31 August 2017
AMUR MINERALS CORPORATION
(AIM: AMC)
Drilling Confirms Presence of Second Largest Deposit
800 Metre Long Segment To Be Drilled
Amur Minerals Corporation ("Amur" or the "Company"), a nickel-copper sulphide mineral exploration and resource development company focused on the far east of Russia, is pleased to provide a drill update for its Kun-Manie project.
Highlights:
· A total of 82 diamond core drill holes containing 20,060 metres of drilling have been completed eight weeks ahead of schedule since initiation of this year's Kun-Manie drill season, which commenced in 5 May 2017.
· February 2017 JORC Inferred resources identified within the Kubuk ("KUB") deposit have been infill drilled and drilling is likely to have increased this category of resource to that of Indicated which is suitable for inclusion in reserve expansion and definition.
· Drilling of the three kilometre long geochemical and geophysical anomaly linking the Ikenskoe / Sobolevsky ("IKEN") and KUB deposits is ongoing. A total of 39 holes have been completed along a 2,200 metre length of this target with 29 holes having intersected economic grades of nickel and copper. At a cutoff grade ("COG") of 0.4% nickel, the length weighted grades average 0.85% nickel and 0.23% copper. Intersected ore contain an average mineralised drill intercept thickness of 24.4 metres.
· Mineralisation along this target has been identified to be present over 1,800 metres (80%) of the 2,200 metre drilled strike length with the remaining undrilled 800 metres of target now being drilled using the Company owned LF-90 Boart Longyear drill rig.
· Successful drilling of the 800 metre long segment will confirm that the deposits of IKEN and KUB are a single deposit totaling more than four kilometres in length making it the second largest deposit within the Kun-Manie licence area.
· The current combined JORC resource for all JORC resource categories at IKEN and KUB contains 258,000 tonnes of nickel within a combined strike length of approximately 1,500 metres. The average nickel grade of IKEN is 0.69% and KUB is 0.77% nickel, both of which are lower in grade than indicated by the currently reported drill results of 0.85% nickel.
As of 29 August 2017, 20,060 metres of diamond core drilling, across 82 holes, have been completed approximately eight weeks ahead of schedule. Available fuel inventories will allow the Company to drill up to an additional 10,000 metres through the remainder of the season (31 October 2017), weather permitting. This expansion to the original drill programme represents a significant increase of 50% from the originally planned 20,000 metre drill programme.
The majority of the 2017 drill season has been focused on a three kilometre long geochemical and geophysical anomaly that links the IKEN andKUB drill identified deposits. It is highly likely that these two deposits form a single deposit measuring up to five kilometres in length.
Robin Young, CEO of Amur Minerals, commented:
"We are extremely pleased with the drill results our team has obtained over the course of this drill season. We have most likely converted Inferred resource to that of Indicated at Kubuk, which is key to reserve definition and expansion. We are also excited to confirm that Kubuk and Ikenskoe / Sobolevsky are likely to be a single near continuous deposit totaling more than 4.5 kilometres in length.
"The early start to this year's programme and our drill team's increased drill productivity rate should allow us to substantially increase our Kun-Manie resource inventory. We anticipate that the merging of the two deposits will expand our nickel resource to more than a million tonnes of nickel alone. With the drill results indicating higher nickel grades, the newly defined mineralisation will ultimately have a significant impact in reserve definition and resultant production schedule. We look forward to providing further updates on our drill results as we continue to drill the remaining 800 metre area between Kubuk and Ikenskoe / Sobolevsky."
Market Abuse Regulation (MAR) Disclosure
Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 until the release of this announcement.
For additional information, visit the Company's website, www.amurminerals.com.
Please follow the links below to view additional information related to the reported drill results and an audio overview.
http://amurminerals.com/content/wp-content/uploads/2017-29-August-2017.pdf
http://amurminerals.com/content/wp-content/uploads/2017-29-August-RNS-audio.mp3
Enquiries:
Company Amur Minerals Corp. |
Nomad and Broker S.P. Angel Corporate Finance LLP |
Public Relations Yellow Jersey |
Robin Young CEO |
Ewan Leggat Soltan Tagiev |
Charles Goodwin Harriet Jackson Dominic Barretto |
+7(4212)755615 |
+44(0)2034 700 470 |
+44(0)7544 275 882 |
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 13 years, previously Mr. Young was employed as an exploration and mine geologist, mining engineer, construction manager of a mine startup as well as 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 has been the lead engineer and project manager in the compilation 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.
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.
