TIDMAMC
RNS Number : 9356W
Amur Minerals Corporation
03 May 2016
3 May 2016
AMUR MINERALS CORPORATION
(AIM: AMC)
Ikenskoe Nickel-Copper Measured and Indicated Resource
Increase
High Grade Zones Contain 138,300 Nickel Tonnes - 77% Of
Mineralisation
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 announce
that the independent resource update of the Ikenskoe / Sobolevsky
("IKEN") nickel-copper deposit in Russia, which has been approved
and completed by SRK Consulting (UK) Ltd ("SRK").
Highlights
-- The definition of two geological domains within the IKEN
resource has provided an enhanced resource model at IKEN. The model
is suitable for the definition of both open pit and underground
reserves as well as providing the ability to assess multiple
cut-off grades ("COG") based on nickel price volatility. The model
is appropriate for the definition of DFS reserve statements;
-- The global JORC resource including the Measured, Indicated
and Inferred resource ("MI&I") has increased from the July 2013
statement. The resource consists of 35.3 million ore tonnes
(formerly 34.1 million tonnes) averaging 0.51% nickel per tonne
(formerly 0.52% nickel) and 0.13% copper (unchanged). Total nickel
metal is 180,800 tonnes with copper totaling 47,100 tonnes.
By-product platinum totals 5,900 kg with palladium being 6,700
kg;
The combined M&I resource inventory from which reserves will
be derived has been significantly upgraded (20%) due to modelling
thicker zones overall.. The M&I inventory consists of 29.4
million ore tonnes (up from 22.6 million) averaging 0.46% nickel
(down from 0.47%) and 0.12% copper (unchanged) per tonne. The
M&I contained nickel has increased by 27,900 tonnes to a total
of 134,700 tonnes with copper increased by 8,100 tonnes to 35,600
tonnes. M&I platinum now consists of 4,900 kg (up from 3,800
kg) and 5,500 kg (up from 4,300 kg) for palladium;
-- Because M&I resources can be used to define reserves for
the DFS, the increase in the M&I resource categories provides
an opportunity to expand reserves from previous projections without
additional significant field work or drilling being required in
M&I area of IKEN;
-- Continuous high grade geological domains of mineable
thicknesses are prevalent throughout IKEN. Representing 50% of the
mineralised ore tonnes, the high grade zones contain 77% (138,800
nickel tonnes) of the total IKEN nickel resource. Contained within
17.0 million tonnes of ore, the average grade is 0.82% nickel and
0.19% copper. PGM content totals 8,100 kgs;
-- The introduction of the high grade modelling has a definitive
and positive impact on evaluation of the reserves. It will allow
for a far more refined definition of the open pit and underground
areas from which production will be obtained therefore optimising
the operating profit to be identified at IKEN.
-- A COG analysis (the level below which material within an ore
body does not contain sufficient value to economically justify
processing into a final salable product) indicates a limited
portion of is present below 0.4% nickel. This is the approximate
COG based on projected operating costs, metallurgical recoveries,
use of a nickel price of US$ 8,800 and assuming underground
production only. A total 17.7 million tonnes, containing 142,600
tonnes of nickel (0.81% Ni) and 33,700 tonnes of copper (0.19% Cu),
is available to reserve determination. PGM totals are 8,400 kgs
averaging a combined grade of 0.47 g/t); and
-- IKEN remains the second largest of the five deposits
identified at Kun-Manie. The updated consolidated resource for all
five deposits is 159.6 million ore tonnes. The average nickel grade
is 0.45% containing 726,000 tonnes. Copper content per tonne is
0.13% containing 206,400 tonnes. The combined PGM grade is 0.25 g/t
representing a total of 40,600 kg.
The resource estimate reflects the presence of two individual
geological grade domains and has been designed to facilitate an
assessment of open pit and underground production methods within
the Ikenskoe / Sobolevsky ("IKEN") deposit. The low grade open pit
mineral domain identifies the zones of all mineralisation in excess
of 0.2% nickel with the second modelling the internal continuous
high grade (plus 0.5% nickel) zones of mineralisaton typical of
underground production grades.
The combined mineralised tonnage at IKEN totals 35.2 million ore
tonnes with 18.3 million tonnes contained in the low grade shell
and 17.0 million tonnes contained in the high grade shell. The
average grade of the 35.2 million ore tonnes is 0.51% nickel
(180,800 tonnes) and 0.13% copper (47,100 tonnes). By-product
Platinum Group Metals ("PGM") total 12,700 kgs.
Two significant enhancements to the updated resource have been
identified which could improve the results of the Definitive
Feasibility Study ("DFS"). By resource category, there has been a
20% increase (27,900 nickel tonnes) in the JORC Measured and
Indicated ("M&I") inventories bringing the new M&I total
nickel to 134,700 tonnes. The newly defined continuous high grade
horizons contain a total of 139,100 nickel tonnes representing 77%
of the 180,800 tonnes of nickel defined by the model.
The enhancements identified within the IKEN resource model
provide the Company with the opportunity to define a larger and
higher grade reserve inventory from within the second largest
deposit at Kun-Manie. The increase in the Measured and Indicated
resource can be used to define reserves in accordance with JORC
(Dec. 2012) protocols. Modelling of the high grade domain provides
a more representative resource for the determination of reserves
suitable for identification of the appropriate areas for open pit
and underground production. The IKEN model will be used in the
definition of reserves and for mine planning purposes in the
ongoing DFS.
Robin Young, CEO of Amur Minerals, commented:
"It is with pleasure that we release the resource update for the
second of three deposits that have been estimated using the newly
implemented modelling methods of SRK. The Ikenskoe / Sobolevsky
resource statement consists of two geological grade domains that
typically reflect open pit and underground production methods. This
enhanced resource model is suitable for determining Definitive
Feasibility Study reserve statements. Presently, nearly 480,000
tonnes of nickel have now been classified within the Measured and
Indicated resource category, which are available for reserve
definition.
"Furthermore, the ability to define continuous high grade
geological horizons is important and allows us to select the right
mining method for the right location. By having this ability, the
operating profit for each mineable tonne can be optimised. This
resource update for Ikenskoe / Sobolevsky and the previously
released Maly Kurumkon / Flangovy resource statement that have been
modelled using this approach and the results are highly encouraging
in that more than 75% of the drill identified metal averages from
0.80% to 0.85% nickel. With high grades such as this, we can
undertake the development of a reserve base potentially capable of
withstanding depressed metal prices such as we are currently
experiencing. As we are in the process of compiling the Definitive
Feasibility Study that allows us to generate a development plan, we
can evaluate the impact of harsh economic conditions and set a long
term operational plan covering a broader range of economic
factors".
"We look forward to the release of the third and final resource
update at Kubuk. The results are under review and will be released
in due course."
Company NomadandBroker 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)7981126818 +44(0)2034700470 +44(0)7768537739
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, 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 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 announcement which includes
information derived by SRK.
For further information, see the Company website at
www.amurminerals.com.
IKEN Resource Estimation Modifications
(MORE TO FOLLOW) Dow Jones Newswires
May 03, 2016 02:01 ET (06:01 GMT)
During Q1 2016, SRK was appointed to update the resource
estimates of Ikenskoe / Sobolevsky ("IKEN"), Maly Kurumkon /
Flangovy ("MKF") and Kubuk. Previous estimates were based on a
single mining concept employing open pit production. In Q1 2015, it
was determined that substantial portions of existing open pit
reserves could be mined at a greater profit using underground
methods. In addition, unmined open pit resources could be recovered
using underground mining methods which were not within the limits
of the final open pit designs. With the additional potential of
underground production, AMC requested that SRK undertake an update
of the IKEN resource statement (MKF and Kubuk included) with the
aim that the updated model should provide the Company with the
ability to identify the appropriate mining method and limits to
define an optimised reserve and production schedule.
The modified approach consisted of modelling two grade based
geological domains. The first was delineated using a 0.20% COG
which included dilution and internal waste suitable for open pit
production. The second grade domain modelled continuous high grade
zones in excess of 0.5% nickel and more suitable for underground
production considerations. The updated modeling approach has
successfully provided the Company with the ability to evaluate both
open pit and underground production potential which had not
specifically been considered during previous resource estimation
efforts.
Global Resource
The global results derived from resource update for IKEN are not
substantially different than that reported on 30 July 2013 when
based on a zero nickel COG (accounting for internal waste and
dilution). The current IKEN resource contains a total of 35.3
million tonnes of ore containing 180,800 tonnes of nickel (0.51%
nickel per ore tonne), 47,000 tonnes of copper (0.13% copper per
ore tonne) and 12,600 kgs of combined platinum and palladium (0.35
g/t per ore tonne). The tables below provide the newly derived
resource statement as well as the 2013 resource statement.
April 2016 Ikenskoe / Flangovy Resource Statement By Geologic
Domain and Resource Category
(0.0% Ni COG)
Resource Category Tonnes Ni Ni Cu Cu Pt Pt Pd Pd
(m) (%) (t) (%) (t) (g/t) (kg) (g/t) (kg)
------------------- ------- ----- -------- ----- ------- ------- ------ ------- ------
Measured HG* 8.8 0.79 69,600 0.20 17,500 0.24 2,200 0.29 2,500
------------------- ------- ----- -------- ----- ------- ------- ------ ------- ------
Measured LG* 8.7 0.22 19,000 0.08 6,700 0.11 1,000 0.11 1,000
------------------- ------- ----- -------- ----- ------- ------- ------ ------- ------
Indicated
HG 3.7 0.77 28,900 0.15 5,600 0.18 700 0.24 900
------------------- ------- ----- -------- ----- ------- ------- ------ ------- ------
Indicated
LG 8.1 0.21 17,100 0.07 5,800 0.12 1,000 0.13 1,100
------------------- ------- ----- -------- ----- ------- ------- ------ ------- ------
Measured +
Indicated 29.4 0.46 134,700 0.12 35,600 0.16 4,900 0.19 5,500
------------------- ------- ----- -------- ----- ------- ------- ------ ------- ------
Inferred HG 4.4 0.92 40,600 0.22 9,800 0.19 900 0.24 1,000
------------------- ------- ----- -------- ----- ------- ------- ------ ------- ------
Inferred LG 1.5 0.36 5,500 0.10 1,600 0.12 200 0.13 200
------------------- ------- ----- -------- ----- ------- ------- ------ ------- ------
Inferred 5.9 0.78 46,100 0.19 11,400 0.17 1,100 0.21 1,200
------------------- ------- ----- -------- ----- ------- ------- ------ ------- ------
Total HG -
M+I+I 17.0 0.82 139,100 0.19 32,900 0.22 3,700 0.26 4,500
------------------- ------- ----- -------- ----- ------- ------- ------ ------- ------
Total LG -
M+I+I 18.3 0.23 41,700 0.08 14,100 0.12 2,200 0.13 2,300
------------------- ------- ----- -------- ----- ------- ------- ------ ------- ------
Total M+I+I 35.3 0.51 180,800 0.13 47,100 0.16 5,900 0.19 6,700
------------------- ------- ----- -------- ----- ------- ------- ------ ------- ------
*HG is the high grade geological domain. LG is the low grade
geological domain.
Numbers may not be precise due to rounding.
July 2013 Ikenskoe / Sobolevsky Resource Statement
(0.0% Ni COG)
Resource Tonnes Ni Ni Cu Cu Pt Pt Pd Pd
Category (m) (%) (t) (%) (t) (g/t) (kg) (g/t) (kg)
----------- ------- ----- -------- ----- ------- ------- ------ ------- ------
Measured 14.9 0.52 77,100 0.13 19,700 0.2 2,700 0.2 3,000
----------- ------- ----- -------- ----- ------- ------- ------ ------- ------
Indicated 7.7 0.39 29800 0.10 7,800 0.1 1,100 0.2 1,300
----------- ------- ----- -------- ----- ------- ------- ------ ------- ------
M+I 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
----------- ------- ----- -------- ----- ------- ------- ------ ------- ------
M+I+I 34.1 0.52 177,700 0.13 43,800 0.2 6,100 0.2 6,800
----------- ------- ----- -------- ----- ------- ------- ------ ------- ------
Numbers may not be precise due to rounding.
Resource Upgrade - Measured and Indicated JORC Categories
Whilst the global resource has not been substantially changed by
the introduction of the new two domain modeling effort, there has
been a significant increase in the M&I resource from that of
July 2013 to that of the April 2016 estimate due to overall the
combined HG and LG zones being thicker, and the continuity
therefore being more demonstrated, than the previous model. A
comparison of the resource statements by the M&I resource
category is provided below.
Comparison Of July 2013 and April 2016 Measured and Indicated
Resources
Resource Tonnes Ni Ni Cu Cu Pt Pt Pd Pd
Category (m) (%) (t) (%) (t) (g/t) (kg) (g/t) (kg)
----------- ------- ------- -------- ----- ------- ------- ------ ------- ------
April 2016 Ikenskoe / Sobolevsky Measured and
Indicated Resource Estimate
-----------------------------------------------------------------------------------------
Measured 17.5 0.50 88,600 0.14 24,200 0.18 3,200 0.20 3,500
----------- ------- ------- -------- ----- ------- ------- ------ ------- ------
Indicated 11.8 0.39 46,000 0.10 11,400 0.14 1,700 0.17 2,000
----------- ------- ------- -------- ----- ------- ------- ------ ------- ------
M+I 29.3 0.46 134,600 0.12 35,600 0.16 4,900 0.19 5,500
----------- ------- ------- -------- ----- ------- ------- ------ ------- ------
July 2013 Ikenskoe / Sobolevsky Measured and Indicated
Resource Estimate
-----------------------------------------------------------------------------------------
Measured 14.9 0.52 77,100 0.13 19,700 0.2 2,700 0.2 3,000
----------- ------- ------- -------- ----- ------- ------- ------ ------- ------
Indicated 7.7 0.39 29800 0.10 7,800 0.1 1,100 0.2 1,300
----------- ------- ------- -------- ----- ------- ------- ------ ------- ------
M+I 22.6 0.47 106,900 0.12 27,500 0.2 3,800 0.2 4,300
----------- ------- ------- -------- ----- ------- ------- ------ ------- ------
Increase (Decrease) From July 2013 To April 2016
-----------------------------------------------------------------------------------------
Measured 2.7 (0.02) 11,500 0.01 4,500 (0.02) 500 NC 500
----------- ------- ------- -------- ----- ------- ------- ------ ------- ------
Indicated 4.1 NC 16,200 NC 3,600 0.04 500 (0.03) 700
----------- ------- ------- -------- ----- ------- ------- ------ ------- ------
M+I 6.7 (0.02) 27,700 NC 8,100 (0.04) 1,100 (0.01) 1,200
----------- ------- ------- -------- ----- ------- ------- ------ ------- ------
Numbers may not be precise due to rounding.
Quantitatively, the April 2016 M&I portion of the resource
has been increased by 30% (6.7 million tonnes) to 29.3 million ore
tonnes. As for contained metal, there has been an increase of
27,700 nickel tonnes to 134,600 nickel tonnes was identified.
Copper was increased by 8,100 copper tonnes to 35,600 copper
tonnes. The combined platinum and palladium content has also been
increased by 2,300 kg to 10,400 kg.
The increase in the M&I resource provides the Company with
an opportunity to increase reserves without necessitating
additional field work or drilling within the area of the newly
identified M&I resources.
High Grade Geological Domain Resource
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May 03, 2016 02:01 ET (06:01 GMT)
The high grade geological domain contains the majority of the
metal at IKEN. On an ore tonnage basis, the high grade geological
domain contains nearly half of the global Measured, Indicated and
Inferred ("MI&I") resource (17.0 million tonnes) averaging
0.82% nickel and 0.19% copper per ore tonne. On a contained metal
basis, 78% of the total nickel (138,800 tonnes), 75% of the total
copper (32,800 tonnes), 61% of the platinum (3,700 kg) and 66% of
the palladium (4,400 kg) are contained in the high grade geological
structures. In comparison to the July 2013 resource statement using
a COG of 0.5% nickel, the July 2013 SRK estimate contained a total
of 15.0 million tonnes averaging 0.71% nickel and 0.23% copper.
Although, it is noted the newly derived total copper content was
reduced by 1,500 tonnes.
Ikenskoe / Sobolevsky High Grade Geological Domain By Resource
Category
Resource Tonnes Ni Ni Cu Cu Pt Pt Pd Pd
Category (m) (%) (t) (%) (t) (g/t) (kg) (g/t) (kg)
----------- ------- ----- -------- ----- ------- ------- ------ ------- ------
Measured 8.8 0.79 69,600 0.20 17,500 0.24 2,200 0.29 2,500
----------- ------- ----- -------- ----- ------- ------- ------ ------- ------
Indicated 3.7 0.77 28,900 0.15 5,600 0.18 700 0.24 900
----------- ------- ----- -------- ----- ------- ------- ------ ------- ------
M+I 12.6 0.78 98,200 0.18 23,000 0.23 2,800 0.27 3,400
----------- ------- ----- -------- ----- ------- ------- ------ ------- ------
Inferred 4.4 0.92 40,600 0.22 9,800 0.19 900 0.24 1,000
----------- ------- ----- -------- ----- ------- ------- ------ ------- ------
M+I+I 17.0 0.82 138,800 0.19 32,800 0.22 3,700 0.26 4,400
----------- ------- ----- -------- ----- ------- ------- ------ ------- ------
Proportion Of Total Resource Within the High Grade
Geological Domain
---------------------------------------------------------------------------------------
Measured 59% 90% 89% 81% 83%
----------- ------- ----- -------- ----- ------- ------- ------ ------- ------
Indicated 48% 97% 72% 64% 69%
----------- ------- ----- -------- ----- ------- ------- ------ ------- ------
M+I 56% 92% 84% 76% 79%
----------- ------- ----- -------- ----- ------- ------- ------ ------- ------
Inferred 38% 57% 60% 39% 44%
----------- ------- ----- -------- ----- ------- ------- ------ ------- ------
M+I+I 50% 78% 75% 61% 66%
----------- ------- ----- -------- ----- ------- ------- ------ ------- ------
Numbers may not be precise due to rounding.
The distribution of metal within the high grade structure
represents a prime target from which to develop both open pit and
underground reserves for use in the DFS. The high grade resource
domain provides two advantages not previously available to the
Company's assessment of the potential of IKEN and the project.
Notably boththe ability to develop more accurate and refined open
pit and underground production plans and to also evaluate the
impact on increased COG's that may be required during production.
Especially at current and lower nickel price of US$ 8,800 per tonne
nickel price.
Sensitivity of IKEN Resource to Cutoff Grade
The COG is defined as the grade below which material within an
ore body does not contain sufficient value to economically justify
processing into a final salable product.
The four deposits planned for production at Kun-Manie are
projected to have unique operating costs and metallurgical
recoveries. These parameters tend to remain relatively constant
over time. The key parameter impacting the determination of the COG
is the metal pricing which can often be highly volatility.
Historically, the Company has utilised a nickel price of US$
16,500 per tonne in its COG assessment. The current nickel price is
approximately US$ 8,800 per tonne, substantially lower than the
historical price. The long term (2019) nickel price (Royal Bank of
Canada) is however projected to be US$ 21,000 tonne. This metal
prices therefore results in a wide range of potential COG grades
(from a low of 0.15% to a high of 0.35% nickel equivalent). To
depict the sensitivity of the available global resource to various
nickel equivalent COG increments, the mineralisation above COG is
presented below.
April 2016 Resource by Cut-off Grade
All Resource Categories
Cut-off Tonnes Ni Ni Cu Cu Pt Pt Pd Pd
Grade (m) (%) (t) (%) (t) (g/t) (kg) (g/t) (kg)
-------- ------- ----- -------- ----- ------- ------- ------ ------- ------
0.0 35.3 0.51 180,800 0.13 47,000 0.16 5,800 0.19 6,700
-------- ------- ----- -------- ----- ------- ------- ------ ------- ------
0.1 35.1 0.52 180,700 0.13 47,000 0.16 5,800 0.19 6,700
-------- ------- ----- -------- ----- ------- ------- ------ ------- ------
0.2 29.2 0.58 170,600 0.15 43,100 0.18 5,100 0.20 6,000
-------- ------- ----- -------- ----- ------- ------- ------ ------- ------
0.3 18.4 0.79 145,000 0.19 34,300 0.21 3,900 0.25 4,700
-------- ------- ----- -------- ----- ------- ------- ------ ------- ------
0.4 17.7 0.81 142,600 0.19 33,700 0.21 3,800 0.26 4,600
-------- ------- ----- -------- ----- ------- ------- ------ ------- ------
Numbers may not be precise due to rounding.
Using a conservative approach based on the current nickel price
of US$ 8,800 and the assuming all production would be derived from
the higher cost underground mining scenario, a COG of approximately
0.35% nickel equivalent indicates that most of the metal contained
within the resource would potentially be available for conversion
to a mining reserve. At the 0.4% nickel COG, the global resource
contains 79% of the nickel, 72% of the copper, 66% of the platinum
and 69% of the palladium.
This indicates the resource at IKEN is relatively robust with
the majority of the metal (79% of the nickel) being contained
within the high grade structures at IKEN. In conclusion, the newly
implemented resource modeling method and its associated resource
statement has provided a model that allows the Company to evaluate
open pit and underground production options, conduct metal price
sensitivity analyses and serve to develop of suitable reserve
statement for inclusion in the DFS contained within the high grade
structures.
Project Wide Resource Statement
The total resource defined within the five deposits of Kun-Manie
is now 159.6 million tonnes with an average grade of 0.45% nickel
and 0.13% copper. For consideration in the DFS and in accordance
with JORC standards (December 2012), the source of reserves will be
limited to the Measured and Indicated resource category. The
resource base available for reserve determination is therefore
presently 106.9 million tonnes averaging 0.45% nickel and 0.13%
copper. This represents a total contain nickel content of 479,300
tonnes and a copper content of 135,500 tonnes.
The resource summary below does not include the Kubuk two domain
geological model results. These are under review and will be
released in due course.
Global Resource By JORC Category
(Zero Cutoff Grade)
-------------------------------------------------------------------------------------------
Resource Tonnage Ni Ni Cu Cu Pt Pt Pd Pd
Category (m) (%) (t) (%) (t) (g/t) (kg) (g/t) (kg)
----------- -------- ----- -------- ----- -------- ------- ------- ------- -------
Measured 18.4 0.51 93,300 0.14 25,600 0.18 3,300 0.20 3,700
----------- -------- ----- -------- ----- -------- ------- ------- ------- -------
Indicated 88.5 0.44 385,800 0.12 109,900 0.10 9,260 0.11 9,900
----------- -------- ----- -------- ----- -------- ------- ------- ------- -------
Sub-total 106.9 0.45 479,100 0.13 135,500 0.12 12,700 0.13 13,600
----------- -------- ----- -------- ----- -------- ------- ------- ------- -------
Inferred 52.8 0.47 246,900 0.13 70,800 0.13 7,100 0.14 7,200
----------- -------- ----- -------- ----- -------- ------- ------- ------- -------
Grand
Total 159.6 0.45 726,000 0.13 206,400 0.12 19,900 0.13 20,700
----------- -------- ----- -------- ----- -------- ------- ------- ------- -------
Numbers may not be precise due to rounding.
For additional information, visit the Company's website,
www.amurminerals.com.
(MORE TO FOLLOW) Dow Jones Newswires
May 03, 2016 02:01 ET (06:01 GMT)
Notes to Editors
JORC Resource Estimate - April 2016
(zero cutoff grade - fully diluted)
Orebody Tonnage Ni Ni Cu Cu Pt Pt Pd Pd
Mt % t % t g/t kg g/t kg
=========== ======== ===== ======== ===== ======== ===== ======= ===== =======
Kubuk (Two Geological Domain Model Under Review)
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 (Single 0.20% Geological Domain Model - Not
Under Update)
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 / Sobolevsky (Two Geological Domain Model
- Completed 28 April 2016)
Measured 17.5 0.50 88,600 0.14 24,200 0.18 3,200 0.20 3,500
Indicated 11.8 0.39 46,000 0.1 11,400 0.14 1,700 0.17 2,000
Subtotal 29.4 0.46 134,600 0.12 35,600 0.16 4,900 0.19 5,500
Inferred 5.9 0.78 46,100 0.19 11,400 0.17 1,100 0.21 1,200
Total 35.2 0.51 180,700 0.13 47,000 0.17 5,900 0.19 6,700
Vodorazdelny (Single 0.20% Geological Domain -
Open Pit Target Only)
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 / Flangovy (Two Geological Domain
Model - Completed 4 April 2016)
Measured 0 0 0 0 0 0 0 0 0
Indicated 68.4 0.42 285,200 0.12 84,200 0.1 6,600 0.1 6,900
Subtotal 68.4 0.42 285,200 0.12 84,200 0.1 6,600 0.1 6,900
Inferred 22.2 0.37 81,400 0.12 25,700 0.1 1,900 0.1 2,000
Total 90.6 0.40 366,600 0.12 109,900 0.1 8,500 0.1 8,900
Global Total Resource
Measured 18.4 0.51 93,300 0.14 25,600 0.18 3,300 0.20 3,700
Indicated 88.5 0.44 385,800 0.12 109,900 0.10 9,260 0.11 9,900
Sub-total 106.9 0.45 479,100 0.13 135,500 0.12 12,700 0.13 13,600
Inferred 52.8 0.47 246,900 0.13 70,800 0.13 7,100 0.14 7,200
Grand
Total 159.6 0.45 726,000 0.13 206,400 0.12 19,900 0.13 20,700
----------- -------- ----- -------- ----- -------- ----- ------- ----- -------
Numbers may not be precise due to rounding.
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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(END) Dow Jones Newswires
May 03, 2016 02:01 ET (06:01 GMT)
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