TIDMAMC
RNS Number : 6725J
Amur Minerals Corporation
09 April 2015
9 April 2015
AMUR MINERALS CORPORATION
(AIM: AMC)
Kubuk Resource Upgrade
Indicated Resources Now Defined
Amur Minerals Corporation ("Amur" or the "Company"), the nickel
copper exploration and development company focused on base metal
projects located in the far east of Russia, is pleased to announce
that the Kubuk maiden resource estimate compiled by SRK Consulting
Ltd ("SRK") in December 2013 has been re-evaluated and subsequently
upgraded. The upgrade completed by SRK is based on available
quality control external analytical results that independently
confirm the original analytical results used to compile the maiden
estimate. The verification of the validity of the data used to
determine the maiden estimate allows for a reclassification of a
portion of the resource from Inferred to Indicated. The newly
defined Indicated resource represents 17% of the total Kubuk
resource estimate and contains 23,400 tonnes of nickel and 6,100
tonnes of copper. The 3.5 million tonnes of Indicated resource
averages 0.68% nickel and 0.18% copper. Highlights include the
following:
Highlights:
-- The maiden Kubuk resource estimate contained 20.6 million
tonnes of ore averaging 0.58% Ni and 0.16% Cu per tonne. The total
contained nickel was 118,900 tonnes and copper was 32,900 tonnes.
The entire maiden resource was assigned the JORC compatible
resource of Inferred. There was no other category of resource
included in the maiden estimate.
-- The comprehensive assignment of Inferred resource was
partially due to the unavailability of independent external control
analyses which are now available and have been reviewed by SRK. SRK
has concluded that the nickel and copper values determined during
the compilation of the maiden resource are based on independently
verified information allowing for a portion of the maiden resource
to be upgraded in resource classification.
-- The newly defined Indicated resource at Kubuk now stands at
3.5 million tonnes with an average nickel grade of 0.68% and copper
grade of 0.18%. Platinum and palladium are projected to average 0.1
g/t for each metal. The total nickel tonnage is 23,400 and for
copper is 6,100 tonnes.
-- The Inferred resource has been reduced as a result of this
upgrade and now stands at 17.1 million tonnes averaging 0.56%
nickel and 0.16% copper. The total tonnage of nickel for the
Inferred category is now 95,500 tonnes with the Inferred copper
tonnage being 26,800 tonnes.
-- The majority of this newly defined Kubuk Indicated resource
is contained within the Conceptual Pit designs for the 6.0 million
tonne per annum operation planned by the Company.
A comparison of the SRK JORC compliant December 2013 maiden and
April 2015 Kubuk resource follows:
Kubuk Maiden JORC Resource Estimate - December 2013
Orebody Tonnage Ni Ni Cu Cu Pt Pt Pd Pd
Mt % t % t g/t kg g/t kg
=========== ======== ===== ======== ===== ======= ==== ====== ==== ======
Kubuk
Measured - - - - - - - - -
Indicated - - - - - - - - -
Subtotal - - - - - - - - -
Inferred 20.6 0.58 118,900 0.16 32,900 0.1 3,000 0.1 2,400
Total 20.6 0.58 118,900 0.16 32,900 0.1 3,000 0.1 2,400
----------- -------- ----- -------- ----- ------- ---- ------ ---- ------
Kubuk Updated JORC Resource Estimate - April 2015
Orebody Tonnage Ni Ni Cu Cu Pt Pt Pd Pd
Mt % t % t g/t kg g/t kg
=========== ======== ===== ======== ===== ======= ==== ====== ==== ======
Kubuk
Measured - - - - - - - - -
Indicated 3.5 0.68 23,400 0.18 6,100 0.1 460 0.1 400
Subtotal 3.5 0.68 23,400 0.18 6,100 0.1 460 0.1 400
Inferred 17.1 0.56 95,500 0.16 26,800 0.1 2,540 0.1 2,000
Total 20.6 0.58 118,900 0.16 32,900 0.1 3,000 0.1 2,400
----------- -------- ----- -------- ----- ------- ---- ------ ---- ------
The global SRK compiled JORC compliant resource as of 9 April
2015 JORC follows:
Resource Tonnage Ni Ni Cu Cu Pt Pt Pd Pd
Class
Mt % t % t g/t kg g/t kg
================= ======== ===== ======== ===== ======== ==== ======= ==== =======
Total Measured 15.7 0.52 81,800 0.13 21,100 0.2 2,900 0.2 3,200
Total Indicated 37.8 0.56 210,500 0.15 57,000 0.1 4,560 0.1 5,300
Sub-total 53.5 0.55 292,300 0.15 78,100 0.1 7,460 0.2 8,500
Total Inferred 67.3 0.53 358,300 0.15 100,300 0.1 9,440 0.1 9,500
Grand Total 120.8 0.54 650,600 0.15 178,400 0.1 16,900 0.1 18,000
----------------- -------- ----- -------- ----- -------- ---- ------- ---- -------
The resource reclassification at Kubuk has multiple impacts on
the project. The first of which is a reduction of in-fill drilling
to confirm the resource available to open pit mining. Secondly, the
confidence in the resource and reserves derived for the newly
classified model is increased and portions can be utilised in
bankable study work planned for the future.
Robin Young, CEO of Amur Minerals Corporation, commented:
"The conversion of Inferred to Indicated resource represents
nearly 20% of the contained nickel at Kubuk and more than 50% of
the ore tonnage defined in the Conceptual Pit Study. This could
reduce the in-fill drilling of the Kubuk open pit resource target
by as much as 50%. As we await the final decision by the Russian
government on the award of the production licence, we shall
continue to advance the project and optimise our work plan looking
to the future."
Enquiries:
Company Nomad and Broker Public Relations
Amur Minerals S.P. Angel Corporate Finance Yellow Jersey
Corp. LLP
Robin Young CEO Ewan Leggat Dominic Barretto
Katy Birkin Kelsey Traynor
+44 (0) 7981 126 +44 (0) 77 6853
818 +44 (0) 20 3470 0470 7739
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) and is a Qualified Professional
Geologist, as defined by the Toronto and Vancouver Stock Exchanges.
An employee of Amur for 10 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 RNS that has included
information derived by SRK.
For further information, see the Company website at
www.amurminerals.com.
JORC Resource Estimate - April 2015
(zero cut off grade)
Orebody Tonnage Ni Ni Cu Cu Pt Pt Pd Pd
Mt % t % t g/t kg g/t kg
================= ======== ===== ======== ===== ======== ==== ======= ===== =======
Kubuk
Measured 0 0 0 0 0 0 0 0 0
Indicated 3.5 0.68 23,400 0.18 6,100 0.1 460 0.1 400
Subtotal 3.5 0.68 23,400 0.18 6,100 0.1 460 0.1 400
Inferred 17.1 0.56 95,500 0.16 26,800 0.1 2,540 0.1 2,000
Total 20.6 0.58 118,900 0.16 32,900 0.1 3,000 0.1 2,400
Gorny
Measured 0 0 0 0 0 0 0 0 0
Indicated 0 0 0 0 0 0 0 0 0
Subtotal 0 0 0 0 0 0 0 0 0
Inferred 7.6 0.31 23,900 0.09 7,000 0.2 1,600 0.2 1,900
Total 7.6 0.31 23,900 0.09 7,000 0.2 1,600 0.2 1,900
Ikenskoe
Measured 14.9 0.52 77,100 0.13 19,700 0.2 2,700 0.2 3,000
Indicated 7.7 0.39 29,800 0.1 7,800 0.1 1,100 0.2 1,300
Subtotal 22.6 0.47 106,900 0.12 27,500 0.2 3,800 0.2 4,300
Inferred 11.5 0.62 70,800 0.14 16,300 0.2 2,300 0.2 2,500
Total 34.1 0.52 177,700 0.13 43,800 0.2 6,100 0.2 6,800
Vodorazdelny
Measured 0.8 0.57 4,700 0.17 1,400 0.3 200 0.3 200
Indicated 4.8 0.66 31,200 0.17 8,200 0.1 600 0.1 600
Subtotal 5.6 0.64 35,900 0.17 9,600 0.1 800 0.1 800
Inferred 0 0 0 0 0 0 0 0 0
Total 5.6 0.64 35,900 0.17 9,600 0.1 800 0.14 800
Maly Krumkon
Measured 0 0 0 0 0 0 0 0 0
Indicated 21.8 0.58 126,100 0.16 34,900 0.1 2,400 0.1 3,000
Subtotal 21.8 0.58 126,100 0.16 34,900 0.1 2,400 0.1 3,000
Inferred 31.1 0.54 168,100 0.16 50,200 0.1 3,000 0.1 3,100
Total 52.9 0.56 294,200 0.16 85,100 0.1 5,400 0.1 6,100
Total Measured 15.7 0.52 81,800 0.13 21,100 0.2 2,900 0.2 3,200
Total Indicated 37.8 0.56 210,500 0.15 57,000 0.1 4,560 0.1 5,300
Sub-total 53.5 0.55 292,300 0.15 78,100 0.1 7,460 0.2 8,500
Total Inferred 67.3 0.53 358,300 0.15 100,300 0.1 9,440 0.1 9,500
Grand Total 120.8 0.54 650,600 0.15 178,400 0.1 16,900 0.1 18,000
----------------- -------- ----- -------- ----- -------- ---- ------- ----- -------
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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