5th Nov 2015 16:13
LONDON (Alliance News) - Amur Minerals Corp Thursday said it has completed the third and final phase of its drilling programme on the Maly Kurumkon deposit at the Kun Manie project in Russia.
Amur drilled 755.5 metres over five holes during the final phase. In 2015, Amur has drilled a total of 5,821.4 metres over 21 holes, less than the 6,000 metres it was targeting.
The purpose of the drilling campaign was to infill drill the Flangovy area of the Maly Kurumkon and Flangovy deposit to a density allowing the company to upgrade its current inferred resources to the indicated category.
During the final phase of drilling, Amur said the continuity of the mineralisation was established on 100 metre spaced drill sections covering 1,500 metres of the 2,500 metre long Maly Kurumkon and Flangovy deposit.
Usually, 100 metre spaced drilling has been used by the company to define indicated resources, and Amur said it is anticipating that the "majority" of the inferred resource at the Flangovy deposit will be upgraded to indicated resources when it releases an updated resource.
The final results of the drilling campaign are expected in December, after which the company will begin working on an updated resource and a definitive feasibility study.
"The increased drill density should allow for a substantial portion of the Inferred resource to be upgraded to indicated which is suitable for inclusion in the definitive feasibility study," it said.
"The update to the resource estimate will specifically focus on providing a result that will fully allow the company to evaluate various mining considerations. As 83% of the metal is contained within high grade lenses, there appears to be substantial potential to utilise underground production which is highly selective and should provide higher grade reserves than are presently reported," it added.
"Once the resource update is complete, a full production schedule for Maly Kurumkon/Flangovy can be generated. This will also provide us with the ability to move more metal forward in the production cycle," said Amur.
Amur shares were up 5.4% to 11.07 pence per share on Thursday.
By Joshua Warner; [email protected]; @JoshAlliance
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