Results of 2013 drilling campaign at Monchetundra

RNS Number : 9113M

Eurasia Mining PLC

02 September 2013

 



Eurasia Mining plc (AIM: EUA)

("Eurasia" or the "Company")

Results of 2013 drilling campaign at Monchetundra, Kola Peninsula

The Company is pleased to announce the results of 2013 drilling at its Monchetundra License on the Kola Peninsula, Russia which continue to confirm a potentially open pittable resource in the West Nittis area. The programme comprised 747.4m of HQ core drilling. Seven of nine drill holes contain intervals of strong PGM (platinum group metals) mineralization.

Eurasia is an exploration company focused on developing PGM projects in Russia and the FSU. It holds the Monchetundra license in a joint venture with Anglo Platinum, the world's largest PGM producer. The Joint Venture also holds a 171 km² West Kytlim licence in the Urals which covers the near to production Tylai-Kosvinsky alluvial platinum deposit.

 Key results from the 2013 drilling campaign are shown in the Table below:

Hole No.	Tot depth (meters)	Interval (meters)	Length (meters)	Au g/t	Pt g/t	Pd g/t	Cu %	Ni %	Pd equiv g/t
Mt-088	108	71.7-73.4 77.8-78.8 88.0-88.9	1.7 1 0.9	0.07 0.09 0.10	0.21 0.23 0.60	1.53 1.50 1.63	0.14 0.13 0.02	0.24 0.26 0.05	2.43 2.51 3.93
Mt-089	61.4	47.45-49.2 53.4-55.4	1.75 2	0.10 0.02	0.71 0.24	3.45 1.09	0.02 0.01	0.05 0.05	6.14 1.96
Mt-090 Including	83	26.5-27.5 27-27.5	1 0.5	0.22 0.37	1.57 3.01	16.70 32	3.85 7.65	0.08 0.09	22.59 43.21
Mt-091	84.9	9.0-10.0	1	0.07	0.38	2.14	0.03	0.06	3.62
Mt-092	100.3	9.8-10.4 92.4-93.0	0.6 0.6	0.13 0.02	0.16 0.10	1.20 1.34	0.75 0.10	0.08 0.16	2.07 1.71
Mt-095	75	6.0-6.8	0.8	0.05	0.26	2.40	0.16	0.08	3.41
Mt-096	11.7	3.7-6.0	2.3	0.60	1.62	3.39	0.27	0.09	10.42

Hole Mt-096 was terminated short of its planned depth due to drilling problems. Two additional drill holes, Mt-093 and Mt-094, did not encounter significant mineralization and are thought to be east of the ore bodies southern extension.

Near surface high grade platinum and palladium mineralization was first discovered in Eurasia's 2011 drilling campaign at West Nittis. The mineralization occurs within a layered series of ultramafic rocks situated on the western flank of the NKT Massif. The 2013 program was directed at improving our understanding of the orientation of the mineralization, testing ore continuity, as well as expanding the dimensions of the known resource.  The new results confirm several generations of steeply dipping North-South trending zones of mineralization which have an affinity with ore bodies elsewhere in the NKT Massif, and which were mined for high grade nickel and copper veins between 1937 and 1971. The potential for PGM deposits within the Massif has been largely ignored until recent exploration.

For more information and graphics on the development of this discovery please see previous press announcements and the operations page at http://www.eurasiamining.co.uk/operations/kola.aspx

Christian Schaffalitzky, MD at Eurasia comments:  "We take a number of positives from the recent drilling campaign - Our understanding of the geometry of the mineralization is much improved, and this will allow for more focused drilling and trenching in the next stages of work at West Nittis.  Furthermore, the results add significantly to the overall prospectivity of the Monchetundra license with the mineralization open on strike and at depth. We feel this license has excellent development potential in a PGM market likely to continue to struggle with supply issues in the medium to long term."

A progress update for the West Kytlim license will follow shortly.

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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