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Amur Minerals says TEO process affected by COVID-19, increases mineable resource

Kun-Manie has a newly defined Russian total of 150.6mln tonnes at 0.81% nickel (1,215,081t) and 0.22% copper (328,529t)

Amur Minerals Corp. -

Amur Minerals Corporation PLC (LON:AMC) said it now expects to submit its Russian TEO application for Kun-Manie in the first quarter of 2021 due to disruption caused by COVID-19-related remote working.

A TEO is a mandatory Russian feasibility study and necessary before undertaking detailed engineering, procurement and construction studies as part of a Bankable Feasibility Study. 

Robin Young, Amur’s chief executive, said: "Completion of the final sections consisting of the financial analysis of the project and operational plan is anticipated to be Q1 2021 as the generation of the voluminous hard copy documentation is a time-intensive task requiring substantial office commitments."

Young added that the TEO contains grade estimates for gold and silver for the first time at the Far East Russia deposit. 

The measured and indicated resource at Kun-Manie has now been increased from 118.2mln combined tonnes at 0.73% nickel and 0.20% copper to the newly defined Russian total of 150.6mln tonnes at 0.81% nickel (1,215,081t) and 0.22% copper (328,529t). 

Russian estimates are akin to measured and indicated in a JORC resource, he added.

This comparison using a nickel cut-off grade of 0.4% confirms the presence of a significant increase in the mineralisation drilled on a maximum spacing of approximately 100 meters. 

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Price: 1.5775 GBX

LSE:AMC
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Market Cap: £21.77 m
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