Amur's shares were up 18% on Tuesday at a price of
The updated resource estimate includes all drilling results from the Ikenskoe/Sobolevsky and Kubuk deposits, and represents Amur's largest ever year-on-year increase.
The total Kun-Manie resource estimate is now 155.1 million tonnes of ore, compared to the previous estimate of 101.3 million. This ore has a nickel equivalent grade of 1.02%, compared to 1.03% before, which equates to 1.6 million tonnes of nickel equivalent compared to 1.0 million tonnes previously.
Amur said based on a 0.4% cut-off grade, Kun-Manie is now ranked third among the world's greenfield nickel sulphide deposits, and is located next to the three largest nickel consuming nations in the world.
The company will continue to collect and test metallurgical drill samples, allowing Amur to establish the possibility of generating additional copper concentrate and also identify the requirements needed to generate a nickel sulphate product for direct sale into the electric vehicle battery market.
The Kun-Manie prospect is located in Amur oblast in
Chief Executive Robin Young commented: "The newly derived 2018 mineral resource estimate represents a substantial and material increase of more than 50% from previously reported estimates of the Kun-Manie resource."
He added: "Having surpassed key institutional benchmarks of 1.0 million contained nickel tonnes and maintaining a plus 1.0% nickel equivalent grade, we shall be positioning the company as a ready source for EV battery market participation. In addition, the significant resource increase will allow for us to identify institutional investors to work with and we will be undertaking an aggressive Asian marketing programme focused on
