www.eurasiamining.co.uk
Eurasia's stated objective is to explore for the platinum group of metals (PGMs) and gold through self-funded own exploration targets and joint venture partnerships with strategic operators and local partners. Operations are funded from the company's own equity funds and funded joint venture agreements. Projects are subject to an initial evaluation for viability and once this is established further exploration work is carried out to establish feasibility study level. It is then the company's intention to either proceed with developing the project to production or partnering the project with a suitable operator.
Eurasia Mining reports more encouraging drill results from Monchetundra PGM licence
Eurasia Mining PLC (LON:EUA) reported the latest drilling results from its Monchetundra licence area near Monchegorsk on Russia’s Kola Peninsula, saying they confirm the discovery of "Hanging Wall" copper-platinum group metals (Cu-PGM) mineralisation in the licence area.
This mineralisation was first identified in Drill Hole 79, one of a series of holes drilled to test continuity of the deeper footwall mineralisation in the licence area. Holes MT-86 and MT-87 have now returned similar high-grade intercepts.
So far, the north-south trending zone of mineralization has been confirmed and traced for 60 metres, but remains open both along strike and down dip.
This hanging-wall Cu-PGM mineralisations appear to be similar to those previously mined in the Monchegorsk district from 1937 to 1975.
“While the high grades intersected in MT-86 should not be considered as indicative of future average deposit grade in the Monchetundra licence area, their significance is the indication of the likely occurrence of very high grades within the mineralized zones,”the company said in a statement.
The programme to test this new discovery consisted of three diamond drillholes for a total of 322.2 metres, which were completed in the first three weeks of December.
The two drillholes reported intersected this target, with the third drillhole MT-85 only intersecting the footwall zone. Future drilling will focus on testing possible extensions of this zone and reviewing other high-grade intercepts obtained in earlier drilling in the Monchetundra licence area. Exploration drilling will also continue on the footwall zones.
Eurasia controls 60 percent of the Monchetundra licence, with Anglo Platinum controlling the remainder.
Managing director Christian Schaffalitzky said: "The discovery of these high grade PGM zones upgrade considerably the potential resources of the Monchetundra project."
