Kubuk Resource Upgrade

 

 

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 Class	Tonnage	Ni	Ni	Cu	Cu	Pt	Pt	Pd	Pd
	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 Amur Minerals Corp.	Nomad and Broker S.P. Angel Corporate Finance LLP	Public Relations Yellow Jersey
Robin Young CEO	Ewan Leggat Katy Birkin	Dominic Barretto Kelsey Traynor
+44 (0) 7981 126 818	+44 (0) 20 3470 0470	+44 (0) 77 6853 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.