Amur Minerals Corporation said the 2017 drill programme at its Kun-Manie nickel-copper sulphide project in far east Russia had substantially increased the known length of the mineralisation.
The company said a total of 26,485.6 diamond drill cored metres (20,000 metres planned) within 107 total holes was completed at a record low cost of US$ 34.83 per metre.
It said the drilling had expanded the known mineralised strike length by an additional 2,250 metres to a total of 3,650 metres located at and between the Ikenskoe/Sobolevsky (IKEN) and Kubuk (KUB) deposits. It said the newly defined drill identified mineralisation was projected to be 22.4 metres in thickness and averages 0.80% nickel and 0.25% copper and it was anticipated that there would be a substantial increase in the planned early 2018 update to its JORC Mineral Resource Estimate last updated in February 2017.
Chief executive Robin Young said: 'The now complete and highly successful 2017 drill programme results have substantially increased the known length of the mineralisation within a quarter of the ore host Kurumkon Trend.
'An increase of approximately 180% in mineralised length from 1.4 kilometres to 3.6 kilometres has proven that the Ikenskoe / Sobolevsky and Kubuk deposits are part of a much larger deposit with the addition of the ISK orebody lying between the two greatly expanded deposits.
'The drill indicated grades for both nickel and copper are also higher than estimated within our February 2017 Mineral Resource Estimate by as much as 10% for nickel (averaging 0.80%) and 30% for copper (averaging 0.25%).
'This new drill information indicates this area could contain as much mineral as defined in Maly Kurumkon / Flangovy, presently our largest drill identified deposit.
'We are very optimistic that there will be a substantial increase in our global February 2017 Mineral Resource Estimate, already one of the largest undeveloped nickel copper sulphide projects in the world and what we believe to be the largest nickel sulphide deposit located in the vicinity of the three largest nickel consuming nations of China, Japan and Korea.'
At 9:11am: (LON:AMC) Amur Minerals Corporation share price was +0.18p at 7.5p