leadf
logo-loader
viewEurasia Mining PLC
(
AIM:EUAFRA:EUH
)

Eurasia Mining to upgrade resource at West Kytlim as grades rise

Operations at Kluchiki open pit point to bonanza grade ore pockets

platinum
Grades are rising as coarser material is captured

Eurasia Mining PLC (LON:EUA) shares rose on Thursday after the AIM-listed firm said it expects to upgrade its reserves at the alluvial platinum mine at West Kytlim in Russia following recent drilling and mining.

A new calculation for the total contained platinum for the Kluchiki Area, where mining started in August, has now been submitted for approval.

WATCH: Eurasia Mining potentially able to double production next year at West Kytlim

Operations at the Kluchiki open pit point to bonanza grade ore pockets as the coarser fractions of platinum not captured during sample tests are picked up during mining.

Grades from recent in-fill drilling, meanwhile, ranged from 1.04 grammes per cubic metre to 2.9 g/m3, with one stand-out sample of 4.66 g/m3.

Christian Schaffalitzky, Eurasia’s chairman said: “The grades from the drilling program, and in our Reserve calculation are very much in line with our previous Resource and Reserve grades.

"Grades reported during the mining season have been far in excess of our Resource grades, as it is only through actually mining a deposit like West Kytlim that the true grade of the material can be measured."

READ: Eurasia Mining’s shares jump as subsidiary agrees to progress with second mine at West Kytlim with project exceeding expectations

The higher grades have shown through in the first year of production, he added, with total platinum produced at around 165Kg, or 165% of the previous estimates.

Mining has now finished for the season, he added, with work focused on next year.

In early afternoon trading, Eurasia Mining shares were 1.3% higher at 0.40p.

 -- Adds share price --

Quick facts: Eurasia Mining PLC

Follow
AIM:EUA

Price: 22.75 GBX

Market Cap: £639.73 m

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

In exchange for publishing services rendered by the Company on behalf of named herein, including the promotion by the Company of in any Content on the Site, the Company receives from said issuer annual cash...

FOR OUR FULL DISCLAIMER CLICK HERE

FTSE 100 gets September off to a strong start

FTSE 100 got September off to a strong start as investors awoke from their summer slumber. London’s blue-chip index rose 53 to 7,172 in early dealings. Nationwide’s latest house price survey showed the average price of a UK is now around £248,800, up 11% year on year. Prices are now 13%...

2 weeks, 6 days ago

2 min read