So far in Q216, Amur Minerals Corp (LON:A7L) has announced two resource upgrades at Maly Kurumkon-Flangovy (MKFL) and Ikenskoe-Sobolevsky (IKEN). The overall effect of this is to increase the mineralised tonnage hosted at Kun-Manie by 32.1% and the measured and indicated component of the resource by 99.8%. In addition, Amur has also distinguished between high-grade and low-grade domains. Significantly, over 74% of the total contained metal (at a 0% cut-off grade) remains at a 0.4% Ni cut-off and more than 97% of that is contained within discrete high-grade lenses. At the time of our December update note, Amur’s enterprise value equated to US$58.67 per tonne of contained nickel (including by-products), on which basis the increase in the resource of 72,400t of contained nickel engendered in these two updates is worth US$4.4m to the company.
Within 5% of 1.0Mt of contained nickel equivalent
Relative to the 5,821m of drilling completed during the 2015 field season, the increase in the resource equates to 6,665t of mineralised material and 13.0t of contained nickel per metre drilled. Already one of the top 20 global nickel sulphide resources, at prevailing metals’ prices (US$9,295/t Ni, US$1,256/oz Au, US$4,942/t Cu, US$1,064/oz Pt and US$628/oz Pd), the total Kun-Manie resource equates to 953.2kt of contained nickel equivalent (NiE) or 7.1Moz of gold equivalent. Amur’s upcoming 2016 field season will again be focused on the MKFL deposit. Future drill programmes will be directed towards applying a similar differentiated high-grade/low-grade domain interpretation to the mineralisation at Kubuk and similarly upgrading these resources.
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