Amur Minerals* (AMC LN) 11p, Mkt Cap £44m – 2015 field season completed: objectives achieved and more
- The Company completed 5,820m of exploration drilling of the planned 6,000m in the 2015 field season.
- A total of 21 holes have been drilled with 19 accounting for the infill programme using 100m spaced grid and covering a 1,200m long area at the Maly-Kurumkon/Flangovy (MKRL) deposit.
- Infill drilling confirmed thickness and grades defined by historical drilling at the MKFL deposit with average intersections of 25.7m per hole at 0.83% Ni and 0.22% Cu.
- In addition, the programme confirmed the presence of high grade intervals along the structure with 18 holes returning 18.4m intervals at an average grade of 1.03% Ni and 0.27% Cu.
- Step out drill holes completed in the eastward part of the MKFL deposit (C305 11.3m at 0.8% Ni and 0.2% Cu; C306: 46.6m at 0.8% Ni and 0.2% Cu) extended the strike of mineralisation by 400m and is expected to contribute towards updated mineral resource statement.
- Final assays are expected to be ready in Dec/15 with works on the updated resource model to follow.
SP Angel Conclusion: The 1,200m long segment of the deposit tested with the infill drilling is estimated to host 87% of the resource tonnage at MKFL with 27.4mt in the Inferred category that can be potentially converted into a higher-confidence category. The management expects that the majority of the Inferred Resource at the MKFL to be upgraded to Indicated. Measured and Indicated Resource may then be used towards calculation of Mineral Reserves to be included in the DFS. Additional tonnages are also expected to be included in the updated Inferred Resource to account for mineralisation intersected with step out holes. We are looking forward to ASL final assays which are likely to be close to reported preliminary in-house estimates.
*SP Angel act as Nomad and Broker to Amur Minerals
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