach
precludes the Company from having to return to the area for
resource drilling in the future.
Drilling of nearly twice the planned metres would typically have
substantially delayed the startup of drilling in Area C. However,
the Company has been able to maintain its scheduled start up in
Area C as a result of drilling having started a full three weeks
ahead of schedule and a substantially greater daily drill rate of
138 metres per day has been attained. This is 38 metres per day
more than used during the planning phase.
Area A- Drilling Complete
As of 21 July, drilling was completed within Area A covering a
total length of 900 metres of mineralisation. A total of 37 holes
have been completed containing 8,187.6 metres whilst a total of
3,300 metres had been planned.
Area A Final Drill Summary
Drill May June July TOTAL
Objective (m) (m) (m) (m)
------------------------------- -------- -------- -------- --------
Resource Verification
(Indicated) 702.5 - - 702.5
------------------------------- -------- -------- -------- --------
Resource Conversion (Inferred
to Indicated) 859.8 462.0 - 1,321.8
------------------------------- -------- -------- -------- --------
Resource Expansion 683.0 2,607.1 1,361.2 4,651.3
------------------------------- -------- -------- -------- --------
Metallurgical Sample
Collection 198.0 456.0 858.0 1,512.0
------------------------------- -------- -------- -------- --------
Area A Total 2,443.3 3,525.1 2,219.2 8,187.6
------------------------------- -------- -------- -------- --------
The substantial increase in drilled metres was the direct result
of the identification that mineralisation was continuous for an
additional 400 metres in the westward direction where it had not
been anticipated to exist. Drilling was completed at the spacing
SRK Consulting Ltd ("SRK") has utilised to define Indicated
resources. In addition, metallurgical holes were completed along
the extension for evaluation of the metallurgical recovery
potential of the newly defined ore. This approach should
sufficiently allow for the determination of Indicated resource
available for the identification of reserves. A benefit to this
approach is the Company will not have to return to the area for
further resource drilling in the future and the potential to define
reserves is now available to the Company.
Independently derived analytical results from Alex Stewart
Laboratory ("ASL") are now available for all but one drill hole
within Area A. . The newly acquired ASL results take precedence
over those previously reported Company derived results using its
Niton XL2 500 X-Ray Fluorescence units ("RFA"). Results reported
herein include the ASL results received at the end of July and into
the first week of August.
Detailed results and milestones from Area A follow:
-- As the Company compiles its DFS, drilling is intended to
identify the limits of mineralisation to assist in mine planning
and scheduling. Therefore, up dip and down dip limits of
mineralisation are now an important component of the ongoing and
future drill programmes. In Area A, a 100 metre wide segment of
Indicated resources located at its eastern limit was drilled to
establish mineralised limits. Holes completed in the up dip
direction from the interpreted mineralised zone did not intersect
economic mineralisation as anticipated and were considered to be
condemnation holes allowing for the determination of the footwall
open pit limit. Two holes completed down dip of the deepest
mineralised limits intersected mineralisation located approximately
100 metres down dip from previously completed holes. These holes
contained an average mineral thickness of 10.2 metres averaging
0.73% for nickel and 0.17% for copper at a 0.2% nickel cutoff
grade. Given the depth, this material could fall within an
underground production scenario.
-- Infill drilling of a 300 metre wide Inferred resource block
to the spacing suitable to reassign the mineralisation to that of
the Indicated category has been successfully completed. At a 0.2%
nickel cutoff grade, the Inferred resource is estimated to contain
3.4 million tonnes of ore with an average estimated grade of 0.55%
nickel and 0.16% copper as reported in April 2016. Using a higher
cutoff grade of 0.5% nickel, the Area A Inferred resource block is
projected to contain 2.1 million ore tonnes averaging 0.74% nickel
and 0.21% copper.
The 2016 infill drill results indicate that the historical
results used to compile the Inferred resource estimate could
substantially understate the resource. The eight infill holes
(1,321.8 metres) contain substantially greater mineralised
thicknesses and higher grade intersects for both nickel and copper
than previous intersected within the block. The 2016 drill results
intersected an average mineralised thickness per hole of 34.8
metres averaging 0.74% nickel and 0.21% copper (based on a 0.2%
nickel cutoff grade). High grade intervals in excess of 0.5% nickel
are present within seven of the infill holes averaging 28.1 metres
in thickness with grades of 0.87% nickel and 0.25% copper.
Based on the results from four holes available to compilation of
the Inferred resource (reported in April 2016), the thickness of
the mineralisation was indicated to average 15.8 metres containing
0.81% nickel and 0.21% copper using a 0.5% cutoff grade. For this
cutoff grade, the 2016 infill drill results indicate an increase in
thickness of 12.3 metres (78%).
These results indicate that the resource tonnage within this
portion of the block model likely understates both the mineralised
tonnage and total contained metal. Future resource updates are
anticipated to define an Indicated resource allowing for reserve
expansion for inclusion in the DFS.
-- A 16 drill hole step out effort has resulted in the extension
of the MKF deposit an additional 400 metres in the westward
direction. The limits of the mineralisation have been successfully
identified and drilled at the spacing used by SRK to define
Indicated resources. Twelve of the holes confirm the mineralisation
is continuous over the entire length. The average thickness of the
mineralisation at a 0.2% cutoff grade is 21.0 metres containing
0.74% nickel and 0.19% copper. Eight of the twelve holes contain
high grade mineralisation in excess of 0.5% nickel. These average
22.4 metres in thickness with a nickel grade of 0.89% and a copper
grade of 0.23%.
Based on highly positive results derived within the step out
phase of the Area A drill programme and due to the fact this
mineralisation has been drilled at the SRK established Indicated
resource spacing, a substantial increase in the resource and its
associated potential to add reserves is likely. This extension
brings the total mineralised length of MKF to 2,500 metres.
-- As a part of the DFS, eight metallurgical sample collection
holes (1,512.0 metres) spaced at 100 metre intervals along strike
have been completed for the purpose of obtaining a metallurgical
sample. This is an expansion over that planned for drilling and now
includes samples collected from the newly discovered 400 metre long
mineral
See link to view a plan view map of Area A. A comprehensive
summary of the drill hole results is presented at the end of this
RNS.
Area B - Drilling Complete
Area B contains an Indicated resource inventory covering a total
length of 1,200 metres. The majority of the planned 3,000 metres of
drilling within this area was intended for the acquisition of
metallurgical sample for use in the determination of the flowsheet
for inclusion in the DFS. A total of 2,500 total metres were
scheduled for metallurgical sample collection with an additional
500 metres budgeted to define the dip limits of mineralisation for
mine limit determination and mine design purposes. Area B drilling
was initiated in late May (ahead of schedule) and was completed on
31 July 2016. A total of 17 holes (3,791.0 metres) have been
completed.
Area B - Drill Summary
Drill May June July TOTAL
Objective (m) (m) (m) (m)
------------------------------- ------ -------- -------- --------
Resource Verification
(Indicated) 270.0 390.0 684.0 1,344.0
------------------------------- ------ -------- -------- --------
Resource Conversion (Inferred
to Indicated) - - - -
------------------------------- ------ -------- -------- --------
Resource Expansion - - - -
------------------------------- ------ -------- -------- --------
Metallurgical Sample
Collection - 843.0 1,604.0 2,447.0
------------------------------- ------ -------- -------- --------
Area A Total 270.0 1,233.0 2,288.0 3,791.0
------------------------------- ------ -------- -------- --------
Resource verification drilling of Area B was initiated in May
and completed in July. A total of five holes were drilled along
existing drill section to establish up dip and down dip
mineralisation which had not been fully defined in this
direction.
Four of the five holes targeted mineralisation located
approximately 100 metres down dip of existing mineralised
intercepts. Of these holes, three intersected mineral in excess of
0.2% nickel and averaged 0.70% nickel and 0.19% copper with an
average intersect thickness of 18.8 metres. Located at depths in
excess of 230 metres, the mineralised intercepts represent
potential underground production targets. The fifth hole tested up
dip mineralisation and was barren. The additional information from
these holes provides key information for reserve definition and
mine planning. It is noted that approximately the analytical
results for two of the three holes intersection mineralisation are
based on site generated RFA results. The remaining samples have
been shipped to ASL for analysis on 14 August.
The preponderance of drilling in Area B was focused on the
completion of 12 drill metallurgical holes intended to gather
sample for metallurgical test work for flowsheet design of the
plant. This work has been completed 31 July and a total of 2,447.0
metres were drilled.
Drilling in Area B is now complete and the Company anticipates
that no further drilling for resource expansion is required.
See link to view a plan view map of Area B. A comprehensive
summary of the drill hole results is presented at the end of this
RNS.
Area C - Drilling Initiated 3 August
After a two day monthly maintenance period, drilling of Area C
was begun on 3 August and on schedule. Originally planned for a
total of 8,700 metres, the drill programme on Area C may be
reduced. The ice road resupply of the site in March included
sufficient fuel for approximately 17,500 metres of drilling.
Drill priority has been given to infill drilling for resource
conversion from Inferred to Indicated. Successful drilling will
result in the upgrade of a 400 metre long block of Inferred
resource to that of Indicated which is beneficial to the DFS. The
Inferred resource totals 9.2 million tonnes of ore averaging 0.58%
nickel and 0.17% copper using a cutoff grade of 0.2% nickel. Using
a 0.5% cutoff grade, the tonnage to be targeted is estimated to be
5.7 million tonnes of ore averaging 0.76% nickel and 0.20%
copper.
Limited metallurgical sample drilling is also planned. Should
time and sufficient fuel supplies be available, step out drilling
will be undertaken for resource expansion eastward toward
Gorny.
Area C Planned Drilling
Drill Drilling
Objective (m)
-------------------------- ---------
Resource Verification
(Indicated) -
-------------------------- ---------
Resource Conversion
(Inferred to Indicated) 4,500
-------------------------- ---------
Resource Expansion 2,000
-------------------------- ---------
Metallurgical Sample
Collection 2,200
-------------------------- ---------
Planned Metres 8,700
-------------------------- ---------
31
Scheduled Completion Oct
-------------------------- ---------
See link to view a plan view map of Area C and the defined drill
targets.
2016 Metallurgical Drill Programme
The Company has completed the planned metallurgical drill sample
collection programme. Holes twinning existing resource holes have
been drilled on 100 metre intervals along the entire strike of the
deposit within Areas A and B as planned. A total of 6.9 tonnes of
metallurgical core have been accumulated from 20 holes (3,959.0
metres) and will provide the necessary sample for evaluation of the
metallurgical responses of the MKF ore over a length of 2,100
meters, flowsheet design, plant design, analysis of the concentrate
and assessment of the feasibility of the construction of an owner
operated furnace designed to produce a final salable product. This
is a key element for the completion of the DFS.
Additional metallurgical holes (up to four) may be drilled
within the Area C infill drill target should successful drilling
confirm the continuity of the mineralisation within this 400 metre
long Inferred resource zone.
See link to view a plan view map of the metallurgical dill hole
locations. A comprehensive summary of the metallurgical drill holes
is presented at the end of this RNS.
On Site Generated Analytical Results - Cautionary Comment
Analytical results within this RNS (76 total samples) for have
been derived by the Company using two Niton XL2 500 X-Ray
Fluorescence units ("RFA"). Use of these units provides the Company
with a rapid turnaround allowing for knowledgeable decisions to be
made in the field and to assist in the siting of drill holes. The
information related to these specific results is not without risk
if a unit has not been rigorously tested and calibrated. The
Company utilises the standards provided with the units, existing
samples that have been analysed by external facilities and samples
from the types of ore that are to be encountered to calibrate the
units. Both units are calibrated at the beginning of the season and
are tested daily at the start and end of each shift to ensure that
there is no drift during the course of the shift or damage to the
Niton units thereby introducing erroneous information. The reported
RFA results provide reasonable but not definitive results and for
this reason, the Company reports RFA results with this cautionary
comment. This rigorous calibration process allows the Company to
report preliminary but reasonable results in advance of obtaining
the final externally derived results which require from 6 weeks and
to 10 weeks from ASL based in Moscow, Russia.
Alex Stewart Laboratory Results
Results have been acquired for all drill samples except for
three drill holes (76 samples) reported within this RNS. The
samples from these holes have been sent to ASL in Moscow on 14
August 2016.
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 analytical results, the Company carefully
examines the data to ensure that the external results are
accurately reported. This is accomplished by analysis of results
determined by ASL for Company inserted blind known and blank
samples. If there is any notable difference within the reported
results from these hidden samples, the Company will request a
re-assay of the samples. Once samples are verified as
representative, these become the master result available for future
use in resource estimation and metallurgical test work. These
externally derived results require a minimum of 6 and up to 10
weeks to be obtained from ASL.
End Of Message
2016 Drill Results - Maly Kurumkon / Flangovy
As of 1 August 2016
Hole 0.2% Nickel Cutoff 0.5% Cutoff Grade
Grade
------- ------------------------------------- -------------------------------------
From To Length Ni Cu From To Length Ni Cu
(m) (m) (m) (%) (%) (m) (m) (m) (%) (%)
------- ------ ------ ------- ----- ----- ------ ------ ------- ----- -----
C400 No
Ore
C401 199.5 205.3 5.8 0.88 0.20 201.0 205.3 4.3 1.09 0.24
-------
214.4 219.0 4.6 1.09 0.20 214.4 217.8 3.4 1.40 0.24
------- ------ ------ ------- ----- ----- ------ ------ ------- ----- -----
C402 No
Ore
-------
C403 129.0 139.0 10.0 0.61 0.15 130.5 139.0 8.5 0.66 0.16
-------
C406 23.5 61.7 38.2 0.70 0.17 23.5 49.0 25.5 0.80 0.19
53.5 61.7 8.2 0.63 0.13
------- ------ ------ ------- ----- ----- ------ ------ ------- ----- -----
C404 50.9 76.0 25.1 0.74 0.19 53.9 72.8 18.9 0.84 0.25
-------
83.5 109.0 25.5 0.74 0.21 83.5 87.5 4.0 0.65 0.14
------- ------ ------ ------- ----- ----- ------ ------ ------- ----- -----
C405 131.9 140.9 9.0 0.51 0.15 131.9 134.9 3.0 0.94 0.26
-------
154.9 163.0 8.1 0.49 0.14 157.9 162.0 4.1 0.68 0.18
------- ------ ------ ------- ----- ----- ------ ------ ------- ----- -----
C407 74.9 143.3 68.4 0.93 0.24 74.9 98.2 23.3 0.92 0.23
-------
102.3 143.3 41.0 1.00 0.26
------- ------
C408 155.0 165.5 10.5 0.74 0.22 155.0 164.0 9.0 0.79 0.24
-------
174.4 183.3 8.9 0.51 0.15 177.5 183.3 5.8 0.60 0.16
------- ------ ------- ----- ----- ------ ------ ------- ----- -----
C409 135.8 201.1 65.3 0.83 0.24 135.8 154.3 18.5 0.85 0.28
-------
157.3 199.6 42.3 0.87 0.25
------- ------ ------ ------- ----- ----- ------ ------ ------- ----- -----
C415 233.7 244.1 10.4 0.57 0.15 235.1 241.1 6.0 0.75 0.28
253.1 259.0 5.9 0.41 0.15 253.1 256.1 3.0 0.60 0.24
------- ------ ------ ------- ----- ----- ------ ------ ------- ----- -----
C326 14.5 19.0 4.5 0.23 0.11
31.0 46.0 15.0 0.47 0.23 37.0 40.0 3.0 0.70 0.23
56.6 74.1 17.5 0.79 0.18 59.5 74.1 14.6 0.89 0.20
------- ------ ------ ------- ----- ----- ------ ------ ------- ----- -----
C327 94.0 98.5 4.5 0.27 0.07
------- ------ ------ ------- ----- ----- ------ ------ ------- ----- -----
C410 227.3 230.3 3.0 0.22 0.16
------- ------ ------ ------- ----- ----- ------ ------ ------- ----- -----
C411 181.1 187.0 5.9 0.26 0.12
------- ------ ------ ------- ----- ----- ------ ------ ------- ----- -----
C412 211.9 241.0 29.1 0.71 0.18 211.9 222.3 10.4 0.95 0.20
228.7 239.0 10.3 0.71 0.23
------- ------ ------ ------- ----- ----- ------ ------ ------- ----- -----
C413 152.0 158.0 6.0 0.49 0.21
C414 236.3 251.3 15.0 0.91 0.23 236.3 251.3 15.0 0.92 0.23
260.3 296.7 36.4 0.88 0.22 260.3 294.6 34.3 0.91 0.23
------- ------ ------ ------- ----- ----- ------ ------ ------- ----- -----
C416 227.2 237.5 10.3 0.70 0.22 227.2 237.5 10.3 0.70 0.22
244.0 254.7 10.7 0.48 0.14
C417 288.1 297.1 9.0 0.75 0.19 288.1 292.6 4.5 1.20 0.28
303.1 313.6 10.5 0.35 0.16
------- ------ ------ ------- ----- ----- ------ ------ ------- ----- -----
C418 274.5 292.6 18.1 0.90 0.22 274.5 290.6 16.1 0.96 0.24
------- ------ ------ ------- ----- ----- ------ ------ ------- ----- -----
C419 207.0 211.1 4.1 0.28 0.12
------- ------ ------ ------- ----- ----- ------ ------ ------- ----- -----
C420 237.7 243.4 5.7 0.73 0.21 237.7 243.4 5.7 0.73 0.21
246.8 288.6 41.8 0.79 0.21 246.8 261.8 15.0 0.75 0.21
266.3 285.6 19.3 0.98 0.25
------- ------ ------ ------- ----- ----- ------ ------ ------- ----- -----
C421 305.1 332.6 27.5 0.82 0.14 305.1 318.6 13.5 0.88 0.25
321.6 331.1 9.5 1.00 0.18
------- ------ ------ ------- ----- ----- ------ ------ ------- ----- -----
C422 No
Ore
------- ------ ------ ------- ----- ----- ------ ------ ------- ----- -----
C423 No
Ore
------- ------ ------ ------- ----- -----
C424 98.4 110.6 12.2 0.88 0.23 100.0 112.3 12.3 0.93 0.23
174.2 180.4 6.2 0.51 0.16 177.3 180.4 3.1 0.76 0.20
------- ------ ------ ------- ----- ----- ------ ------ ------- ----- -----
C425 No
Ore
------- ------ ------ ------- ----- ----- ------ ------ ------- ----- -----
C426 No
Ore
------- ------ ------ ------- ----- ----- ------ ------ ------- ----- -----
C324 231.7 243.7 12.0 0.59 0.20 231.7 235.7 4.0 1.06 0.25
248.5 252.1 3.6 0.79 0.19
------- ------ ------ ------- ----- ----- ------ ------ ------- ----- -----
C325 No
Ore
------- ------ ------ ------- ----- ----- ------ ------ ------- ----- -----
C328 No
Ore
------- ------ ------ ------- ----- ----- ------ ------ ------- ----- -----
C329 337.4 351.3 13.9 0.81 0.21 337.4 346.8 9.4 1.04 0.26
359.7 372.0 12.3 0.65 0.16 360.8 372.0 11.2 0.69 0.17
------- ------ ------ ------- ----- ----- ------ ------ ------- ----- -----
C330 253.3 267.8 14.5 0.71 0.19 254.7 263.1 8.4 1.00 0.22
------- ------ ------ ------- ----- ----- ------ ------ ------- ----- -----
Total Mineralised
Metres 645.0 0.74 0.20 458.7 0.88 0.23
----------------------- ------- ----- ----- ------- ----- -----
Avg Metres
Per Hole 24.8 0.74 0.20 458.7 0.88 0.23
----------------------- ------- ----- ----- ------- ----- -----
Avg Metres
Per Interval 16.1 0.74 0.20 458.7 0.88 0.23
----------------------- ------- ----- ----- ------- ----- -----
Results for C324, C329 and C330 are RFA generated by the
Company.
All remaining results are derived from ASL final analyses.
Metallurgical Holes - As of 1 August 2016
Hole Area Drilled Rig Metres
------- ----- -------- ----- -------
149T A May LF90 116
------- ----- -------- ----- -------
105T1 A May LF70 83
------- ----- -------- ----- -------
147T B June LF70 217
------- ----- -------- ----- -------
404T A June LF70 112
------- ----- -------- ----- -------
407T A June LF70 142
------- ----- -------- ----- -------
409T A June LF70 202
------- ----- -------- ----- -------
318T B June LF70 115
------- ----- -------- ----- -------
202-1T B June LF70 226
------- ----- -------- ----- -------
311T B June LF70 285
------- ----- -------- ----- -------
310T B July LF70 351
------- ----- -------- ----- -------
412T A July LF90 256
------- ----- -------- ----- -------
414T A July LF90 301
------- ----- -------- ----- -------
420T A July LF90 301
------- ----- -------- ----- -------
302T B July LF90 223
------- ----- -------- ----- -------
319T B July LF70 73
------- ----- -------- ----- -------
143AT B July LF70 70
------- ----- -------- ----- -------
309T B July LF90 370
------- ----- -------- ----- -------
141T B July LF70 74
------- ----- -------- ----- -------
197T B July LF70 67
------- ----- -------- ----- -------
307T B July LF90 376
------- ----- -------- ----- -------
Total 3,959
------- ----- -------- ----- -------
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 company news service from the London Stock Exchange
END
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