RE: Fund & ii Accumulation before the Culmination, AKA Kippers landing, arrrrrgggghhhhh10 Dec 2020 14:25
Eurasia Mining PLC (AIM:EUA)
('Eurasia' or 'the Company')
Monchetundra flanks application submitted
Eurasia Mining PLC, the palladium, platinum, iridium, rhodium and gold producing company, is pleased to announce that an application for an exploration tenement adjacent to and surrounding the deposits at Loipishnune and West Nittis within the Monchetundra project, has now been submitted to Rosnedra for approval. Eurasia is developing the Monchetundra Project towards production following the issue of a mining permit for the circa 2Moz (2PGE + Gold) palladium dominated deposit and the award of an Engineering, Procurement and Construction (EPC) contract, with an associated mine finance package, to Chinese company Sinosteel. The EPC contract relates to the development of two open pittable deposits at Loipishnune and West Nittis, however the directors believe there is a strong case for further resources in the on-strike continuation of these deposits, which are included in the applied for Flanks area.
Highlights:
· Flanks area application now submitted to Rosnedra. Eurasia's TGK (Eurasia's 80% subsidiary) as the production license holder has exclusive rights to the flanks areas which the directors believe have the potential, given drilling success, to increase the resources severalfold.
· An 8km2 area has been applied for to cover on-strike continuation of mineralisation at both the Loipishnune and West Nittis open pittable reserves.
· Significant resource potential has been identified by previous exploration in the area and is recorded in Russian state archives, notably in the Nittis Kamuzhaya Travanya (NKT) Massif area to the north of West Nittis, which contains resources of Palladium, Platinum, Gold, Nickel, Cobalt and Copper. The area between the Loipishnune and West Nittis deposits is also highlighted as having significant potential, further details of which can be found below.
× The Monchegorsk Complex and Monchetundra Massif, which host the West Nittis and Loipishnune deposits are known to contain type examples of the majority of the layered intrusion and contact hosted PGM deposit types recognised globally.
× Regionally, the mineralisation in the Monchegorsk area is recognised (as outlined below) as being genetically related to the Fedorova Pana layered intrusion which contains the Fedorova tundra deposit controlled by Barrick and containing 1.2m oz Platinum and 5.5m oz palladium. With the submission of this Flanks application, and the already state approved reserves in the Loipishnune and West Nittis deposits, directors believe Eurasia to be well established as a dominant player in the PGM space the region.
Executive Chairman at Eurasia Christian Schaffalitzky highlighted 'It has always been quite clear that the mineralisation at West Nittis was in fact clipping the edge of a much larger potential target in NKT, as a contact hosted PGM target - in fact the area was partially mined f