Last checked at 8 Feb 2022 07:00
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF SUCH JURISDICTION.
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION AS DEFINED IN EU REGULATION NO. 596/2014, INCORPORATED INTO UK LAW BY THE EUEOPEAN UNION (WITHDRAWAL) ACT 2018 AND IS IN ACCORDANCE WITH THE COMPANY'S OBLIGATIONS UNDER ARTICLE 7 OF THAT REGULATION.
8 February 2022
Eurasia Mining Plc
Reserves and Resources Update
Eurasia Mining Plc ("Eurasia" or the "Company"), the palladium, platinum, rhodium, iridium and gold producing company is pleased to announce the reserves and resources breakdown by metals for the Monchetundra Project (Loipishnune and West Nittis deposits), the NKT area, and the projects included in the agreement with Rosgeo (as announced via RNS on 26 March 2021):
Metals | Reserves*, Contained Metal, tonnes | Resources**, Contained Metal, tonnes |
Copper | 292,714 | 1,807,049 |
Nickel*** | 388,485 | 1,858,875 |
Cobalt | 13,947 | 114,925 |
Palladium**** | 148 | 1,080 |
Platinum***** | 46 | 276 |
Silver | 68 | 394 |
Gold | 8 | 76 |
Sources: Russian Feasibility Studies, Reserves & Resources Reports, Rosgeo, Norilsk Nickel
* Reserves include B, C1 and C2 categories under the Russian classification
** Resources include P1 and P2 categories under the Russian classification and do not include P3
*** The cut-off grade is in the range of 0.3% - 0.5%
**** The cut-off grade is in the range of 0.5 to 4 g/t
***** The total of reserves and resources in the table above is 184.6Moz of Platinum equivalent
The table is released, as additional information has been received by Eurasia.
The reserves and resources are stated under the Russian classification. The reserves and resources under the JORC Code (by Wardell Armstrong International), further to those already announced for a portion of the NKT deposit, will be announced separately.
The table above includes the Nyud deposit for which Eurasia's subsidiary already has paid Rosgeo (as announced via RNS on 26 March 2021) and the license transfer thereof will be separately announced. In the meantime, Wardell Armstrong International has presented a draft CPR under the JORC Code and the NPV model to Eurasia for review. Nyud is a nickel dominant relaunch project, similar to NKT.
The table does not include new applications made by the Company that will be announced when the reserves and resources estimation is compiled.
Christian Schaffalitzky, Executive Chairman commented: "The Directors are pleased to update shareholders on our reserves and resources, as we continue to make good progress further to the RNS of 28 October 2021 in relation to the potential sale for which a separate update will be provided".
Consent for release
Christian Schaffalitzky, FIMMM, PGeo, CEng, is a director of the Company. He has reviewed the update and consents to the inclusion of the exploration information in the form and context in which it appears here. He is a Competent Person for the purposes of the reporting of these results.
A copy of this announcement is also available on Eurasia's website at:
https://www.eurasiamining.co.uk/investors/news-announcements.
For further information, please contact:
Eurasia Mining Plc
Christian Schaffalitzky/ Keith Byrne
+44 (0)207 932 0418
SP Angel Corporate Finance LLP (Nomad and Joint Broker)
Ewan Leggat / David Hignell / Adam Cowl
+44 (0)20 3470 0470
Optiva Securities (Joint Broker)
Christian Dennis
Tel: +44 (0) 20 3137 1902
About Eurasia Mining Plc
Eurasia Mining plc is a PGM and battery metals producing company, operating the established West Kytlim Mine in the Urals, and also being the operator of the Monchetundra Project comprising two predominantly palladium open pit deposits located 3km away from Severonickel, one of Norilsk Nickel's largest base metals and PGM processing facilities, near the town of Monchegorsk on the Kola Peninsula.
Eurasia's project portfolio also includes Nittis-Kumuzhya-Travyanaya (NKT), Tier-1 scale Nickel mine formerly operated by Norilsk Nickel.
A parallel business development strategy based on the Hydrogen Economy forms a new development arm of the Company.
About Wardell Armstrong International
Wardell Armstrong International is a multidisciplinary Environmental, Engineering and Mining consultancy operating in the UK and internationally helping clients get the best possible financial returns - while doing things in a sustainable, responsible way, continually improving environmental performance in own activities and in the advice to the clients.
Glossary and further notes
The Russian state committee on reserves (GKZ) prescribes the grid density for drilling and trenching, based on the type of deposit, size, shape and complexity.
B and C1 category reserves may be considered equivalent to a Proved Reserve as defined in the JORC Code, while C2 reserves may fall into the Proved or Probable Reserve categories.
P1 and P2 Resource is generally considered to be equivalent to Inferred Mineral Resource.