Commencement of Drilling at Kola

RNS Number : 2906G

Eurasia Mining PLC

05 June 2013

 



Eurasia Mining plc

("Eurasia" or the "Company")

Commencement of 2013 drilling campaign at Monchetundra, Kola Peninsula

The Company's 2013 drilling campaign at Monchetundra on the Kola Peninsula commenced as planned in May with first drill core returned on 29 May 2013.  Focus of the campaign is the near surface ('hanging wall') Platinum Group Metals (PGM) mineralisation in the West Nittis area towards the northeast of the licence. The previously reported intervals from this area, announced on 6 June 2011, are regarded by the Company's geologists and directors as some of the most exciting PGM intercepts recorded on the Kola Peninsula to date.

The programme will test the northern, southern and depth extensions from these high grade platinum and palladium intersections.

NKT Massif potential

The West Nittis discovery area on Eurasia's Monchetundra licence is hosted in a norite and plagio-pyroxenite sequence within the notable Nittis-Kumuzhya-Travyanaya (NKT) Massif. This structure was mined adjacent to Eurasia's license from 1937 to 1971 for sulphidic copper and nickel mineralisation but until now has not been explored for PGMs. Eurasia's discovery of copper, gold and PGM mineralisation in a series of chalcopyrite rich veins and veinlets in brecciated shear zones proves the potential of the NKT massif outside of the known zones of copper and nickel mineralization.

Commenting on the commencement of 2013 drilling at Monchetundra, Christian Schaffalitzky, MD, said:  "We are excited at the prospect of further drilling at West Nittis. This area and the structure has intrigued our geological team and having made the discovery, each new drill hole has the potential to yield critical information which will contribute to our appreciation of the mineralisation and its potential for economic development. Our intention, given a successful campaign, is to begin the process of application for a discovery certificate in this area, by the end of this year.'

As previously announced, Eurasia holds a 60% interest in the Monchetundra Licence through its 40% holding in Urals Alluvial Platinum Limited ("UAP"), owned jointly with Anglo Platinum, the balance of 20% being held by Eurasia directly.

Meanwhile, at Eurasia's West Kytlim alluvial platinum license in the Ural Mountains, drilling recommenced on schedule in early May. Work continues to upgrade potential discoveries to Resources, and known Resources to Reserves, in anticipation of the granting of a production license from the Russian authorities. Details were provided in a release of 12 April 2013 on approved C2 platinum Reserve totaling 1,689 kg raw Platinum.

Consent for release

Christian Schaffalitzky, FIMMM, PGeo, CEng, is a director of the Company. He has reviewed the update and consents to the inclusion of the exploration information in the form and context in which it appears here. He is a Competent Person for the purposes of the reporting of these results.

 For more information please contact: 

Eurasia Mining
Christian Schaffalitzky / Michael de Villiers	Tel: [phone]
Katy Mitchell, WH Ireland Limited	Tel: [phone]

 

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