(Alliance News) - Amur Minerals Corp on Monday gave an update on progression of the Russian Kun-Manie nickel copper sulphide project permanent conditions TEO and definitive feasibility study, with a number of steps set to complete in 2019.
Shares in the exploration firm were up 4.7% at 2.10 pence in London in afternoon trading.
The TEO, a Russian feasibility study, is due December 2020 and is being undertaken by OOO Oreol. a Russian firm. So far, the hydrogeology and rock mechanics aspects of the TEO have begun, with hydrogeology study work to complete in the fourth quarter of 2019 and the rock mechanics report also due in the final quarter.
Alongside these, a reserves estimate for Kun-Manie is taking place. Resource modelling has begun and resource estimates for the three deposits are being compiled with completion due in the fourth quarter.
Metallurgical test work is to begin in the fourth quarter for the TEO, and the maiden environmental assessment of the mine site area has started.
Amur completed its pre-feasibility study in February and has been reviewed by Oreol. Independent laboratories have also audited Amur's quality assessment quality control programmes covering 2015 to 2018. The QAQC review, Amur explained "had not previously been fully implemented in accordance with Russian Federation requirements".
"All original analytical and verification assays have now been completed and are projected to fall within the 5% error limits ensuring all information is suited for reserve estimation," Amur added.
Parts of the TEO will be used to update the pre-feasibility study in order to bring it to the standard of a definitive feasibility study.
Chief Executive Robin Young said: "With Oreol's and Gipronickel's metallurgical test work programme underway, the company can now turn its attention to non-TEO area related considerations. Throughout the year, discussions with various parties have been held. Under various non disclosure agreements, access to the full PFS and data room have been conducted allowing us to identified areas of mutual interest that we believe will be beneficial to pursue and ensure to include in the TEO and the follow on DFS. This includes various trade-off analyses between initial capital expenditure and operating costs, production mixes and scale of production. I look forward to updating the market on this once we have finalized our approach to this work."
By Anna Farley; annafarley@alliancenews.com
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Amur Minerals (AMC)