LONDON (Alliance News) - Amur Minerals Corp Tuesday said it has now updated the resources in all of the deposits that will provide production at the Kun Manie project in Russia after completing the evaluation of the Kubuk nickel and copper deposit.
Amur said the update to Kubuk completes the resource evaluation phase for the definitive feasibility study covering the Kun Manie project, and the metallurgical grade recovery curves for each of the four deposits are being updated to determine which metals can be extracted from the ore and recovered by the treatment facility, which will produce a concentrate that is suitable for smelting.
"We are now reviewing available metallurgical test work to establish grade recovery curves for each of the four deposits that will be sources to the mill. The curves will allow us to define the unique operating profits per ore tonne as each deposit does display differing metallurgical recoveries," said Chief Executive Robin Young.
The Kubuk deposit is the third largest deposit to be drilled on the project so far, holding around 16% of the ore mineralisation that has been found in total. The deposit contains 25.7 million tonnes of ore with a nickel grade of 0.52%, a copper grade of 0.15% and also holds some platinum group metals.
Overall, Kubuk is thought to hold 133,000 tonnes of nickel, 39,400 tonnes of copper and around 7,200 kilogrammes of platinum group metals.
The resource within Kubuk has increased from the previous estimate that the deposit had 20.6 million tonnes of ore containing 118,900 tonnes of nickel, 32,900 tonnes of copper and 1,800 kilogrammes of platinum group metals.
That means the amount of nickel thought to lie in Kubuk has risen by 12% from the previous estimate whilst the amount of copper has increased by 20%. The platinum group metals contained within Kubuk is now three times larger than the previous forecast.
Notably, 75% of the nickel, 67% of the copper and 58% of the platinum group metals contained within Kubuk lie within high grade structures.
With Kubuk updated, the total drill defined resource within all of the deposits in Kun Manie stands at 164.7 million tonnes of ore containing 740,100 tonnes of nickel, 212,900 tonnes of copper and 42,300 kilogrammes of platinum group metals. That includes measured and indicated resources as well as proven and probable reserves.
Looking at the measured and indicated resources, the overall project now has 484,100 tonnes of nickel and 136,600 tonnes of copper.
That has increased from the previous estimate covering the measured and indicated resources at all of the deposits, which implied there 292,200 tonnes of nickel and 85,100 tonnes of copper.
That means the measured and indicated resources at the overall project has increased, with contained nickel rising by 66% from the previous estimate whilst the measured and indicated copper resource contained in the project has increased by 61%.
"On finalisation of the recovery curves, we will be awarding the reserve definition stage of work to an independent consultant to be done to definitive feasibility study standards. The scope of services will be the definition of the right mining method for the right style of mineralisation at the correct location," said Young.
Amur shares were trading up 0.7% to 4.25 pence per share on Tuesday morning.
By Joshua Warner; joshuawarner@alliancenews.com; @JoshAlliance
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