LONDON (Alliance News) - Amur Minerals Corp on Tuesday said independent analytical results indicate that the nickel and copper grades derived and reported by the company using its Niton unit understate both the nickel and copper content by about 5.0%.
The nickel-copper sulphide mineral exploration and resource development company, which is focused on the far east of Russia, said the new results came from the Alex Stewart Laboratory for the 2015 drill season that targeted the Maly Kurumkon/Flangovy deposit.
Now, the company has asked SRK Consulting (UK) Ltd to update the resource estimates at the Kubuk and Maly Kurumkon/Flangovy deposits for inclusion in a definitive feasibility study.
A total of 468 sample intervals within 21 ore holes having a minimum three metre mining thickness using a cutoff grade of 0.20% nickel indicate the length weighted average grade of 0.86% for nickel and 0.23% for copper.
The Maly Kurumkon/Flangovy mineralised thickness per discrete interval is 13.3 metres with several holes containing two or more intervals of ore.
"We are pleased to confirm that the Maly Kurumkon / Flangovy Company reported drilling results of the 2015 drill programme have been confirmed to be accurate to within 5.0%. Mining thicknesses averaging over 13 metres in thickness substantiate the potential mineability of the mineralisation using both open cast and underground methods," Chief Executive Robin Young said.
"The availability of this information allows us to move forward with the update of resources and reserves at both Kubuk and Maly Kurumkon - Flangov. These two deposits contain nearly two thirds of the nickel at Kun-Manie representing more than 413,000 tonnes of nickel. Enhanced modeling of these two deposits to account for the two production scenarios of open cast and underground will allow for the development of reserves and an optimised production schedule. This is a key element for inclusion in the Definitive Feasibility Study of Kun-Manie," Young added.
Shares in Amur were down 3.0% at 6.92 pence on Tuesday morning.
By Samuel Agini; samagini@alliancenews.com; @samuelagini
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Amur Minerals (AMC)