Positive Second Set of Drill Results

RNS Number : 4627Y

Amur Minerals Corporation

09 September 2015

 

9 September 2015

AMUR MINERALS CORPORATION

(AIM: AMC)

Flangovy Update

Positive Second Set of Drill Results

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 announce the second set of drill results from its 2015 Flangovy Drill Programme. 

A confirmation drill hole indicates that the step out discovery hole reported in as per the announcement on 3 September 2015 has extended the Flangovy resource up to 400 metres adding substantially to the resource potential of the Maly Kurumkon / Flangovy deposit.  The infill drill efforts have resumed testing a block of Inferred resource having a length of approximately 250 metres and results from the two of four holes confirm the continuity of the mineralisation between the more widely spaced existing holes.  The remaining two holes are presently under analysis and are likely mineralised based on the abundance of visible sulphide mineral associated with the nickel and copper mineralisation.  The increased drill density will likely allow for the conversion of Inferred resources to that of Indicated resources for this resource block.

As detailed in the announcement dated 3 September 2015, the first step out hole (C306) at Flangovy intersected 46.6 metres of 0.8% nickel and 0.2% copper.  A second hole (C305) was drilled approximately 80 metres to the northeast of C306 to confirm the orientation of the peridotite host zone as well as the nickel and copper content.  Hole C305 was drilled to a total depth of 388 metres and intersected the ore bearing peridotite sill at a depth of 355 metres confirming the orientation and presence of the host zone.  The sill dips at 30 degrees to the northeast and contains an average nickel grade of 0.7% and copper of 0.2%.  Mineralisation is contained within two layers having a total thickness of 11.3 metres.  Though the thickness of the mineralisation is substantially less than that of C306 (46.6 metres), the potential of the zone was not fully tested.  Only 35 metres of the anticipated 60 metre sill target were drilled.  This was due to a mechanical failure precluded completion of the hole.  Whilst under repair, the hole was lost due to permafrost induced freezing of the drill fluids forcing abandonment of the hole. 

Resumption of the infill programme has confirmed the continuity of the mineralised structure and grade over a 250 metre long area located between two historical drill sections at the east end of Flangovy.  The four holes are located along two intermediate drill sections and all have intersected the peridotite sill with significant sulphide mineralisation being present.  Analyses for two of the four holes indicate that the average mineralised thickness per hole is 34.1 metres containing 0.8% nickel and 0.2% copper.  The nearest historical drill holes contain an average total thickness of 27.0 metres with the nickel content being 0.87% nickel and 0.24% copper.  These highly correlative results indicate that the conversion of Inferred resource to that of Indicated is highly likely.

Highlights:

·     A verification hole was drilled 80 metres from the exploratory step out hole located 400 metres to the east of the last ore intercepts at Flangovy.  The existence of the peridotite ore bearing zone was confirmed and has been determined to be similar in structure and orientation to that of Flangovy providing additional evidence that Flangovy is substantially larger than originally defined.  It is now interpreted to be at least 1,250 metres in length.  This is an increase of 40% in the total mineralised length of this area.

·     The full potential of the extension is not yet determined.  The loss of the confirmation hole before fully penetrating the ore bearing peridotite sill has resulted in the Company not testing the full potential of the zone.  Only 35 metres of the anticipated 60 metres were tested.

·     Infill drilling has been resumed and is being implemented on an east to west basis.  The first block to be tested contains approximately 8.0 million tonnes of Inferred resource and requires four holes to test the continuity of the structure and grade of the mineralisation.

·     Four holes have been completed within the block, all of which have intersected the ore bearing sill and substantial thicknesses of sulphide mineralisation have been identified.  The sulphide mineralisation contains the nickel and copper.

·     Two of the four holes have been analysed using the Niton XL2 500 X-Ray Fluorescence units on site and the average total mineralisation intersected by the two holes is 31.4 metres with 0.8% nickel and 0.2% copper.  The two nearby historical holes contained an average of 27.0 metres of total mineralisation at 0.86% nickel and 0.24% copper as per Alex Stewart Laboratory results.

·     Continued verification of historical results provides substantial potential to convert the current Inferred resource to that of Indicated which allows for the inclusion in the reserve inventory.

·     Drill rates to date indicate that approximately 5,500 to 5,700 metres will be completed by the end of this season barring a prolonged breakdown of the rig or an early winter setting in.  This drill meterage should allow for conversion of the majority of the 30 million tonne Inferred resource to that of Indicated provided drill results continue to confirm existing historical results.

·     RFA results are available for 1,573.4 total metres of the drilled core and results will be released in due course.

The design of the drill programme and various key considerations in evaluation of the information are presented in the "Notes to Editor" below.

Robin Young, CEO of Amur Minerals, commented:

"Confirmation that the Flangovy deposit is likely to be at least 400 metres longer should add substantially to the resource inventory of Kun-Manie.  With the infill programme underway and results confirming our original drill results, we also look forward to a reclassification of the resource at Flangovy.  Here we anticipate a substantial upgrade in our Indicated resource class which means these can potentially be fully converted into reserves suitable for a Definitive Feasibility Study.  This anticipated upgrade, we believe, removes risk and provides for a more flexible mine plan going forward."

Company Amur Minerals Corp.	Nomad and Broker S.P. Angel Corporate Finance LLP	Public Relations Yellow Jersey
Robin Young CEO	Ewan Leggat Katy Birkin	Dominic Barretto Harriet Jackson
[phone]	[phone]	[phone]

For additional information, visit the Company's website, www.amurminerals.com.

Notes to Editor

The information contained in this announcement has been reviewed and approved by the CEO of Amur, Robin Young. Mr. Young is a Geological Engineer (cum laude) and is a Qualified Professional Geologist, as defined by the Toronto and Vancouver Stock Exchanges.

Drill Results Report

The 2015 drill results are provided in the table below.  The attached link presents a schematic of the Maly Kurumkon / Flangovy deposit.

http://www.rns-pdf.londonstockexchange.com/rns/4627Y_-2015-9-8.pdf

		Flangovy Drill Core Results
RFA Results
Diamond Core Hole Results 0.2% Ni Cut Off Grade								Comments and Impact
Hole #	Depth (m)		From (m)	To (m)	Length (m)	Ni (%)	Cu (%)
C300	150.0		121.0	122.5	1.5	0.2	0.0	Down Dip Mineral Limit Established
C301	31.0					Barren	Barren	Hidden Outcrop Limit Established
C302	229.6		143.8 185.5 206.3	161.5 203.5 218.6	17.7 18.0 12.1	0.7 0.9 0.8	0.3 0.2 0.2	Block 1 (Section A and B Area) Thickness and Grade Confirmed Resource Upgrade Potential
C305	388.0		359.2 374.5	366.0 379.0	6.8 4.5	0.8 0.7	0.2 0.2	Step Out Verification Hole Extension of Flangovy Additional Deeper Potential Exists
C306	374.8		316.0 329.6 356.5	328.7 346.0 374.0	12.7 16.4 17.5	1.0 0.7 0.7	0.2 0.2 0.3	Step Out Extends Flangovy 400 metres to East
C308	400.0		358.0 374.5	365.5 382.0	7.5 7.5	0.7 0.7	0.2 0.2	Block 1 (Section A and B Area) Thickness and Grade Confirmed Resource Upgrade Potential
Total	1,573.4

Awaiting ASL results.

 

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