Amur Minerals Corporation LON:AMC the exploration and development company focused on base metal projects located in the Far East of Russia, has told DirectorsTalk it has received the final independent analytical results from Alex Stewart Laboratories in Moscow, Russia. These results include all drilling within the Maly Kurumkon / Flangovy (“MKF”) deposit completed during the 2016 field season. The results have been submitted to Runge, Pincock, Minarco (“RPM”), who are generating an updated Mineral Resource Estimate (“MRE”) on MKF, the largest of the five deposits at the Company’s flagship Kun-Manie nickel copper sulphide project.
Highlights:
— The comprehensive independent set of analytical results generated by ASL is now complete and the MKF global drill results data base has been updated.
— The analytical information presented within this RNS replaces all previously reported drilling results for the 2016 drill season.
— The 2016 drill programme has identified both open pit and underground mineable thicknesses and grades suitable for the definition of JORC reserves.
— Using a typical open pit cutoff grade of 0.2% nickel and a three metre mining thickness, the average drill interval thickness intersected during 2016 was 13.3 metres averaging 0.73% nickel and 0.21% copper.
— Using a typical underground cutoff grade of 0.5% nickel, the average three metre minimum mineralised interval thickness is 10.5 metres averaging 0.88% nickel and 0.24% copper.
— The global MKF data set has been delivered to RPM whose remit is to generate a fully updated MRE for delivery in Q1 2017. The update will include a recalculation of the resource contained within the currently defined 2,100 metre long model and the additional 900 metres of new mineralisation defined by the 2016 drill programme. This represents a more than 40% expansion in the length of the mineralisation to be modelled.
— The updated Q1 2017 model will exclude sub-economic mineralisation providing a final MRE more reflective of the mining potential and grade of the ore that will be mined from the MKF deposit.
— During the end of the field season, Amur executive management and RPM representatives conducted an audit and site visit of the Kun-Manie project. A comprehensive review by the RPM team will mean the Company is able to report JORC compatible resources and reserves compiled by RPM.
Robin Young, CEO of Amur Minerals, commented:
“We are pleased to report that, working in conjunction with Runge, Pincock, Marco, we have initiated the update of the Mineral Resource Estimate for Maly Kurumkon / Flangovy using all drill information acquired during this year’s field season and that previously acquired. We expect that the reporting of resources will become more focused and representative of the reserve potential which will be included in the Definitive Feasibility Study.
We anticipate that delivery of the resource update in Q1 2017 will provide multiple improvements over the existing MKF resource. This includes an expansion of 40% to the length of the high grade resource, a potential increase in the grade of the resource and substantial upgrade of the resource from Inferred to that of Indicated allowing us to fully evaluate the reserve potential of this deposit. We are also nearing completion of the final reviews of the resource updates to the Ikenskoe / Sobolevsky, Vodorazdelny and Kubuk deposits, and we look forward to updating the market in due course.”
MKF Drilling and Considerations
The Company has now received the final independent ASL analytical results for all MKF drilling (60 holes) completed in 2016. This information replaces all Company generated results and has been fully updated into the global MKF drill data base.
The ASL results indicate the average mineralised thickness at a 0.2% nickel cutoff grade (in excess of a minimum of three continuous metres) averages 23.0 metres per mineralised hole with individual mineralised intervals being 13.3 metres in thickness. The length weighted grades are 0.73% nickel and 0.21% copper. This cutoff grade represents a typical open pit production cutoff grade related to near surface mineable mineral.
In consideration of an underground production cutoff grade of 0.5% nickel, the average mineral thickness per hole is indicated to be 19.1 metres per hole and 10.5 metres per interval. The average length weighted grades are 0.88% nickel and 0.24% copper. These represent potential underground mineable resources suitable for extraction using a long hole retreat mining configuration.
The newly acquired ASL results for 2016 and all drilling completed prior to this year’s 2016 drill programme have been forwarded to RPM for the purpose of updating the MRE at MKF. It is anticipated that the majority of the anticipated Q1 2017 MRE update will be classified as an Indicated resource based on historical resource classification criteria and can therefore be used in the definition of reserves. The Company also anticipates that the MRE high grade mineral zone will be significantly expanded due to the discovery of an additional 900 metres of higher grade mineralisation (previously defined to be 2,100 metres in total length) along strike in both the east and west directions. The new MRE will focus on mineralisation that is most likely to be economically recovered at a mineable cutoff grade allowing for the exclusion of resource tonnes which are subeconomic. This is in accordance with current JORC 2012 reporting standards for reserve reporting purposes. It is also noted that the configuration and depth of the mineralisation will likely result in the majority of the MKF mineralisation being an underground production target with portions of near surface mineralisation being recovered from open pit mining methods.
For informational purposes, the analytical information presented within this RNS replaces all previously reported drilling results for the 2016 drill season. Based on the comprehensive ASL results, a comparison of the final ASL and Company generated results for the year using a minimum continuous drill thickness of three metres at two cutoff grades is presented in the table below. The nickel cutoff grades used in the comparison are 0.2% nickel (typical open pit) and 0.5% nickel (typical underground).
Comparison of Company versus ASL Analytical Results
Source Holes Average Mineralised Average Ni Cu
Per Intervals Per (%) (%)
Hole Interval
(m) (m)
--------- ------ -------- ------------ ---------- ----- -----
0.2% Nickel Cutoff Grade - Minimum
3 m mining thickness
-------------------------------------------------------------------
Company 47 23.3 85 12.9 0.76 0.21
--------- ------ -------- ------------ ---------- ----- -----
ASL 46 23.0 74 13.3 0.73 0.21
--------- ------ -------- ------------ ---------- ----- -----
0.5% Nickel Cutoff Grade - Minimum
3 m mining thickness
-------------------------------------------------------------------
Company 40 19.3 74 10.4 0.94 0.25
--------- ------ -------- ------------ ---------- ----- -----
ASL 39 19.1 71 10.5 0.88 0.24
--------- ------ -------- ------------ ---------- ----- -----
For convenience, the current resource estimate defined in Q2 2016 is presented below. It is noted that the average 0.40% nickel grade of the existing global MRE is substantially lower in grade than indicated by the 2016 drill results which average from 0.76% to 0.88% nickel. The Company anticipates that a substantial upgrade in the existing global MRE with regard to grade and tonnage will be derived by RPM in its update of the MKF resource.
SRK Consulting (UK) Ltd MKF Mineral Resource Estimate Q2 2016
Zero Nickel Cutoff Grade
Resource Tonnes Ni Ni Cu Cu
Category (millions) (%) (t) (%) (t)
------------------ ------------- ------ --------- ------ ---------
Indicated High
Grade 24.9 0.86 214,300 0.23 57,200
------------------ ------------- ------ --------- ------ ---------
Indicated Low
Grade 43.5 0.16 70,800 0.06 27,000
------------------ ------------- ------ --------- ------ ---------
Total Indicated 68.4 0.42 285,200 0.12 84,200
------------------ ------------- ------ --------- ------ ---------
Inferred High
Grade 7.1 0.76 54,400 0.20 14,100
------------------ ------------- ------ --------- ------ ---------
Inferred Low
Grade 15.0 0.18 27,000 0.08 11,500
------------------ ------------- ------ --------- ------ ---------
Total Inferred 22.2 0.37 81,400 0.12 25,700
------------------ ------------- ------ --------- ------ ---------
Total High
Grade 32.0 0.84 268,700 0.22 71,300
------------------ ------------- ------ --------- ------ ---------
Total Low Grade 58.5 0.17 97,800 0.07 38,500
------------------ ------------- ------ --------- ------ ---------
Total 90.6 0.40 366,600 0.12 109,900
------------------ ------------- ------ --------- ------ ---------
Based on a 0.2% nickel cutoff grade, the current SRK Consulting (UK) Ltd MRE for MKF is estimated to consist of 50.2 million ore tonnes averaging 0.64% nickel containing 318,600 tonnes of nickel. This MRE total consists of both Inferred and Indicate resources. It is noted that the estimated resource grade of nickel is substantially lower than that indicated by the 2016 resource drill results at MKF. The average length weighted nickel grade was 0.73%, approximately 14% higher than that of the existing MRE.
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)203 470 +44(0)754
+74212755615 0470 427 5882
For additional information, visit the Company’s website, www.amurminerals.com.
Alex Stewart Laboratory Results
MKF Mineralised Drill Intervals – 3 Metre Minimum
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
------ ------ ------- ----- ----- ------ ------ ------- ----- -----
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
------
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
------ ------ ------ ------- ----- ----- ------ ------ ------- ----- -----
C423
------ ------ ------ ------- ----- -----
C424 98.4 112.3 13.9 0.94 0.24 100.0 112.3 12.3 1.00 0.24
174.2 180.4 6.2 0.48 0.15 177.3 180.4 3.1 0.71 0.19
------ ------ ------ ------- ----- ----- ------ ------ ------- ----- -----
C425
------ ------ ------ ------- ----- ----- ------ ------ ------- ----- -----
C426
------ ------ ------- ----- ----- ------ ------ ------- ----- -----
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
------ ------ ------ ------- ----- ----- ------ ------ ------- ----- -----
C328
------ ------ ------ ------- ----- ----- ------ ------ ------- ----- -----
C329 337.4 351.3 13.9 0.80 0.21 337.4 346.8 9.4 1.01 0.25
359.7 372.0 12.3 0.63 0.16 365.7 372.0 6.3 0.96 0.23
------
C330 253.3 267.8 14.5 0.68 0.19 254.7 263.1 8.4 0.98 0.27
281.8 286.6 4.8 0.94 0.19 281.8 286.6 4.8 0.94 0.19
------ ------ ------ ------- ----- ----- ------ ------ ------- ----- -----
C427
------ ------ ------ ------- ----- ----- ------ ------ ------- ----- -----
C331
------ ------ ------ ------- ----- ----- ------ ------ ------- ----- -----
C428 317.8 321.9 4.1 0.72 0.26 317.8 321.9 4.1 0.72 0.26
------ ------ ------ ------- ----- ----- ------ ------ ------- ----- -----
C332 296.7 310.0 13.3 0.64 0.23 299.0 307.2 8.2 0.86 0.28
320.2 326.3 6.1 0.23 0.11
369.0 373.6 4.6 0.61 0.21 369.0 373.6 4.6 0.61 0.21
------ ------ ------ ------- ----- ----- ------ ------ ------- ----- -----
C429 276.5 308.0 31.5 0.92 0.21 279.5 306.5 27.0 1.02 0.23
317.0 333.8 16.8 0.88 0.24 320.0 333.8 13.8 0.98 0.26
338.6 352.0 13.4 0.85 0.22 338.6 350.5 11.9 0.93 0.24
------ ------ ------ ------- ----- ----- ------ ------ ------- ----- -----
C333 314.5 323.5 9.0 0.81 0.27 314.5 322.0 7.5 0.90 0.31
340.2 344.5 4.3 0.89 0.29 340.2 343.5 3.3 1.01 0.23
------ ------ ------ ------- ----- ----- ------ ------ ------- ----- -----
C430 357.1 370.0 12.9 0.63 0.14 357.1 363.3 6.2 0.96 0.16
401.0 410.1 9.1 0.63 0.15 403.5 408.4 4.9 0.83 0.17
------ ------ ------ ------- ----- ----- ------ ------ ------- ----- -----
C334 365.3 374.1 8.8 0.56 0.19 366.3 369.3 3.0 0.92 0.20
------ ------ ------ ------- ----- ----- ------ ------ ------- ----- -----
C335 195.8 204.1 8.3 0.68 0.29 195.8 204.1 8.3 0.68 0.29
209.3 221.2 11.9 0.74 0.23 210.9 221.2 10.3 0.77 0.24
------ ------ ------ ------- ----- ----- ------ ------ ------- ----- -----
C336 231.2 248.5 17.3 0.93 0.39 233.5 248.5 15.0 1.00 0.43
271.0 295.7 24.7 0.84 0.23 271.0 291.3 20.3 0.96 0.28
------ ------ ------ ------- ----- ----- ------ ------ ------- ----- -----
C337 267.3 278.4 11.1 0.77 0.19 267.3 276.8 9.5 0.83 0.19
286.8 298.1 11.3 0.64 0.16 290.9 298.1 7.2 0.83 0.17
------ ------ ------ ------- ----- ----- ------ ------ ------- ----- -----
C431 298.7 301.1 2.4 0.65 0.10
------ ------ ------ ------- ----- ----- ------ ------ ------- ----- -----
C432 254.8 278.0 23.2 0.77 0.26 254.8 275.5 20.7 0.80 0.27
285.6 298.7 13.1 0.77 0.26 285.6 297.2 11.6 0.84 0.28
------ ------ ------ ------- ----- ----- ------ ------ ------- ----- -----
C433 312.8 320.3 7.5 0.72 0.21 314.3 318.8 4.5 0.79 0.22
------ ------ ------ ------- ----- ----- ------ ------ ------- ----- -----
C434 173.5 186.2 12.7 0.42 0.12 178.5 181.7 3.2 0.79 0.18
201.9 208.6 6.7 0.55 0.26 203.4 207.5 4.1 0.62 0.27
225.1 233.0 7.9 0.65 0.18 225.1 231.0 5.9 0.73 0.21
------ ------ ------ ------- ----- ----- ------ ------ ------- ----- -----
C435 204.7 221.0 16.3 0.80 0.23 204.7 214.7 10.0 1.15 0.29
238.8 252.7 13.9 0.86 0.20 240.3 252.7 12.4 0.90 0.20
------ ------ ------ ------- ----- ----- ------ ------ ------- ----- -----
C436 252.7 259.1 6.4 0.66 0.22 252.7 257.5 4.8 0.80 0.26
275.6 280.8 5.2 0.74 0.24 275.6 280.8 5.2 0.74 0.24
------ ------ ------ ------- ----- ----- ------ ------ ------- ----- -----
C437 332.4 337.3 4.9 0.88 0.24 332.4 337.3 4.9 0.88 0.24
357.3 362.7 5.4 0.65 0.23 357.3 361.5 4.2 0.72 0.21
------ ------ ------ ------- ----- ----- ------ ------ ------- ----- -----
C438
------ ------ ------ ------- ----- ----- ------ ------ ------- ----- -----
C439 126.4 141.6 15.2 0.71 0.18 129.9 139.0 9.1 0.95 0.22
161.5 177.5 16.0 0.67 0.18 167.5 174.5 7.0 0.97 0.23
------ ------ ------ ------- ----- ----- ------ ------ ------- ----- -----
C440
------ ------ ------ ------- ----- ----- ------ ------ ------- ----- -----
C441
------ ------ ------ ------- ----- ----- ------ ------ ------- ----- -----
C442 91.1 99.0 7.9 0.77 0.19 91.1 99.0 7.9 0.77 0.19
111.0 115.0 4.0 0.52 0.18
------ ------ ------ ------- ----- ----- ------ ------ ------- ----- -----
C443
------ ------ ------ ------- ----- ----- ------ ------ ------- ----- -----
C444 104.2 107.8 3.6 0.36 0.20
------ ------ ------ ------- ----- ----- ------ ------ ------- ----- -----
C445 51.5 58.5 7.0 0.44 0.22
88.0 91.0 3.0 0.33 0.30
140.5 148.3 7.8 0.59 0.20 144.1 148.3 4.2 0.85 0.28
