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LONDON (Alliance News) - Amur Minerals Corp on Thursday said it has made good progress on meeting its targets for its current drill programme at Kun-Manie.
Amur is currently drilling at the Kun-Manie nickel copper sulphide project in Russia's Far East, with the aim of converting its inferred resource to an indicated one, as well as acquiring metallurgical samples.
In July it drilled 48 holes, taking the total to 114, meaning it is 82% into the programme. It has finished drilling within the March inferred resource delimited area at the IKEN deposit, and it has established the continuity and thickness of the grade there.
Amur hopes to have this resource converted to an inferred one, so it can be included into the project's pre-feasibility study.
Amur has started step-out drilling to the north and east at IKEN, with mineralisation confirmed for 100 metres to the north and at least 100 metres to the east.
Amur is collecting metallurgical samples from IKEN and the KUB deposit, with 55% of all samples collected.
Chief Executive Robin Young said: "With our drill programme being over 80% complete and having experienced no down time at the rigs, work is swiftly advancing toward completion of our three key objectives in this year's drill effort.
"We have already completed all infill drilling of limited areas in each of the four areas where we anticipate mining to occur. This information represents the final milestone required for inclusion in our work to obtain final Russian reserves as in accordance with Russian Federation requirements to obtain the necessary approvals for mine plans, designs and schedules."
He added: "Once all final analytical results are available, we can begin to compile the TEO, a Russian feasibility document."
Amur shares were 7.0% lower on Thursday at a price of 3.55 pence each.