RE: How much?19 Nov 2019 10:47
Monchetundra flanks application
As per Russian subsoil licensing legislation, the holder of a mining right is granted an automatic and exclusive right to apply for exploration tenements directly adjacent to their approved resource. Eurasia have previously utilised this right in application for exploration ground adjacent to the West Kytlim project. After desktop studies and analysis of available literature a final perimeter was agreed for the Monchetundra flanks application in August 2019, and an application submitted to the relevant authorities on 23rd September 2019.
The Monchetundra deposit is comprised of two separate deposits namely the Loipishnune and West Nittis deposits - both of which demonstrate clear on-strike continuation of mineralisation beyond the limit of the current approved reserves.
The applied for area contains a significant portion of an area to the north and west of the West Nittis deposit known as the Nittis Kamuzhaya Travanya (NKT ) Massif, an area previously mined for high grade nickel and copper and with resources in PGM provided to the Company by the Apatity branch of the Territorial fund of geological information. At NKT a Russian category P resource (similar to an Inferred Resource under the JORC classification) was calculated by the state funded research group Rosgeologia in 2017 and comprises Ni - 298,000 t; Cu - 229,000 t; Co- 11,300 t; Pt - 18.5 tonnes/594,000 oz; Pd - 55 tonnes/1.7moz; Au - 7.6 tonnes/0.24moz; Ag - 185 tonnes/6moz. This resource has not been verified by the Company and accordingly cannot be relied upon, but is provided as an indication of potential. The Directors believe further potential resources exist in the on-strike continuation of the mineralisation at the Loipishnune deposit as it extends into the area between Loipishnune and West Nittis, in fact several early 'discovery holes' drilled by Eurasia in 2006 occur in this area beyond the current extent of the proposed Loipishnune pit and contain significant intervals including 8.4 g/t (Pt+Pd) over 3.6m occurring in Drillhole UM-3(see RNS dated 5th November 2006). These areas may be followed up in due course and, if so, the Company will provide updates as applicable.
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. With the submission of this Flanks application, and the already state approved reserves in the Loipishnune and West Nittis deposits, the directors believe that Eurasia is established as a dominant player in the region.