TIDMAMC
RNS Number : 6378T
Amur Minerals Corporation
05 July 2018
5 July 2018
AMUR MINERALS CORPORATION
(AIM: AMC)
Drill Programme Update
Amur Minerals Corporation ("Amur" or the "Company"), a
nickel-copper sulphide mineral exploration and resource development
company focused on the Far East of Russia, is pleased to provide
its second drill update covering the month of June 2018 at its
wholly owned Kun-Manie nickel copper sulphide project
("Kun-Manie").
As announced on 27 February 2018, this year's field programme is
focused on the completion of specific tasks related to advancing
the development of the project into one of the world's largest
nickel producers. Drilling is designed to establish the final data
set for allowance of reporting Russian reserves that will, in turn,
allow the Company to obtain mining production approvals from the
Russian Federation and local agencies, to convert a large high
grade block of Inferred resource for inclusion in the Mining Ore
Reserve ("MOR") and move forward into an earlier period of the
production schedules, and to acquire a large metallurgical sample
to define the variability and content of the life of mine sulphide
concentrate for either toll smelter and or Low Grade Matte ("LGM")
generation (an owner operated option).
Highlights
-- At the end of June 2018, a total of 66 holes (10,809.3
metres) have been completed since initiation of the planned 20,300
metre drill programme on 6 May 2018. All drilling has been
completed using the Company owned Boart Longyear LF70 and LF90
drill rigs, with the two rigs drilling an average combined total of
193 metres per day. The Company has completed approximately 50% of
the 2018 planned programme.
-- Detailed infill drilling of limited areas within the four
deposits, from which mining is planned, is well advanced. This
infill drilling is being completed in accordance with the Company
obtaining final approvals of a Russian certified reserve and its
use in the development of mine designs for approval by Russian
authorities allowing mine production to be implemented. This
regulatory related drill work has been completed at the largest of
the two deposits, Maly Kurumkon / Flangovy ("MKF") and the Ikenskoe
/ Sobolevsky ("IKEN") deposit, and is presently being implemented
at Kubuk ("KUB"). Work at Vodorazdelny ("VOD") is scheduled for
later in the season. To date, nearly 70% of the planned infill
drill metres (4,677.2 metres of the planned 6,500.0 metres) have
been completed. Drill results thus far have confirmed the
continuity of the mineralisation with regard to both thickness and
grade.
-- The largest Inferred resource inventory at Kun-Manie is
located at the southern limits of the IKEN ore deposit. An
estimated 27.8 million tonnes containing 222,000 nickel tonnes and
63,000 copper tonnes is contained within this area, and to the east
toward the KUB deposit. The nickel grade of this Inferred block
ranks the area to be amongst the highest nickel grade blocks at
Kun-Manie, and for this reason, drilling for resource conversion
(Inferred to Indicated) and its subsequent inclusion into the
Mining Ore Reserve ("MOR") has been implemented. Drilling results
from 11 ore holes confirm the continuity of the mineralisation with
regard to both thickness and grade. The indicated vertical
thickness is 23.6 metres (28.7 metres at year end 2017) with a
nickel grade of 0.87% (0.94% at year end 2017) and a copper grade
of 0.24% (0.26% at year end 2017). The current Inferred resource is
included in the Pre-Feasibility Study and is scheduled for mining
during the mid life stage of the planned 15 year operation.
Successful conversion of the Inferred resource will trigger a
rescheduling and it is likely the area would be brought forward in
the mine life which could further improve the project Net Present
Value ("NPV") and the Internal Rate of Return ("IRR") of the Kun
Manie project.
-- Nine metallurgical sample collection holes have been
completed bringing the total drill meterage for this category to
1,933.3 metres (28% complete). The mineralised portion of the core
for use in the planned test work has been delivered to the
Khabarovsk core storage facility.
-- Final analytical results from Alex Stewart Laboratories
("ASL") are now being received and the information provided within
this announcement and future drill update reports will be updated
to reflect these final independent and certified results suitable
for use in resource and reserve definition (see Analytical Results
- Cautionary Comment below).
-- A total of 787.0 metres of drilling (four holes) was
completed at the Gorny deposit which is located to the east of the
MKF deposit. This unplanned drilling was implemented after the MKF
infill drill effort was completed. This was possible due to high
melt water levels at the Maya River, along which the access road
between MKF and IKEN is located. Once water levels receded, the
LF90 was moved to the KUB deposit where it is presently completing
the infill drill progamme for Russian reserve finalisation. Drill
results at the Gorny deposit have identified low grade and thin
mineralised zones to be present and very similar to those that are
present up dip from the deeper economic mineralisation at MKF. No
additional drilling is planned at Gorny.
Robin Young, CEO of Amur Minerals, commented:
"Drilling continues apace, and we have now completed half of our
planned programme for 2018, with over 10,000 of the 20,000 planned
metres already being drilled.
Drilling at two of the largest areas where infill drilling for
Russian regulatory considerations was required, has already been
completed and we are now drilling at Kubuk and are progressing well
towards completing the infill effort there. We are seeing that the
infill work and preliminary results are confirming the continuity
of the grade and thickness of the deposits and anticipate that the
final results will lead to a final approved Russian certified
reserve and associated mine plan and production schedule.
"Drilling of the Inferred high grade zone at Ikenskoe /
Sobolevsky is also confirming the continuity of the mineralisation
with regard to thickness and grade. With continued successful
drilling here, we anticipate its conversion to a JORC Indicated
resource allowing for its full and unqualified inclusion in the
mine production schedule. As a result of its favourable
configuration and exposure at the surface, this area looks to be
mineable early on in the production cycle, this, along with its
high nickel and copper grades, the highest grades in the mining
licence, is expected to have a positive impact on the NPV and IRR
at Kun-Manie.
"We are extremely pleased with this year's drill results so far
and they are allowing us to clear various hurdles meaning that we
can move toward production as swiftly as possible."
Market Abuse Regulation (MAR) Disclosure
Certain information contained in this announcement would have
been deemed inside information for the purposes of Article 7 of
Regulation (EU) No 596/2014 until the release of this
announcement.
Enquiries:
Company Nomad and Broker Public Relations
Amur Minerals Corp. S.P. Angel Corporate Finance Blytheweigh
LLP
Robin Young CEO Ewan Leggat Megan Ray
Soltan Tagiev Tim Blythe
+44 (0) 20 7138
+7(4212)755615 +44(0)20 3470 0470 3203
Notes to Editors
The information contained in this announcement has been reviewed
and approved by the CEO of Amur, Mr. Robin Young. Mr. Young is a
Geological Engineer (cum laude), a Professional Geologist licensed
by the Utah Division of Occupational and Professional Licensing,
and is a Qualified Professional Geologist, as defined by the
Toronto and Vancouver Stock Exchanges and a qualified person as
defined by the AIM Rules for Companies. An employee of Amur for 12
years, previously Mr. Young was employed as an independent
consultant with Fluor Engineers, Fluor Australia and Western
Services Engineering, Inc. during which time his responsibilities
included the independent compilation of resources and reserves in
accordance with JORC standards. In addition, he was the lead
engineer and participant of numerous studies and projects requiring
the compilation of independent Bankable Studies utilised to finance
small to large scale projects located worldwide. Mr. Young is
responsible for the content of this announcement which includes
results reported by Alex Stewart Laboratories.
For further information, see the Company website at
www.amurminerals.com.
Click on, or paste the following link into your web browser, to
view the associated PDF document and audio file.
http://amurminerals.com/content/wp-content/uploads/2018-June-Summary-02-July-2018.pdf
http://amurminerals.com/content/wp-content/uploads/Audio-02-July-2018.mp3
2018 Drilling Programme Design
This year's field programme is designed to undertake drill
related activities allowing the Company to complete specific
development activities for the advancement the Kun-Manie nickel
copper sulphide project toward production. Specifically, these
activities include the completion of tasks associated with
obtaining Russian regulatory and statutory approvals required for
the startup and implementation of the planned Kun-Manie operation.
Drill objective activities include:
-- Detailed infill drilling to verify the continuity of the
mineralisation with regard to grade and thickness which is a part
of a Russian regulatory requirement allowing for final approval of
the reserve (per the Russian classification system) and subsequent
approval of mining designs and the production schedule.
-- Conversion of a large high grade JORC (Dec 2012) Inferred
resource block to that of Indicated resource, allowing the Company
to fully integrate this high potential dollar value material into
the MOR category. It is anticipated that this block could further
improve project economics (NPV and IRR) by being placed into
production at an early stage in the mine life.
-- Acquisition of a large metallurgical sample from
mineralisation identified to be present within and between the
Ikenskoe / Sobolevsky ("IKEN") and Kubuk deposits. This area is
projected to contain nearly half of the presently planned 15 years
of Kun-Manie production. The metallurgical test work will provide
key information related to the variability of the metallurgical
recovery of the metals from the ores and the composition of the
recovered concentrate important for the determination of smelter
fees / payments and for the design of an LGM production
facility.
30 June 2018 Progress
The planned 20,300 metre drill programme is well advanced with
nearly 50% (10,022.3 metres) of the planned drill metres having
been completed in 56 days of drilling. An additional 787.0
unscheduled metres were drilled in the Gorny deposit area during
June. Gorny is a possible eastward extension of the MKF
deposit.
A total of 10,809.3 metres (averaging 193.0 metres per day) have
now been drilled, of which 5,730.7 metres were completed in June.
The distribution of drilling by objective follows:
Progress of the 2018 Drill Programme
Drill Planned Completed Remaining %
Objective (m) (m) Budgeted Remaining
(m)
Mining Design Considerations 6,500.0 4,677.2 1,822.8 28%
--------- ---------- ---------- -----------
High Grade Zone Confirmation 7,000.0 3,411.8 3,588.2 51%
--------- ---------- ---------- -----------
Metallurgical Sample 6,800.0 1,933.3 4,866.7 72%
--------- ---------- ---------- -----------
Total Budget 20,300.0 10,022.3 10,277.7 51%
--------- ---------- ---------- -----------
Gorny - Extraordinary
Drilling 0.0 787.0 0.0 NIB
--------- ---------- ---------- -----------
NIB: Not In Budget.
Detailed Infill Drilling (Mining Design Considerations)
As the project advances toward production, Russian regulatory
milestones have historically been included in the design and
objectives of our field programmes. This approach ensures that the
Company is in the position to obtain various approvals mandated by
the Russian government allowing for Kun-Manie to become
operational.
This year's drill programme includes the completion of an infill
drill programme specific to the Company attaining Russian
regulatory related reserve and mine design approvals. Selected
areas of limited size are to be infill drilled within ore zones
from which production is anticipated to be sourced. With this newly
acquired information, based on significantly more drill data having
a far more closely spaced drill pattern, a Russian based reserve
estimate is generated and compared to existing reserves for the
same area (based on the widely spaced drill holes). The two
reserves are to be compared allowing for the Company to confirm the
continuity of the mineralised thickness and contained grades. For
Kun-Manie, this year's programme includes drilling of these limited
confirmation areas at MKF, VOD, IKEN and KUB. Infill progress to
date can be seen below and a link to a PDF file, which provides
drill hole location maps and the most recent drill results, can be
found above:
-- Approximately 72% (4,677.2 metres) of the planned 6,500
metres for the four deposits has been completed. Drilling at MKF
and IKEN is complete and KUB drilling is now underway. Drilling at
VOD is scheduled for later in the season.
-- At MKF, 19 infill holes have been completed with an average
cumulative vertical thickness intersected per drill hole to be 30.2
metres averaging 0.84% nickel and 0.21% copper. The pre-2018 drill
results for the infill drilled area indicates the average vertical
thickness is in the order of 27.3 meters averaging 0.76% nickel and
0.20% copper.
-- A limited number of infill holes were required at IKEN.
Portions of the infill drill area had already been drilled at the
infill spacing during the course of previous drill seasons. A total
of 10 mineralised holes have been drilled to complete the IKEN
infill drill programme. The intersected average vertical thickness
of 13.3 metres averaging 0.74% nickel and 0.22% copper was
identified. The previously existing wider spaced holes indicated an
average vertical thickness of 17.0 metres averaging 0.79% nickel
and 0.20% copper. Infill drilling is complete at IKEN.
-- The infill drill effort at KUB commenced on 19 June 2018 and
seven holes have been (one in progress) completed. The average
vertical thickness based on the existing widely spaced drill
pattern is 19.6 metres averaging 0.77% nickel and 0.21% copper,
this represents the anticipated target results once KUB is infill
drilled. As it is early stages of the KUB infill programme and
available information is statistically limited, a direct comparison
of the target and current results is not yet appropriate as more
drilling is required. Based on the limited drill results from three
holes, the vertical infill thickness is projected to be 18.0 metres
averaging 0.60% nickel and 0.16% copper.
-- Direct comparison of drill results between the more widely
spaced holes and those of the infill programme must be considered
to be indicative only. Due to weighting factors and the spacing of
drill holes, it is only after the calculation of the reserve based
on the additional infill drill results and its comparison with the
existing more widely spaced reserve that definitive comparisons and
conclusions can be made. The reserve determination will be
initiated upon receipt of the final ASL results.
Infill Drill Results
Grade and Thickness Comparison
(Russian Regulatory Confirmation Requirement)
Deposit Metric Vertical Ni Cu
Thickness (%) (%)
Per Hole
(m)
MKF 2018 30.2 0.84 0.21
-------- ----------- ----- -----
Target 27.3 0.76 .020
------------------ ----------- ----- -----
IKEN 2018 13.3 0.74 0.22
-------- ----------- ----- -----
Target 17.0 0.79 0.20
------------------ ----------- ----- -----
KUB* 2018 18.0 0.60 0.16
-------- ----------- ----- -----
Target 19.6 0.77 0.21
------------------ ----------- ----- -----
KUB* The 2018 results are limited to three holes. This
numerically limited information lacks statistical significance and
any conclusions derived on this current information would be
imprudent.
Mineralisation thicknesses and grades for all drill holes are
based on a 0.3% cut off grade ("COG") and a minimum three metres
thickness. Internal waste of less than three metres is included in
the determination of thicknesses and grades. Please follow the link
to the pdf which presents a summary of the drill results through 30
June 2018.
IKEN Inferred Resource Conversion Drilling
Drilling for resource upgrade (conversion of Inferred resource
to Indicated resource) is being conducted on a high grade
mineralised zone discovered at the IKEN deposit during the 2017
drill season. The targeted block of Inferred resource is favourably
situated and suitable for open pit mining (and potentially
underground extraction) and inclusion into the early Kun-Manie mine
production schedule. Because of its higher grade and apparent
potential to source two to three years of ore, the Company opted to
undertake the resource conversion drill effort on this zone located
immediately to the south of the drill Measured and Indicated IKEN
ore body.
This decision is based on the economic potential of this higher
grade block to significantly impact the overall project upside.
This is based on evaluation of specific metrics used to evaluate a
project's economic potential which include the Earnings Before
Interest, Tax, Depreciation and Amortisation ("EBITDA"), Net
Present Value ("NPV") and Internal Rate of Return ("IRR") criteria.
The higher the values of these metrics are, the better the
indicated project economics. By careful production planning, a
Company can improve the economic potential of a project by
implementing more efficient operational procedures. These can
include (but are not limited to) mining higher metallurgically
recovered grade material (more metal per tonne at the same cost)
and or mining lower cost metal (schedule production by maximising
EBITDA) as early in the mine life as possible. These can
substantially enhance the time value based NPV and IRR which
ultimately means "dollars today are worth more than dollars
tomorrow".
At the beginning of this drill season, this Inferred resource
was defined by widely spaced drilling indicating the presence of a
mineralised vertical thickness in the order of 28.7 metres
averaging 0.94% nickel and 0.26% copper. The zone is estimated to
contain more than 12 million tonnes of resource which could provide
two years of higher grade production. With 7,000 total metres of
drilling planned to convert this zone to an Indicated resource, 14
diamond core drill holes (3,411.8 metres) have been completed
within the area (approximately one half square kilometre). Eleven
holes have intersected mineralisation averaging 23.6 metres
vertical thickness at 0.87% nickel and 0.24% copper. The Company
anticipates that this block will be upgraded to Indicated resource
allowing it to be fully included in future MOR statements. Its
geographical location may permit its entry into the early
production cycle at Kun-Manie allowing for further upgrade of the
economic potential of the project.
It is also noted that the limits of this mineralisation had not
been fully established by the 2017 drill programme and that there
was potential to expand this resource in the down dip direction.
This year's drilling has identified that the zone does indeed
continue down dip by as much as 100 to 200 metres (a 50% increase
in the mineralised dip direction length).
This resource conversion drilling effort is presently underway
with approximately 3,500 metres of additional drilling remaining in
the drill budget.
Metallurgical Sample Collection Drilling
Drilling is underway to collect a large scale representative
metallurgical sample along strike length of the IKEN through KUB
deposits. Drill holes spaced at 100 metre intervals are planned for
completion. This is planned to require 6,800 metres of drilling
over the entire field season. To date, approximately 28% (1,933.3
metres) of the drill plan for sample collection has been completed
within nine holes.
Completion of the metallurgical sample collection programme is
anticipated to generate from six to seven tonnes of sample allowing
for detailed metallurgical test work related to final flowsheet
design, plant design and metallurgical recovery determination. Also
key to the processing of the sample will be the determination of
the content of the concentrate which is utilised in setting smelter
payability terms and or the design of the anticipated Company owned
and operated LGM facility.
Gorny - Non Budgeted Drilling
A total of four holes containing 787.0 drill metres were
completed to develop a better understanding of the structure and
orientation of the Gorny geology. Drilling had not originally been
planned to be completed in this target located to the east of the
MKF deposit. The Company was able to undertake this limited effort
for the following reasons.
-- The LF90 allocated to drill the infill holes at MKF had
completed its programme ahead of schedule and was assigned to move
to KUB to initiate its infill drill programme at the deposit.
-- The move was delayed due to high water conditions present
along the Maya River. The access road from MKF to KUB is located
adjacent the river and high melt waters from the snow and ice
precluded safe transit of the rig along the road. As the runoff
abated and river levels decreased, the rig and its crew were moved
to Gorny allowing the Company to continue drilling precluding stand
down time.
Drilling of the geological structure indicated the presence of
thin (4.7 metre) mineralised zones averaging 0.54% nickel (ranging
from 0.32% to 0.73%) and 0.14% copper. The drill intersections are
interpreted to be similar to those up dip low grade structures
above the deeper economic mineralisation along the eastern half of
MKF. Deeper drilling will be required in the future to test this
concept, however, completion of drilling in the Gorny area is of a
low priority at this time.
Analytical Results - Cautionary Comment
Analytical results presented in this and upcoming RNS
announcements are derived from two sources, internally and
independently generated results. The internal Company generated
results are defined using one of two Niton XL2 500 X-Ray
Fluorescence units ("RFA"). The RFA units provide initial results
allowing for a rapid turnaround to assist in decision making to
finalise drill hole site selections and are considered to be
indicative and preliminary. Use of these results is not without
risk if the units have not been rigorously tested and calibrated.
Annually, at the beginning of every field season and on a daily
basis, these units undergo a calibration protocol that uses
standards provided with the units and results from existing samples
that have been analysed by external facilities (ASL).
The final and definitive source of analytical results is
produced by ASL located in Moscow, Russia. This fully independent,
licenced and certified laboratory is the source of the information
used in resource estimation. The ASL results provide a greater
accuracy than that of the RFA units especially for values in excess
of 1.0% nickel. RPM has reviewed the Company's sample preparation,
sample collection and check assaying related to ASL and has
confirmed that AMC's protocols for analytical determination meet
industry standards.
Results reported within this RNS include a combination of the
RFA and ASL results. The distribution of the RFA and ASL results
follow:
-- The May 2018 drill update included RFA only results.
-- This June 2018 update includes ASL results received
subsequent to the May 2018 update. The newly acquired ASL results
have been incorporated into this RNS and replace the previously
reported RFA analytical results generated by the Company.
-- The available ASL results are presently limited to the first
13 of the 19 holes that have been drilled at MKF deposit. (Note:
The pdf linked file depicts the ASL results in Red whilst the RFA
results are shown in black.)
Drill Results by Area and Category Through 30 June 2018
Maly Kurumkon / Flangovy
2018 Infill Drill Results
Hole From To Length Ni Cu Vertical
(m) (m) (m) % % Thickness
(m)
Final Independent Laboratory Analytical Results
C507 27.1 37.6 10.5 0.76 0.21 10.1
------- ------ ------- ---- ---- ----------
48.1 55.4 7.3 0.58 0.18 7.1
------- ------ ------- ---- ---- ----------
C508 59.6 65.6 6.0 0.59 0.22 5.8
------- ------ ------- ---- ---- ----------
74.6 82.0 7.4 0.67 0.16 7.1
------- ------ ------- ---- ---- ----------
C509 86.0 92.0 6.0 0.98 0.28 5.8
------- ------ ------- ---- ---- ----------
96.5 110.0 13.5 0.67 0.21 13.0
------- ------ ------- ---- ---- ----------
113.0 120.8 7.8 0.63 0.15 7.5
------- ------ ------- ---- ---- ----------
C510 124.6 129.0 4.4 0.60 0.09 4.3
------- ------ ------- ---- ---- ----------
136.5 141.4 4.9 0.55 0.17 4.7
------- ------ ------- ---- ---- ----------
C511 143.6 150.4 6.8 0.79 0.16 6.6
------- ------ ------- ---- ---- ----------
160.5 166.0 5.5 0.72 0.10 5.3
------- ------ ------- ---- ---- ----------
C512 208.3 215.8 7.5 1.02 0.23 7.2
------- ------ ------- ---- ---- ----------
227.8 232.3 4.5 0.77 0.20 4.3
------- ------ ------- ---- ---- ----------
C513 82.0 146.0 64.0 0.89 0.22 61.8
------- ------ ------- ---- ---- ----------
C514 63.5 94.0 30.5 0.93 0.25 29.5
------- ------ ------- ---- ---- ----------
97.0 117.6 20.6 0.86 0.20 19.9
------- ------ ------- ---- ---- ----------
C515 130.3 146.5 16.2 0.55 0.16 15.6
------- ------ ------- ---- ---- ----------
149.5 173.5 24.0 0.61 0.18 23.2
------- ------ ------- ---- ---- ----------
185.5 191.3 5.8 0.63 0.14 5.6
------- ------ ------- ---- ---- ----------
C516 208.3 212.8 4.5 0.65 0.18 4.3
------- ------ ------- ---- ---- ----------
221.6 226.9 5.3 0.89 0.24 5.1
------- ------ ------- ---- ---- ----------
C517 3.0 39.0 36.0 0.82 0.25 34.8
------- ------ ------- ---- ---- ----------
43.5 59.3 15.8 0.52 0.26 15.3
------- ------ ------- ---- ---- ----------
62.5 74.7 12.2 0.83 0.23 11.8
------- ------ ------- ---- ---- ----------
C518 153.0 157.5 4.5 0.60 0.17 4.3
------- ------ ------- ---- ---- ----------
166.5 172.5 6.0 0.76 0.22 5.8
------- ------ ------- ---- ---- ----------
C519 131.1 137.0 5.9 0.93 0.25 5.7
------- ------ ------- ---- ---- ----------
146.7 155.5 8.8 0.78 0.32 8.5
------- ------ ------- ---- ---- ----------
Company Generated RFA Results - Preliminary
C520 99.6 107.0 7.4 0.86 0.22 7.1
------- ------ ------- ---- ---- ----------
113.0 122.0 9.0 0.82 0.20 8.7
------- ------ ------- ---- ---- ----------
C521 5.2 30.5 25.3 0.92 0.26 24.4
------- ------ ------- ---- ---- ----------
41.4 66.4 25.0 1.02 0.18 24.2
------- ------ ------- ---- ---- ----------
C522 183.0 193.5 10.5 0.71 0.18 10.1
------- ------ ------- ---- ---- ----------
198.0 206.3 8.3 0.88 0.18 8.0
------- ------ ------- ---- ---- ----------
C523 104.2 122.0 17.8 0.72 0.26 17.2
------- ------ ------- ---- ---- ----------
131.0 146.9 15.9 0.59 0.18 15.4
------- ------ ------- ---- ---- ----------
151.3 160.0 8.7 0.66 0.23 8.4
------- ------ ------- ---- ---- ----------
170.0 181.5 11.5 0.87 0.23 11.1
------- ------ ------- ---- ---- ----------
C524 57.3 64.2 6.9 1.38 0.27 6.7
------- ------ ------- ---- ---- ----------
68.4 129.5 61.1 0.87 0.11 59.0
------- ------ ------- ---- ---- ----------
C525 20.5 41.5 21.0 0.87 0.28 20.3
------- ------ ------- ---- ---- ----------
80.5 92.9 12.4 0.62 0.20 12.0
------- ------ ------- ---- ---- ----------
30.2 m per Hole
2018 Avg. 13.7 m per Interval 0.84 0.21
------------------------ ---- ---- ----------
27.3 m per Hole
Target 13.6 m per Hole 0.76 0.20
------------------------ ---- ---- ----------
Ikenskoe / Sobolevsky Deposit
2018 Infill Drill Results
Company RFA Results
Hole From To Length Ni Cu Vertical
(m) (m) (m) % % Thickness
(m)
C386 2.9 9.8 6.9 0.92 0.30 6.9
------ ----- -------- ---- ---- ----------
C388 4.5 10.5 6.0 0.47 0.12 6.0
------ ----- -------- ---- ---- ----------
16.5 23.8 7.3 0.72 0.30 7.3
------ ----- -------- ---- ---- ----------
27.0 30.0 3.0 0.39 0.10 3.0
------ ----- -------- ---- ---- ----------
C391 53.5 61.0 7.5 0.74 0.25 7.5
------ ----- -------- ---- ---- ----------
68.5 76.8 8.3 0.61 0.21 8.3
------ ----- -------- ---- ---- ----------
C392 67.7 77.7 10.0 0.77 0.22 10.0
------ ----- -------- ---- ---- ----------
83.7 93.8 10.1 0.86 0.22 10.1
------ ----- -------- ---- ---- ----------
C394 29.5 37.0 7.5 0.75 0.23 7.5
------ ----- -------- ---- ---- ----------
C395 5.5 13.0 7.5 0.71 0.17 7.5
------ ----- -------- ---- ---- ----------
19.0 30.5 11.5 0.71 0.21 11.5
------ ----- -------- ---- ---- ----------
C396 34.9 39.2 4.3 0.53 0.10 4.3
------ ----- -------- ---- ---- ----------
68.5 79.3 10.8 0.85 0.29 10.8
------ ----- -------- ---- ---- ----------
C397 56.5 61.0 4.5 0.59 0.15 4.5
------ ----- -------- ---- ---- ----------
C398 10.0 20.2 10.2 0.60 0.20 10.2
------ ----- -------- ---- ---- ----------
C399 23.5 33.3 9.8 1.08 0.23 9.8
------ ----- -------- ---- ---- ----------
45.6 53.2 7.6 0.80 0.27 7.6
------ ----- -------- ---- ---- ----------
13.3 m per Hole
2018 Avg. 7.8 m per Interval 0.74 0.22
----------------------- ---- ---- ----------
17.0 m per Hole
Target 9.8 m per Hole 0.79 0.20
----------------------- ---- ---- ----------
Kubuk Deposit
2018 Infill Drill Results
Company RFA Results
Hole From To Length Ni Cu Vertical
(m) (m) (m) % % Thickness
C530 124.0 133.0 9.0 0.54 0.15 9.0
------- ------ ------- ---- ---- ----------
137.5 150.4 12.9 0.96 0.24 12.9
------- ------ ------- ---- ---- ----------
C531 149.8 159.0 9.2 0.56 0.16 9.2
------- ------ ------- ---- ---- ----------
C532 161.4 184.4 23.0 0.44 0.12 23.0
------- ------ ------- ---- ---- ----------
C533 In Sample Preparation - Host Rock from
124.0 to 145.0 m
--------------------------------------------------
C534 In Sample Preparation - Layered Host
Rock from 70.0 to 138.0 m
--------------------------------------------------
C535 In Sample Preparation - Layered Host
Rock from 80.0 to 138.0
--------------------------------------------------
C536 Drilling In Progress - Host Rock from
127.5 to 144.5 m
--------------------------------------------------
18.0 m per Hole
2018 Avg. 13.5 m per Interval 0.60 0.16
------------------------ ---- ---- ------------
19.6 m per Hole
Target 12.8 m per Hole 0.77 0.21
------------------------ ---- ---- ----------
Ikenskoe / Sobolevsky Deposit
Resource Upgrade Drill Results
Company RFA Results
Hole From To Length Ni Cu Vertical
(m) (m) (m) % % Thickness
C600 166.7 209.5 42.8 0.98 0.30 42.8
------- ------ ------- ---- ---- ----------
C601 152.0 155.0 3.0 0.91 0.20 3.0
------- ------ ------- ---- ---- ----------
159.6 172.1 12.5 0.88 0.24 12.5
------- ------ ------- ---- ---- ----------
176.3 205.6 29.3 1.12 0.26 29.3
------- ------ ------- ---- ---- ----------
C602 201.9 209.5 7.6 0.79 0.12 7.6
------- ------ ------- ---- ---- ----------
212.5 229.3 16.8 0.84 0.22 16.8
------- ------ ------- ---- ---- ----------
C603 271.0 278.5 7.5 0.93 0.19 7.5
------- ------ ------- ---- ---- ----------
287.5 293.1 5.6 0.69 0.15 5.6
------- ------ ------- ---- ---- ----------
C604 235.8 238.8 3.0 0.40 0.04 3.0
------- ------ ------- ---- ---- ----------
247.0 253.6 6.6 0.63 0.17 6.6
------- ------ ------- ---- ---- ----------
C605 No Mineralisation
------------------------------------------------
C606 124.0 130.9 6.9 0.79 0.17 6.9
------- ------ ------- ---- ---- ----------
C607 88.0 97.0 9.0 0.44 0.13 9.0
------- ------ ------- ---- ---- ----------
104.5 112.0 7.5 0.98 0.20 7.5
------- ------ ------- ---- ---- ----------
C608 63.0 76.0 13.0 0.92 0.23 13.0
------- ------ ------- ---- ---- ----------
82.0 116.5 34.5 1.09 0.27 34.5
------- ------ ------- ---- ---- ----------
C609 No Mineralisation
------------------------------------------------
C610 188.5 235.0 46.5 0.85 0.28 46.5
------- ------ ------- ---- ---- ----------
C611 171.6 176.5 4.9 1.08 0.23 4.9
------- ------ ------- ---- ---- ----------
181.0 214.0 33.0 0.57 0.23 33.0
------- ------ ------- ---- ---- ----------
C612 383.2 399.4 16.2 0.71 0.20 16.2
------- ------ ------- ---- ---- ----------
C613 No Mineralisation
------------------------------------------------
23.6 m per Hole
2018 Avg. 14.6 m per Interval 0.87 0.24
------------------------ ---- ---- ----------
28.7 m per Hole
Target 17.2 m per Hole 0.94 0.26
------------------------ ---- ---- ----------
March 2018 Mineral Resource Estimate
0.4% Nickel Cutoff Grade
Resource Ore Ni Cu Co Pt Pd Eq Contained Metal (t)
Classification Mt % % % g/t g/t Ni
(%)
Ni Cu Co Pt Pd Eq
(1000's) (1000's) (1000's) (t) (t) Ni
(1000's)
--------- --------- --------- ----- ----- ----------
MKF
Measured
------ ----- ----- ------ ----- ----- ----- --------- --------- --------- ----- ----- ----------
Indicated 57.5 0.77 0.22 0.015 0.15 0.16 1.06 445 124 8.9 8.8 9.3 606.5
------ ----- ----- ------ ----- ----- ----- --------- --------- --------- ----- ----- ----------
M+I 57.5 0.77 0.22 0.015 0.15 0.16 1.06 445 124 8.9 8.8 9.3 606.5
------ ----- ----- ------ ----- ----- ----- --------- --------- --------- ----- ----- ----------
Inferred 3.4 0.80 0.22 0.017 0.16 0.15 1.06 27 7 0.6 0.5 0.5 36.1
------ ----- ----- ------ ----- ----- ----- --------- --------- --------- ----- ----- ----------
MKF TOTAL 60.9 0.78 0.22 0.015 0.15 0.16 1.06 472 131 9.5 9.3 9.8 643.0
------ ----- ----- ------ ----- ----- ----- --------- --------- --------- ----- ----- ----------
IKEN
Measured 10.6 0.71 0.18 0.011 0.22 0.26 0.98 75 19 1.1 2.3 2.8 103.2
------ ----- ----- ------ ----- ----- ----- --------- --------- --------- ----- ----- ----------
Indicated 13.6 0.66 0.17 0.012 0.18 0.20 0.91 89 24 1.7 2.4 2.8 123.7
------ ----- ----- ------ ----- ----- ----- --------- --------- --------- ----- ----- ----------
M+I 24.2 0.68 0.18 0.012 0.19 0.23 0.94 164 43 2.8 4.7 5.6 226.9
------ ----- ----- ------ ----- ----- ----- --------- --------- --------- ----- ----- ----------
Inferred 27.8 0.80 0.23 0.017 0.19 0.19 1.10 222 63 4.6 5.2 5.3 306.5
------ ----- ----- ------ ----- ----- ----- --------- --------- --------- ----- ----- ----------
IKEN TOTAL 51.9 0.75 0.20 0.014 0.19 0.21 1.03 386 106 7.5 9.9 10.8 534.0
------ ----- ----- ------ ----- ----- ----- --------- --------- --------- ----- ----- ----------
KUB
Measured -
------ ----- ----- ------ ----- ----- ----- --------- --------- --------- ----- ----- ----------
Indicated 32.9 0.69 0.19 0.014 0.13 0.12 0.93 226 63 4.7 4.3 3.9 306.0
------ ----- ----- ------ ----- ----- ----- --------- --------- --------- ----- ----- ----------
M+I 32.9 0.69 0.19 0.014 0.13 0.12 0.93 226 63 4.7 4.3 3.9 306.0
------ ----- ----- ------ ----- ----- ----- --------- --------- --------- ----- ----- ----------
Inferred 4.7 0.7 0.19 0.014 0.12 0.12 0.94 33 9 0.7 0.6 0.6 44.5
------ ----- ----- ------ ----- ----- ----- --------- --------- --------- ----- ----- ----------
KUB TOTAL 37.6 0.69 0.19 0.014 0.13 0.12 0.93 259 72 5.3 4.9 4.5 349.9
------ ----- ----- ------ ----- ----- ----- --------- --------- --------- ----- ----- ----------
VOD
Measured 0.6 0.74 0.22 0.012 0.29 0.32 1.24 5 1 0.1 0.2 0.2 7.6
------ ----- ----- ------ ----- ----- ----- --------- --------- --------- ----- ----- ----------
Indicated 3.2 0.85 0.21 0.017 0.16 0.16 1.13 27 7 0.5 0.5 0.5 36.0
------ ----- ----- ------ ----- ----- ----- --------- --------- --------- ----- ----- ----------
M+I 3.8 0.85 0.21 0.016 0.20 0.19 1.15 32 8 0.6 0.7 0.7 43.9
------ ----- ----- ------ ----- ----- ----- --------- --------- --------- ----- ----- ----------
Inferred 1.0 0.81 0.22 0.016 0.17 0.16 1.06 8 2 0.2 0.2 0.2 11.0
------ ----- ----- ------ ----- ----- ----- --------- --------- --------- ----- ----- ----------
VOD TOTAL 4.8 0.83 0.21 0.016 0.18 0.18 1.13 40 10 0.8 0.9 0.9 54.6
------ ----- ----- ------ ----- ----- ----- --------- --------- --------- ----- ----- ----------
TOTAL
Measured 11.2 0.71 0.18 0.011 0.23 0.26 0.99 80 20 1.3 2.5 3.0 110.8
------ ----- ----- ------ ----- ----- ----- --------- --------- --------- ----- ----- ----------
Indicated 107.0 0.74 0.20 0.015 0.15 0.15 1.00 787 217 16.2 16.0 16.6 1,075.1
------ ----- ----- ------ ----- ----- ----- --------- --------- --------- ----- ----- ----------
M+I 118.2 0.73 0.20 0.015 0.16 0.17 1.00 867 237 17.5 18.5 19.6 1,185.9
------ ----- ----- ------ ----- ----- ----- --------- --------- --------- ----- ----- ----------
Inferred 37.0 0.79 0.22 0.017 0.17 0.18 1.08 290 81 6.0 6.4 6.6 398.2
------ ----- ----- ------ ----- ----- ----- --------- --------- --------- ----- ----- ----------
TOTAL 155.1 0.75 0.21 0.015 0.16 0.17 1.02 1,157 319 23.5 24.9 26.0 1,581.6
------ ----- ----- ------ ----- ----- ----- --------- --------- --------- ----- ----- ----------
Numbers may not be concise due to rounding.
Glossary
DEFINITIONS OF EXPLORATION RESULTS, RESOURCES & RESERVES
EXTRACTED FROM THE JORC CODE: (December 2012) (www.jorc.org)
A 'Mineral Resource' is a concentration or occurrence of
material of intrinsic economic interest in or on the Earth's crust
in such form, quality and quantity that there are reasonable
prospects for eventual economic extraction. The location, quantity,
grade, geological characteristics and continuity of a Mineral
Resource are known, estimated or interpreted from specific
geological evidence and knowledge. Mineral Resources are
sub-divided, in order of increasing geological confidence, into
Inferred, Indicated and Measured categories.
An 'Inferred Mineral Resource' is that part of a Mineral
Resource for which tonnage, grade and mineral content can be
estimated with a low level of confidence. It is inferred from
geological evidence and assumed but not verified geological and/or
grade continuity. It is based on information gathered through
appropriate techniques from locations such as outcrops, trenches,
pits, workings and drill holes which may be limited or of uncertain
quality and reliability.
An 'Indicated Mineral Resource' is that part of a Mineral
Resource for which tonnage, densities, shape, physical
characteristics, grade and mineral content can be estimated with a
reasonable level of confidence. It is based on exploration,
sampling and testing information gathered through appropriate
techniques from locations such as outcrops, trenches, pits,
workings and drill holes. The locations are too widely or
inappropriately spaced to confirm geological and/or grade
continuity but are spaced closely enough for continuity to be
assumed.
A 'Measured Mineral Resource' is that part of a Mineral Resource
for which tonnage, densities, shape, physical characteristics,
grade and mineral content can be estimated with a high level of
confidence. It is based on detailed and reliable exploration,
sampling and testing information gathered through appropriate
techniques from locations such as outcrops, trenches, pits,
workings and drill holes. The locations are spaced closely enough
to confirm geological and/or grade continuity.
An 'Ore Reserve' is the economically mineable part of a Measured
and/or Indicated Mineral Resource. It includes diluting materials
and allowances for losses which may occur when the material is
mined. Appropriate assessments and studies have been carried out,
and include consideration of and modification by realistically
assumed mining, metallurgical, economic, marketing, legal,
environmental, social and governmental factors. These assessments
demonstrate at the time of reporting that extraction could
reasonably be justified. Ore Reserves are sub-divided in order of
increasing confidence into Probable Ore Reserves and Proved Ore
Reserves.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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