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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Amur Minerals Corporation | LSE:AMC | London | Ordinary Share | VGG042401007 | ORD NPV |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 0.09 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Mineral Royalty Traders | 0 | -3.01M | -0.0022 | -0.41 | 1.25M |
From Apr 2019 to Apr 2024
TIDMAMC
RNS Number : 1714B
Amur Minerals Corporation
19 September 2018
19 September 2018
AMUR MINERALS CORPORATION
(AIM: AMC)
August 2018 Drill Programme Milestones
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 August 2018 drill update at its wholly owned Kun-Manie nickel copper sulphide project ("Kun-Manie" or "the Project").
August's drilling has been highly productive with multiple accomplishments and enhancements to the Project being achieved. These include resource expansion within the high grade orebody at Ikenskoe / Sobolevsky ("IKEN"), the joining up of the ISK Orebody with the Kubuk ("KUB") Orebody and the reduction of a barren zone that had been inadequately drilled. Drilling within all areas has been conducted on a 100 metre ("m") by 100 m drill grid which has been utilised by RPM Global ("RPM") to assign Indicated resources.
The combination of mineral limit expansion and use of the spacing to defined Indicated resource will likely have a two-fold effect on the Kun-Manie project. It is anticipated that the results will provide for an increase in the Mineral Resource Estimate ("MRE") with a significant portion being Indicated by JORC (Dec. 2012) classification. The future MRE will increase the tonnages available for the determination of the Mining Ore Reserves ("MOR"). An increase in the MOR will allow for an increased flexibility in determination of further optimisation of the mine production schedule allowing for the treatment of higher grade ores earlier in the mine life, and thereby improving the projected Net Present Value ("NPV") and Internal Rates of Return ("IRR").
Highlights:
-- A total of 7,969.1 m (29 holes) of drilling was completed during August bringing the season's total to 143 holes containing a total of 26,235.4 m.
-- The second of three priority targets has been completely drilled. In August 2018, the IKEN Inferred High Grade Zone ("IIHG") had been identified by a total of 29 mineralised holes (2017 and 2018) resulting in an increase of 81% to the deposit size taking it from 0.16 square kilometres to 0.29 square kilometers. The zone has been expanded to the northeast (ranging from 100 m to 300 m) and southeast (100 m).
-- Drilling within the IIHG has been completed using a 100 m by 100 m grid which has historically been utilised by RPM to assign Indicated resource suitable for inclusion in the determination of MOR's.
-- The configuration of the mineralisation within IIHG is indicated to cover 0.29 square kilometre area at an indicated 30.9 m thickness averaging 0.91% for nickel and 0.25% for copper representing an expansion of 81%.
-- The Company expects that the update of the IKEN MRE which includes the IIHG area will result in a substantial increase with regard to total mineralised tonnes and the JORC resource category. At the beginning of the drill season, IIHG was estimated to contain 14.6 million tonnes of Inferred resource averaging 0.87% nickel and 0.24% copper. With expansion of the resource, the area could source as much as four years of higher grade production for the processing plant.
-- The 1,000 m long ISK Orebody and the 1,300 m long KUB Orebody have been linked together with the discovery of a 400 m long mineralised zone located between the two orebodies. In addition, drilling has expanded the ISK Orebody by an additional 100 m to the west. The total length of the unified orebody from the west end of ISK to the east end of the KUB Orebody in projected to be 2,800 m.
-- The newly discovered mineralized zone located between ISK and KUB is well mineralised. Four holes drilled along the strike of the structure indicate an average thickness of 67.3 m at 0.75% nickel and 0.20% copper. Of these four holes, one contains 98.6 m of mineral averaging 0.89% nickel and 0.23% copper making it the best drill hole completed at Kun-Manie. Drilling up dip from these holes has confirmed the presence of mineralisation with the block between ISK and KUB which is now drilled on a 100 m by 100 m grid. The area will provide for an increase to the MRE whilst simultaneously providing the potential to host previously undefined Indicated resources.
-- At the west limit of the newly unified orebodies of ISK and KUB, additional mineralisation has also been identified within two holes averaging 44.2 m in thickness with 0.99% nickel and 0.26%. Identified at the end of the month, additional drilling within the area is necessary to identify the extent of the new mineralisation in the dip orientation and in the strike direction southeastward toward the ISK deposit. Based on the current drill spacing, the Company projects this new mineralisation to be of the Inferred resource category.
-- Consolidation of the 2017 and 2018 drill results now confirms the presence of a persistent flat lying strike oriented mineral structure from the west end of IIHG to the midpoint of the KUB Orebody. This 2,900 m long area hosts a total of 2,800 m (a 100 m waste zone between IIHG and ISK) zone of mineralisation defined by 29 drill holes. These holes on average indicate the structure to be 35.6 m in thickness containing 0.83% nickel and 0.25% copper. The structure represents a substantial open pit target along the entirety of the zone which is anticipated to materially increase the reported (28 June 2018) open pit simulation results contained within three ultimate pits. Derivation of a single pit along this trend could result in an improved ore to waste stripping ratio whilst simultaneously increasing the MOR.
-- Three holes have been completed in the down dip direction from known mineral at KUB. These have identified the deeper limits of mineral which ranges from 3.0 m to 6.8 m in thickness having nickel grades ranging from 0.54% to 0.76%. KUB is now considered to be completely drilled.
-- Six holes were completed in the down dip direction from 2017 ISK ore holes to determine if economic mineral continues to the northeast. Five of the six holes intersected mineral confirming the presence of economic grade mineral in the down dip direction. The five mineralised holes contain from 8.0 m to 25.0 m of mineral with nickel grades ranging from 0.50% to 0.90%.
-- Historical drilling completed in 2006 located approximately 300 m to 400 m to the northeast of the completed August down dip holes at ISK contains 12.7 m of 1.2% nickel. Successful drilling in the area between the 2006 intercept and that of the five ore holes completed this month could result in the identification of the longest dip oriented continuous mineralised zone at Kun-Manie. The potential length in this orientation would be in the order of 800 m and is a part of a much larger area considered to have highly prospective potential. Drilling in the area is planned to be undertaken after the project is in production.
-- Metallurgical sample collection continued during the month with approximately 2,000 m remaining to be drilled. Completion of this work will provide the Company with a metallurgical sample in the order of 15.0 tonnes. About half will have been derived along the IKEN - KUB Trend and the other half having been acquired during drilling at the MKF Orebody. The 15.0 tonne sample will enable the Company to undertake a combination of bench and pilot plant scale test work for final flow sheet design and engineering of the plant, capable of treating the mine life ore variability range whilst also providing key information for consideration in the design and construction of a Low Grade Matte production facility.
-- The Company anticipates that August's drilling will have a substantial and material impact on the 28 June 2018 open pit simulations along the IKEN / KUB Trend. In that evaluation, three significant pits had been defined and were centred on the IKEN Orebody, the ISK Orebody and the KUB Orebody. New open pit simulations used on an updated MRE update could result in the identification of a single large pit encompassing the majority of the mineralisation located along the 4,100 m long IKEN / KUB Trend.
-- Expansion of the open pit potential and the identification of the associated MOR is anticipated to provide additional flexibility in the identification of higher grade ores that may be available to early production supplanting the lower grade ores whilst simultaneously extending the mine life. Optimisation of the production schedule by processing higher grade ores earlier in the production cycle typically improves the Net Present Value ("NPV") and Internal Rate of Return ("IRR").
-- The Company plans to continue drilling through the month of September targeting acquisition of the final portion of the metallurgical sample, defining the up dip limits of the mineralisation in the ISK area and to continue drilling of the area at the west end of ISK adjacent the 100 m barren area.
-- Alex Stewart Laboratory ("ASL"), responsible for the derivation of the final analytical results used in resource estimation, has thus far been providing results within approximately six weeks of the samples being helicoptered off the site and their arriving in Moscow. The comprehensive final results for this year's drilling are anticipated for delivery by Q1 2019. ASL results have been obtained for the majority of the drilling completed through July 2018.
The August drill programme has completed the second of its three priority drill objectives and allowed for the implementation of secondary target drilling designed to identify specific mineral limits within and along the IKEN / KUB Trend.
Previously, drilling in accordance with the Russian Federation Sub-soil law has been completed and moving forward this will allow the Company, in certification of the reserve, to use in attaining necessary mining permissions. The second objective was attained on the completion of drilling at the IIHG resource identified which was projected to contain 14.6 million tonnes Inferred resource. The third objective comprised of metallurgical sample collection which is well advanced with approximately 2,000 m remaining to be drilled.
Secondary priority level drilling was initiated in August and was intended to identify the limits of mineralisation where insufficient drilling was present at the end of 2017. This effort has discovered substantial new mineral extensions where limited potential was interpreted to exist allowing for additional ore sources that could further increase the MRE during the next update. The secondary priority work has linked orebodies and reduced the length of waste along the IKEN - KUB Trend.
Drilling conducted during this season was completed, where possible, on a drill spacing used by RPM to report Indicated resources. The Company anticipates a substantial increase to the March 2018 MRE, the key to the new resource will be the amount of Indicated, or improved, resource which can be utilised for MOR definition.
Robin Young, CEO of Amur Minerals, commented:
"August's drilling was an exceptional month having reaped numerous successes and benefits, both anticipated and unanticipated. These results bode well for the continual evaluation of the Kun-Manie Project and should provide substantial future benefits to the Project.
"In August, our drillers completed work on the Ikenskoe / Sobolevsky High Grade Zone which represents one of the highest grade orebodies at Kun-Manie. It has been nearly doubled in size and drilled at the spacing likely to allow for its identification of Indicated resource over its full extent.
"Drilling of secondary priority targets for the determination of mineral limit definition in areas of limited drill holes have provided unexpected, but promising results. Substantial discoveries of new mineral have been made throughout areas thought to have limited potential. In fact, within one area, we intersected our best ever interval of 98.6 m of 0.89% nickel and 0.23% copper. The August component of drilling linked orebodies together and we now know there is a near 2,800 m long, pervasively mineral horizon along the strike of a part of the Ikenskoe / Sobolevsky - Kubuk Trend. Drilling indicates this is about a 35.6 m thick horizon and contains an average of 0.83% nickel and 0.25% copper.
"It is anticipated these results will have a material impact on the Mineral Resource Estimate, the Mining Ore Reserve, optimisation of the production schedule and the projected economic potential of Kun-Manie. It is a rare achievement that a month of drilling can have such an overall potential impact on a Project."
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.
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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 and RPM Global.
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/20180906_RNS_0818_Drill_Update.pdf
https://amurminerals.com/content/wp-content/uploads/20180915_RNS_Aug_Drilling.mp3
August 2018 Drill Update
Project Area Nomenclature
Multiple project area names are utilised within the licence area at Kun-Manie. To avoid confusion regarding the variously used project area names and to provide key information related to this announcement, a link to a PDF file has been provided presenting details related to the area names, drill results, drill hole location maps and additional graphics. It is recommended that this announcement be read in conjunction with the PDF.
Area names and the related supporting slides within the PDF follow:
-- Within the Company's licence area is the 16 kilometre long Kurumkon Trend. It contains four deposits from which production is presently planned. From west to east, these deposits are Maly Kurumkon / Flangovy ("MKF"), Vodorazdelny ("VOD"), IKEN and KUB. In March 2018, a MRE was reported on a global basis and for each deposit. (Slide 1)
-- In the eastern half of the licence is the IKEN / KUB Trend, it is a part of the Kurumkon Trend. The IKEN / KUB Trend is 4,200 m long and is further divided into two areas called the IKEN Area (2,600 m long) and the KUB Area (1,600 m long). Three orebodies are present within the IKEN / KUB Trend (Slide 2).
-- The 2,600 m long IKEN Area contains two orebodies. The western orebody is identified as the IKEN Orebody having a length of 1,100 m length with the more easterly located central orebody being identified as the ISK Orebody (1,200 m long). As of the end of 2017, the two orebodies were separated by a barren block of waste (300 m wide). This waste block is called the Western Fault Zone ("WFZ"). The March 2018 MRE is identified as the IKEN MRE and contains the mineralisation identified to be present within both the IKEN Orebody and ISK Orebody. (Slides 2, 4 and 6).
-- The IKEN Orebody is divided into two zones. The southeast portion of the IKEN Orebody contains a large block of higher grade Inferred resource (defined by drilling in 2017). This southeastern area is identified as the IIHG (Slide 4) and outcrops at its western limit with its easterm boundary being the barren zone called the WFZ.
-- The central orebody located along strike and to the southeast of the IIHG is the 1,000 m long ISK Orebody (Slide 6). It is bounded to the west by the WFZ and to the east by the Eastern Fault Zone ("EFZ"). Reported MRE tonnages for the ISK Orebody are included as a part of the IKEN MRE.
-- Finally, the KUB Area contains the KUB Orebody which is 1,300 m long. The western boundary is defined to be the east edge of the EFZ. (Slide 8).
Objectives of the 2018 Drill Programme
2018 is the final year scheduled for drilling, its key objectives were identified by the Company to gather additional information to undertake necessary engineering works for detailed design work related to the proposed Kun-Mine nickel copper sulphide operation.
The 2018 drill programme was based on available information prior to commencement of drilling in May. Key documents included the 20 March 2018 MRE update and the Earning Before Income Tax, Depreciation and Amortisation ("EBITDA") assessment of 16 April 2018. On 28 June 2018, while drilling was underway, the mining potential assessment along the IKEN / KUB Trend became available which further confirmed and supported the Company's drill programme design. Key priority objectives for drilling included:
-- Drilling of the four deposits from which mine production is anticipated to allow the Company to undertake Russian Federation certification of the reserve, its inclusion in a Russian Feasibility Study (a TEO) and its ultimate use in obtaining mining permissions from the Russian Federation. A side benefit to this Russian based portion of the programme is the additional information that will also allow the Company to reclassify the existing resource categories upward due to the increased drill density. (Drilling Completed)
-- Establish the continuity and extent of the mineralisation located within the area identified as the IIHG. The zone contains elevated nickel grades exceeding those for other resource areas which if drill confirmed at a spacing of 100 m by 100 m would likely allow for its conversion from Inferred to Indicated. This would subsequently allow the area to be considered in the determination of a MOR and its subsequent insertion into the early years of production to further enhance the economic potential of Kun-Manie. (Drilling Completed)
-- Increase the size of the existing bulk metallurgical sample by drilling holes along the IKEN / KUB Trend. Limited metallurgical information and sample is available along this trend. The addition of this sample is intended to allow the Company to identify metallurgical recoveries with regard to rock type, grade variation, variation by deposit and other parametres allowing for the development of an appropriate flowsheet capable of treating the anticipated range of metallurgical responses that will be encountered over the life of the mine. (Underway)
To attain the objectives, the 2018 drill programme was estimated to require approximately 20,300 m for completion of the above. Important secondary drill targets were also identified on a preliminary basis in the advent of early completion of the three original objectives. The secondary objectives under consideration were:
-- Determination of the limits of the mineralisation along strike from the deposits of IIHG, ISK and KUB deposits including drilling in the EFZ and WFZ interpreted to be devoid of mineral.
-- Identification of limits of mineralisation in the down dip direction at the KUB Orebody where it had not yet been established and could contribute to the MOR.
-- Identification of the limits of the mineralisation in both the down and up dip directions at the ISK Orebody where it had not yet been established. Up dip determination would establish the limits of mineral suitable for open pit production allowing for pit limit determination. Drilling down dip of mineralised holes completed in 2017 would assist in defining the presence or absence of mineral adjacent to these holes. Positive results could expand the MOR and modify pit limits.
The metres planned for this secondary priority effort would be driven by the actual drill results, availability to fully support the drilling of the additional metres and suitable weather conditions allowing for safe drill conditions.
Global Progress - 2018 Drill Summary
Through to 31 August 2018, a total of 143 diamond core holes (26,235.4 m) have been completed. Drilled by the Company owned Boart Longyear LF 70 and LF 90 diamond core drill rigs, the combined average drilled metres per day is approximately 222 m. During August, the Company had completed all priority drilling with the exception of a limited amount of the metallurgical sample collection remaining (approximately 2,000 m). Given the completion of the priority drilling in early August, the Company initiated drilling of the secondary priority targets.
With regard to the priority drill objectives, a total of 20,148.3 m within 115 holes has been completed. Approximately 2,000 m remains to be drilled for metallurgical sample collection. A summary of the year's drilling specific to the priority objectives follows.
Original Plan Distribution of Drilling
Through 31 August 2018
Objective Holes Completed Remaining Budgeted
Metres Holes Metres
MKF GKZ 19 2,887.0 Completed
------ ---------- ------------ ---------
VOD GKZ 6 375.0 Completed
------ ---------- ------------ ---------
IKEN GKZ 14 776.2 Completed
------ ---------- ------------ ---------
KUB GKZ 23 2,703.0 Completed
------ ---------- ------------ ---------
Total GKZ 62 6,741.2 Completed 6,500
------ ---------- ------------ ---------
IIHG 26 8,678.8 Completed 7,000
------ ---------- ------------ ---------
Metallurgical Sample
Collection 27 4,728.3 In Progress 6,800
------ ---------- ------------ ---------
Summary 115 20,148.3 20,300
------ ---------- ------------ ---------
The drilling of secondary targets started during the month with a great deal having been achieved with regard to the second stage of work. In early August, the Company assigned the first available rig to secondary target drilling with second rig joining mid-month upon its completion of drilling at the IIHG. At the end of the month, 24 holes (5,300.1 m) targeting secondary objectives were complete along the IKEN / KUB Trend. The distribution of drilling follows:
Drilling Through 31 August 2018
Secondary Level Targets
Objective Holes Completed
Metres
KUB 13 3,416.6
------ ----------
ISK 11 1,883.5
------ ----------
GORNY Geology (June) 4 787.0
------ ----------
Total 28 6,087.1
------ ----------
Limited drilling for the acquisition of additional geological and structure information within the GORNY area was completed in June. For completeness in reporting, it has been included in the drill summary on secondary targets.
Results - IIHG Drill Review (Slides 4 and 5)
Selection of this area as a priority drill target was based on the March 2018 MRE which indicated the zone to contain 14.6 million Inferred ore tonnes averaging 0.87% nickel (127,000 nickel tonnes) and 0.25% copper (36,500 copper tonnes). The zone was projected to have a thickness of 30.4 m over an aerial extent of 0.16 square kilometres. The estimated grade for this portion of the IKEN March 2018 MRE inventory indicates this zone contains one of the highest grades at Kun-Manie.
With its elevated grade and assuming successful infill drilling establishing the continuity of thickness and grade, the zone could contain a potential source of higher grade ores available to the mill at an early stage in the mine life and extend the mine life by shifting lower grade production to later years. Ultimately, this would enable the Company to produce greater tonnages of metal from the same tonnage of ore feed potentially improving project economics. For this reason, the Company undertook drilling using a 100 m by 100 m spaced drill pattern (used by RPM to assign Indicated resource). Any newly discovered mineral was also to be drilled using the spacing allowing for its consideration as an Indicated resource. Successful completion would allow for this high grade material to be incorporated in ensuing MOR determinations.
Drilling of this priority target began 21 May 2018 and was completed on 9 August 2018. The following was accomplished:
-- The limits of the zone have been expanded by 81% from 0.16 square kilometres to a 0.29 square kilometres substantially increasing MRE.
-- Within the global limits of this zone, it has been drilled on a 100 m by 100 m drill grid which has been historically used by RPM to assign Indicated resource. The future MRE update for this expanded resource area may no longer contain any Inferred resource and could be completely replaced by Indicated resource.
-- Over the extent of the 0.29 square kilometres, 29 holes (2017 and 2018) indicate the zone is approximately 30.9 m in thickness with a drill indicated grade of 0.91% nickel and 0.25% copper.
A summary of the drill results from within the orebody follows:
IIHG
Drill Statistics
Drilled Holes Average Nickel Copper
Vertical (%) (%)
Metres
2017 10 33.4 0.96 0.26
------ ---------- ------- -------
2018 19 28.1 0.88 0.24
------ ---------- ------- -------
Total 29 30.9 0.91 0.25
------ ---------- ------- -------
The Company projects that the expanded resource and total contained metal has likely been increased in a range of 75% to 100% (from that of 127,000 nickel tonnes) whilst simultaneously being upgraded to an Indicated resource fully suited for inclusion in MOR determination. Verification of these results by an independent mining consultant is necessary. On a production basis, the IKEN Inferred area could contain as much as four years of higher grade production available to production earlier in the mine life significantly contributing to project economics.
Drill Results on EFZ Secondary Target (Slides 6 and 8)
Having completed work on the priority targets, drilling was undertaken on the secondary targets of WFZ and EFZ zones which had been considered to be devoid of mineralisation. The two zones contained limited drilling with sub-economic nickel values having been defined.
On 4 August, the first available rig began drilling a 500 m long zone located along strike and within the EFZ located between the ISK and KUB Orebodies to determine the extent of the area devoid of mineral. Four holes were identified for drilling along a line between the southeasternmost well mineralised hole (C383) at ISK to the northwesternmost well mineralised hole (C495) at KUB. The 2017 drill results for these two holes follow:
2017 Drill Results - ISK and KUB
EFZ Bounding Holes
Drill From To Length Ni Cu
Hole (m) (m) (m) (%) (%)
C383
ISK 152.5 196.5 44.0 0.82 0.20
------ ------ ------- ----- -----
201.1 226.7 25.6 0.93 0.22
------ ------ ------- ----- -----
C495
KUB 196.4 202.0 5.6 0.78 0.22
------ ------ ------- ----- -----
205.0 208.0 3.0 0.53 0.13
------ ------ ------- ----- -----
211.0 241.8 30.8 0.87 0.21
------ ------ ------- ----- -----
Average 54.5 0.85 0.21
------- ----- -----
Completion of the four holes identified that the barren zone was well mineralised along the entire drill line. Within the four holes, the average mineral thickness was 67.3 m containing 0.75% nickel and 0.20% copper. Results follow:
EFZ Drill Results
Hole From To Length Ni Cu
(m) (m) (m) (%) (%)
C558 101.9 120.5 18.6 1.09 0.21
------ ------ ------- ----- -----
123.6 203.6 80.0 0.84 0.24
------ ------ ------- ----- -----
C565 128.2 141.0 12.8 0.50 0.20
------ ------ ------- ----- -----
183.4 194.6 11.2 0.50 0.15
------ ------ ------- ----- -----
198.8 203.0 4.2 0.91 0.22
------ ------ ------- ----- -----
C568 119.0 143.0 24.0 0.96 0.28
------ ------ ------- ----- -----
149.0 198.5 49.5 0.55 0.17
------ ------ ------- ----- -----
C569 211.6 241.0 29.4 0.87 0.17
------ ------ ------- ----- -----
248.5 288.1 39.6 0.55 0.13
------ ------ ------- ----- -----
EFZ Average 67.3 0.75 0.20
------- ----- -----
Immediately, the Company initiated step out drilling in the up dip direction to define the continuity of the mineral in this orientation. Six additional holes were completed with four intersecting economic grades of mineralisation verifying the presence of mineral in the up dip directions. These holes contained an average thickness of 19.7 m with a nickel content of 0.62% and a copper grade of 0.27%.
The EFZ area drilling has:
-- Provided the best result in a drill hole ever drilled at Kun-Manie. Hole C588 intersected a total of 98.6 mineralised metres averaging 0.89% nickel and 0.23% copper. This exceeds last year's record intercept in Hole C364 containing 76.4 m of 0.90% nickel and 0.24% copper.
-- Linked the ISK and KUB deposits resulting in the discovery of new mineral which will increase the Kun-Manie MRE. The unified orebody length is now projected to be from 2,600 m to 2,800 m long (from west limit of ISK Orebody to east limit of KUB Orebody).
-- The drill spacing within the new block of mineralisation may have identified Indicated resource and may have converted existing Inferred resource to that of Indicated.
-- 28 June 2018 open pit simulations "mined" ISK and KUB as separate open pits. The linking together will likely result in a single larger pit being generated having a significant impact on the stripping ratios with the new ore having reduced waste tonnage removal to extract the ore.
Drill Results on WFZ Secondary Target (Slides 4 and 8)
On 18 August 2018, the second drill rig became available after having completed drilling on the IIHG. It was assigned to undertake drilling of the WFZ level two priority target.
Prior to drilling, the WFZ was projected to have a width of 300 to 400 m. Limited drilling had been completed within and adjacent the zone during 2017. Using two holes (one from each of IIHG and ISK), a drill line was established along which drilling is being conducted on 100 m intervals along strike. Drilling began in late August and is not yet complete. A summary table providing the current status of drilling along the drill line from west to east WFZ follows.
WFZ Drill Results
Drill Year From To Length Ni Cu Comment
Hole (m) (m) (m) (%) (%)
C356 IKEN Ore
IKEN 2017 272.2 323.6 51.4 0.99 0.27 Inferred
------ ------- ------- ------- ------- ------- -------------------
C627 2018 New Ore
WFZ 2018 334.2 371.7 37.5 1.04 0.26 IKEN Addition
------ ------- ------- ------- ------- ------- -------------------
380.8 385.0 4.2 1.06 0.26
-------------- ------- ------- ------- ------- ------- -------------------
C632 2018 Barren Barren Barren Barren Barren 2018 WFZ
WFZ Confirmed
Barren
------ ------- ------- ------- ------- ------- -------------------
C633 2018 New Ore
WFZ 2018 176.5 237.8 61.3 1.01 0.25 ISK Addition
------ ------- ------- ------- ------- ------- -------------------
C361 2017 ISK
ISK 2017 222.6 225.6 3.0 0.42 0.38 Requires Drilling
------ ------- ------- ------- ------- ------- -------------------
C379 2017 185.3 233.2 47.9 0.83 0.21 ISK Ore
ISK 265.7 271.5 5.8 0.48 0.23
------- ------- ------- ------- ------- -------------------
Drilling presently confirms the presence of a 100 m wide barren zone which has been reduced due to newly acquired drill results in 2018. New ore has been defined to be present to the east and west of the WFZ reducing its length. The distribution of the 200 m of new ore is split evenly between the IIHG and ISK. The Company plans to complete additional drilling up and down dip from the holes located along the drill section to determine the continuity of the thickness and grades that are indicated to be present. The Company also notes hole C361 contains marginal mineralisation and plans to drill added holes along the drill section to more fully identify the presence or absence of mineral in the dip directions.
Pervasive Mineralised Horizon Identified (Slide 3 and 10)
The 2017 and 2018 drill programmes have been predominantly focused on a 2,900 m long including the IIHG, the ISK Orebody and the western half of KUB mineralisation. At the end of 2017, barren zones (WFZ and EFZ) were interpreted to be present between the three orebodies.
With the completion of drilling the IIHG, the Company implemented drilling of the secondary targets. This included drilling of the barren zones (WFZ and EFZ) that separated the three orebodies within which limited drilling had been completed in 2017. The newly discovered mineralisation (reported above) has completely eliminated the EFZ and substantially reduced the size of the WFZ.
Examination of the comprehensive drill set from both 2017 and 2018 now confirms that this 2,900 m strike long area contains a relatively flat lying pervasive mineral structure of significant economic potential. A total of 2,800 m of strike length mineral has been identified by 29 holes drilled at 100 m intervals averages 35.6 m in thickness and contains 0.83% nickel and 0.25% copper.
The configuration of the zones persistent length indicates that an update to the MRE should result in an increase in the total mineralised tonnage and much of the existing Inferred resource and the newly defined resource may fall within the Indicated resource category. In addition, subsequent open pit mine simulations will significantly vary from those reported 28 June 2018. Especially with inclusion of the new mineral which could allow the ultimate pits to be joined together resulting in an expansion of the MOR and its inclusion in the mine production schedule.
ISK and KUB Down Dip Limit Drilling (Slides 6 and 8)
At ISK, six holes were completed down dip of 2017 drilling to identify the presence of deeper mineralisation. Ranging from 100 m to 200 m from the nearest up dip holes, five intersected mineral thicknesses ranging from 8.0 m to 25.0 m containing nickel grades ranging from 0.5% to 0.9% confirming the presence of mineralisation continuing in dip direction. It is also noted that these holes are located 300 m to 400 m from a hole completed in 2006 which contains 12.7 m of 1.2% nickel. The area located in the dip direction from ISK represents a substantial drill target for future drilling during production.
Three additional holes were also completed along the north edge of the KUB orebody to define the deeper limits of the orebody where the mineralisation thins. The holes contain intervals ranging from 3.0 m to 6.8 m and have associated nickel grades in the order of 0.54% to 0.76%. The Company considers KUB to have been completed drill off.
Metallurgical Sample Collection
Drilling to collect a large scale representative metallurgical sample along strike length of IKEN through to KUB deposits continues. Drill holes spaced at 100 metre intervals are being completed with the plan comprised of a total of 6,800 m over the entire field season. To date, all but 2,000 m have been completed. Samples have been fully collected from KUB with holes planned for completion along ISK and the IKEN Orebody.
Completion of the metallurgical sample collection programme is anticipated to generate from six to seven tonnes of sample from this area 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.
Completion of this sample collection effort is anticipated to yield approximately 7.5 tonnes of representative sample bringing the total available sample for testwork to 15.0 tonnes including that already accumulated from MKF.
Remainder of Drill Season
Weather permitting, the Company plans to conduct drilling through to the end of September. During this month the Company plans to:
-- Complete metallurgical sample collection. -- Complete drilling in the area of the WFZ. -- Drill a line of holes along the up dip limits of the ISK orebody.
Definition of the mineralised limits at WFZ and ISK will allow for reclassification of resources, the generation of updated open pit simulations, compile an updated MOR for inclusion in future mine production planning and scheduling.
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 Alex Stewart Laboratories ("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 sample submitted to ASL and has confirmed that Amur's protocols all stages of its work regarding analytical determination meet industry standards.
Presently, the Company has received ASL results for holes completed through July 2018.
End of Message
2018 Drill Results as of 31 August 2018
Longitudinal Section Drill Results
(Slide 3)
Hole From To Length Ni Cu
(m) (m) (m) (%) (%)
C219 4.6 19.6 15.0 1.09 0.23
----- ----- ------ ---- ----
22.0 52.0 30.0 1.15 0.22
----- ----- ------ ---- ----
C608 63.0 76.0 13.0 0.89 0.21
----- ----- ------ ---- ----
82.0 116.5 34.5 1.10 0.26
----- ----- ------ ---- ----
C601 152.0 155.0 3.0 0.86 0.19
----- ----- ------ ---- ----
159.6 172.1 12.5 0.85 0.23
----- ----- ------ ---- ----
176.3 205.6 29.3 1.08 0.24
----- ----- ------ ---- ----
C610 188.5 235.0 46.5 0.85 0.26
----- ----- ------ ---- ----
C355 286.4 295.2 8.8 1.01 0.36
----- ----- ------ ---- ----
299.1 319.3 20.2 1.14 0.25
----- ----- ------ ---- ----
C626 302.2 314.5 12.3 1.20 0.30
----- ----- ------ ---- ----
332.5 348.1 15.6 1.01 0.31
----- ----- ------ ---- ----
C360 Barren
--------------------------------
C635 173.7 188.5 14.8 1.04 0.27
----- ----- ------ ---- ----
191.5 203.8 12.3 0.86 0.27
----- ----- ------ ---- ----
C361 222.6 225.6 3.0 0.42 0.38
----- ----- ------ ---- ----
C378 185.3 233.2 47.9 0.83 0.21
----- ----- ------ ---- ----
265.7 271.5 5.8 0.48 0.23
----- ----- ------ ---- ----
C362 266.5 271.3 4.8 0.70 0.17
----- ----- ------ ---- ----
276.9 300.1 23.2 0.84 0.22
----- ----- ------ ---- ----
C368 312.0 327.5 15.5 0.82 0.20
----- ----- ------ ---- ----
331.5 342.4 10.9 0.80 0.21
----- ----- ------ ---- ----
C366 320.2 339.4 19.2 0.72 0.21
----- ----- ------ ---- ----
C373 342.1 347.3 5.2 0.78 0.12
----- ----- ------ ---- ----
C364 236.4 312.8 76.4 0.90 0.24
----- ----- ------ ---- ----
C372 249.6 266.7 17.1 1.06 2.63
----- ----- ------ ---- ----
271.2 291.2 20.0 0.78 0.20
----- ----- ------ ---- ----
C371 193.9 228.8 34.9 0.80 0.21
----- ----- ------ ---- ----
251.6 289.9 38.3 0.68 0.23
----- ----- ------ ---- ----
C383 152.5 196.5 44.0 0.82 0.20
----- ----- ------ ---- ----
201.1 226.7 25.6 0.93 0.22
----- ----- ------ ---- ----
C558 101.9 120.5 18.6 1.09 0.21
----- ----- ------ ---- ----
123.6 203.6 80.0 0.84 0.24
----- ----- ------ ---- ----
C572 230.5 235.0 4.5 0.55 0.28
----- ----- ------ ---- ----
249.6 260.9 11.3 1.04 0.27
----- ----- ------ ---- ----
C569 211.6 241.0 29.4 0.87 0.17
----- ----- ------ ---- ----
248.5 288.1 39.6 0.55 0.13
----- ----- ------ ---- ----
C568 119.0 143.0 24.0 0.96 0.28
----- ----- ------ ---- ----
149.0 198.5 49.5 0.55 0.17
----- ----- ------ ---- ----
C567 131.5 139.5 8.0 0.53 0.22
----- ----- ------ ---- ----
158.8 161.8 3.0 0.32 0.14
----- ----- ------ ---- ----
190.2 202.0 11.8 1.01 0.26
----- ----- ------ ---- ----
C495 196.4 241.8 45.4 0.68 0.17
----- ----- ------ ---- ----
C491 244.6 294.0 49.4 0.69 0.17
----- ----- ------ ---- ----
C487 317.5 383.3 65.8 0.86 0.22
----- ----- ------ ---- ----
C465 295.6 351.4 55.8 0.70 0.18
----- ----- ------ ---- ----
C247 215.5 282.7 67.2 0.64 0.16
----- ----- ------ ---- ----
C452 118.0 131.4 13.4 0.49 0.12
----- ----- ------ ---- ----
IIHG Drill Results
(Slides 4 and 5)
Hole From To Length Ni Cu
(m) (m) (m) (%) (%)
C600 166.7 209.5 42.8 0.98 0.30
----- ----- ------ ---- ----
C601 152.0 155.0 3.0 0.91 0.20
----- ----- ------ ---- ----
159.6 172.1 12.5 0.88 0.24
----- ----- ------ ---- ----
176.3 205.6 29.3 1.12 0.26
----- ----- ------ ---- ----
C602 201.9 209.5 7.6 0.79 0.12
----- ----- ------ ---- ----
212.5 229.3 16.8 0.84 0.22
----- ----- ------ ---- ----
C603 271.0 278.5 7.5 0.93 0.19
----- ----- ------ ---- ----
287.5 293.1 5.6 0.69 0.15
----- ----- ------ ---- ----
C604 235.8 238.8 3.0 0.40 0.04
----- ----- ------ ---- ----
245.5 253.6 8.1 0.63 0.17
----- ----- ------ ---- ----
C606 124.0 131.8 7.8 0.70 0.15
----- ----- ------ ---- ----
C607 88.0 97.0 9.0 0.44 0.13
----- ----- ------ ---- ----
104.5 112.0 7.5 0.98 0.20
----- ----- ------ ---- ----
C608 63.0 76.0 13.0 0.92 0.23
----- ----- ------ ---- ----
82.0 116.5 34.5 1.09 0.27
----- ----- ------ ---- ----
C610 188.5 235.0 46.5 0.85 0.28
----- ----- ------ ---- ----
C611 171.6 176.5 4.9 1.08 0.23
----- ----- ------ ---- ----
181.0 214.0 33.0 0.57 0.23
----- ----- ------ ---- ----
C612 383.2 399.4 16.2 0.71 0.20
----- ----- ------ ---- ----
C615 115.8 125.0 9.2 0.79 0.20
----- ----- ------ ---- ----
335.5 343.0 7.5 0.76 0.20
----- ----- ------ ---- ----
346.0 349.0 3.0 1.31 0.29
----- ----- ------ ---- ----
C616 322.0 334.0 12.0 0.81 0.20
----- ----- ------ ---- ----
C617 253.0 272.5 19.5 0.91 0.19
----- ----- ------ ---- ----
C618 209.5 240.9 31.4 0.89 0.23
----- ----- ------ ---- ----
C626 302.2 314.5 12.3 1.20 0.30
----- ----- ------ ---- ----
332.5 348.1 15.6 1.01 0.31
----- ----- ------ ---- ----
C627 334.2 371.7 37.5 1.04 0.26
----- ----- ------ ---- ----
380.8 385.0 4.2 1.06 0.26
----- ----- ------ ---- ----
C628 368.7 392.8 24.1 0.76 0.20
----- ----- ------ ---- ----
C629 256.3 286.0 29.7 1.02 0.29
----- ----- ------ ---- ----
296.5 307.0 10.5 0.36 0.17
----- ----- ------ ---- ----
320.5 323.5 3.0 0.32 0.14
----- ----- ------ ---- ----
343.0 347.9 4.9 0.37 0.23
----- ----- ------ ---- ----
ISK Drill Results
(Slides 6 and 7)
Hole From To Length Ni Cu
(m) (m) (m) (%) (%)
C558 101.9 120.5 18.6 1.09 0.21
----- ----- ------ ---- ----
123.6 203.6 80.0 0.84 0.24
----- ----- ------ ---- ----
C559 245.9 251.8 5.9 0.64 0.17
----- ----- ------ ---- ----
257.8 263.5 5.7 0.38 0.24
----- ----- ------ ---- ----
268 278.1 10.1 0.88 0.15
----- ----- ------ ---- ----
C560 209.8 232.5 22.7 0.64 0.17
----- ----- ------ ---- ----
C561 169.2 184.9 15.7 0.96 0.23
----- ----- ------ ---- ----
C562 181.0 201.0 20.0 0.64 0.19
----- ----- ------ ---- ----
C563 180.3 183.3 3.0 0.35 0.09
----- ----- ------ ---- ----
187.6 193.2 5.6 0.89 0.19
----- ----- ------ ---- ----
C633 176.5 237.8 61.3 1.01 0.25
----- ----- ------ ---- ----
C635 173.7 188.5 14.8 1.04 0.27
----- ----- ------ ---- ----
191.5 203.8 12.3 0.86 0.27
----- ----- ------ ---- ----
KUB Drill Results
(Slides 8 and 9)
Hole From To Length Ni Cu
(m) (m) (m) (%) (%)
C553 353.4 360.2 6.8 0.54 0.17
----- ----- ------ ---- ----
C554 253.4 260.1 6.7 0.65 0.16
----- ----- ------ ---- ----
C555 256.8 259.8 3.0 0.76 0.23
----- ----- ------ ---- ----
C565 128.2 141.0 12.8 0.50 0.20
----- ----- ------ ---- ----
183.4 194.6 11.2 0.50 0.15
----- ----- ------ ---- ----
198.8 203.0 4.2 0.91 0.22
----- ----- ------ ---- ----
C567 131.5 139.5 8.0 0.53 0.22
----- ----- ------ ---- ----
158.8 161.8 3.0 0.32 0.14
----- ----- ------ ---- ----
190.2 202.0 11.8 1.01 0.26
----- ----- ------ ---- ----
C568 119.0 143.0 24.0 0.96 0.28
----- ----- ------ ---- ----
149.0 198.5 49.5 0.55 0.17
----- ----- ------ ---- ----
C569 211.6 241.0 29.4 0.87 0.17
----- ----- ------ ---- ----
248.5 288.1 39.6 0.55 0.13
----- ----- ------ ---- ----
C570 111.5 117.5 6.0 0.32 0.10
----- ----- ------ ---- ----
213.0 217.1 4.1 0.52 0.17
----- ----- ------ ---- ----
C571 152.5 163.0 10.5 0.43 0.15
----- ----- ------ ---- ----
188.5 191.5 3.0 0.32 0.15
----- ----- ------ ---- ----
221.5 226.0 4.5 0.43 0.22
----- ----- ------ ---- ----
250.0 256.0 6.0 0.56 0.28
----- ----- ------ ---- ----
277.0 282.9 5.9 0.38 0.15
----- ----- ------ ---- ----
C572 230.5 235.0 4.5 0.55 0.28
----- ----- ------ ---- ----
249.6 260.9 11.3 1.04 0.27
----- ----- ------ ---- ----
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
DRLKMGMLKRLGRZM
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September 19, 2018 02:00 ET (06:00 GMT)
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