TIDMAMC
RNS Number : 5137L
Amur Minerals Corporation
12 January 2016
12 January 2016
AMUR MINERALS CORPORATION
(AIM: AMC)
Maly Kurumkon / Flangovy Final Analytical Drill Results
Resource Update Initiated
Amur Minerals Corporation ("Amur" or the "Company"), the
nickel-copper sulphide mineral exploration and resource development
company focused on the far east of Russia, is pleased to inform
shareholders that it has received the final Alex Stewart Laboratory
("ASL") analytical results for the 2015 drill season that targeted
the Maly Kurumkon / Flangovy ("MKFL") deposit. The Company has also
engaged SRK Consulting (UK) Limited ("SRK") to update the resource
estimates at the Kubuk and MKFL deposits for inclusion in the
Definitive Feasibility Study ("DFS").
Highlights
-- Analytical results derived by the independent laboratory ASL
indicate that the nickel and copper grades derived and reported by
the Company using its Niton unit understate both the nickel and
copper content by approximately 5%;
-- A total of 468 sample intervals within 21 ore holes having a
minimum three metre mining thickness using a cutoff grade of 0.20%
nickel indicate the length weighted average grade of 0.86% for
nickel and 0.23% for copper;
-- The MKFL mineralised thickness per discrete interval is 13.3
metres with several holes containing two or more intervals of ore.
Each hole contains an average combined thickness per hole of 29.1
metres. These thicknesses and the associated contained nickel and
copper grades are suitable for both open cast and underground
production scenarios;
-- The newly acquired drill information at MKFL is being
compiled for use in an update to the resource and reserve; and
-- In early 2015, an internal Earnings Before Interest, Tax,
Depreciation and Amortisation ("EBITDA") analysis identified that
the optimal economic potential of the MKFL and Kubuk deposits
consists of a combined production scenario wherein ore is mined by
open cast and underground methods. The resource models utilised in
the assessment were compiled based on the assumption that all
production was to be derived from an open cast mining scenario. For
this reason, the Company has requested that the resource models for
both deposits be updated to reflect the combined production
scenario allowing for a more accurate definition of the production
grades in the two mine production settings. The first stage of this
work has been implemented with the regeneration of the Kubuk
potential.
Alex Stewart Laboratory Results
The ASL results for the 2015 drill programme at MKFL confirm the
average drill intercept grades of 0.86% nickel and 0.23% copper.
These results are approximately 5% higher than the Company reported
Niton XL2500 X-Ray Fluorescence unit ("Niton") results of 0.81%
nickel and 0.22% copper.
A total of 21 drill holes intercepted mineable ore grade values
based on a cutoff grade of 0.20% nickel and a minimum mining
thickness of three metres. A mineralised average thickness of 29.1
metres per hole has been identified. Numerous holes contain two or
more discrete intervals which individually average 13.3 metres in
thickness. Such mineralised thicknesses and grades are suitable for
both open cast and underground mining scenarios.
The Company is presently compiling the drill hole database for
use by SRK in the estimation of a resource update of the MKFL
deposit. The MKFL deposit is the largest of the five deposits thus
far identified at Kun-Manie, all of which are wholly located within
the boundary limits of the 20 year production licence. MKFL
contains 45% of the 650,600 nickel tonnes (294,200 tonnes) of the
global nickel resource identified within the 36 square kilometre
Kun-Manie production licence.
Resource Update
Analyses of the EBITDA completed in early 2015 indicated that
the deposits of MKFL and Kubuk are best mined using a combination
of open cast and underground production methods. Underground
production is indicated to generate a higher cash flow in areas
where high stripping ratios were dominant. The results were derived
from resource models based on open cast production consideration.
Such models tend to understate the grade of the ores recoverable by
the more selective underground production process.
Using the Leapfrog process, new high grade (underground) and low
grade (open cast) mineral limits will be defined permitting the
definition of a refined resource estimate suitable for optimisation
of production from the deposits. The estimation process will
include the development of a selective mining unit model (smaller
block sizes, reflective of underground production) than has
previously been utilised. The enhancement will result in the
development of a reserve more reflective of projected production
and for use in production scheduling in the DFS.
Proactive Investors One2One Forum
The Company also wishes to take the opportunity to announce that
it will be presenting at the Proactive Investors One2One Forum at
the Chesterfield Mayfair Hotel, on Thursday 14(th) January at
6.00pm.
Further details relating to this event can be found via the
following web-link to the registration page:
http://www.proactiveinvestors.co.uk/register/event_details/48
Robin Young, CEO of Amur Minerals, commented:
"We are pleased to confirm that the Maly Kurumkon / Flangovy
Company reported drilling results of the 2015 drill programme have
been confirmed to be accurate to within five per cent. Mining
thicknesses averaging over 13 metres in thickness substantiate the
potential mineability of the mineralisation using both open cast
and underground methods."
"The availability of this information allows us to move forward
with the update of resources and reserves at both Kubuk and Maly
Kurumkon - Flangov. These two deposits contain nearly two thirds of
the nickel at Kun-Manie representing more than 413,000 tonnes of
nickel. Enhanced modeling of these two deposits to account for the
two production scenarios of open cast and underground will allow
for the development of reserves and an optimised production
schedule. This is a key element for inclusion in the Definitive
Feasibility Study of Kun-Manie."
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) 20 3470 +44 (0) 7768
126 818 0470 537 739
For additional information, visit the Company's website,
www.amurminerals.com.
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
and has sufficient experience relevant to the style of
mineralisation and type of deposit under consideration and to the
activity which he is undertaking to qualify as a Competent Person
as defined in the 2012 Edition of the "Australasian Code for
Reporting of Exploration Results, Mineral Resources and Ore
Reserves" and as a "qualified person" as defined in the Guidance
Note for Mining, Oil And Gas Companies, June 2009, of the London
Stock Exchange.
Analytical Results
The analytical results contained within this RNS are based on
two sources. The results for the drill holes completed prior to
2015 have been determined by ASL and are the final results used in
the determination of resources and reserves. The second set of
information obtained during the current 2015 drill programme is
determined by the Company using a Niton XL2 500 X-Ray Fluorescence
unit ("Niton"). The Company considers the Niton results to be
preliminary in nature and utilises the information for reporting
purposes. All samples for which Niton results are available are
assayed by ALS. The ALS results supersede those of the Company and
are used in resource estimation. Statistically, a comparision of
the results confirms the Company results are reflective of the
final results generated by ALS.
Alex Stewart Laboratory Versus AMC Niton Analytical Results
Niton Niton ASL ASL
Hole From To Metres Ni (%) Cu (%) Ni (%) Cu (%)
----------- ------ ------ ------- -------- -------- -------- --------
C302 143.8 161.5 17.7 0.72 0.26 0.70 0.26
C302 185.5 203.5 18.0 0.90 0.27 0.89 0.27
C302 206.5 218.6 12.1 0.87 0.22 0.89 0.22
Total 47.8 0.83 0.25 0.82 0.25
----------- ------ ------ ------- -------- -------- -------- --------
C303 108.1 111.1 3.0 0.46 0.08 0.51 0.08
C303 130.0 133.0 3.0 0.39 0.22 0.44 0.24
C303 224.5 234.8 10.3 0.94 0.26 0.93 0.24
Total 16.3 0.75 0.22 0.76 0.21
----------- ------ ------ ------- -------- -------- -------- --------
C304 149.5 152.5 3.0 0.37 0.21 0.36 0.26
C304 158.9 163.0 4.1 0.27 0.14 0.27 0.16
C304 248.5 257.7 9.2 0.87 0.25 0.96 0.24
Total 16.3 0.63 0.21 0.67 0.22
----------- ------ ------ ------- -------- -------- -------- --------
C305 259.2 266.0 6.8 0.76 0.17 0.73 0.16
C305 374.5 379.0 4.5 0.71 0.16 0.73 0.17
Total 11.3 0.74 0.17 0.73 0.16
----------- ------ ------ ------- -------- -------- -------- --------
C306 316.0 346.0 30.0 0.82 0.21 0.90 0.22
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