Explorer Amur Minerals Corporation says that all 21 drill holes have intersected nickel and copper sulphide mineralisation at the Kubuk deposit located within the Kun-Manie licence area.
The mineralised body appears to be 750 metres in length and 350 metres wide. The average thickness is 30 metres. Average grades are 0.66% for nickel and 0.32% for copper. Kubuk has become the fifth resource deposit drilled by Amur.
Once the drill programme is completed a resource and reserve assessment will be undertaken. Kun-Marie currently has a resource of 527,000 tonnes of nickel.
Despite this news the share price is 7.63p, well below the 9.75p benchmark price for the recent £5m equity swap. The cash is receivable over 24 months and the notional placing price is 7.25p a share. If the issue price were based on the current share price Amur would issue shares at 5.67p a share. That would mean that Amur would receive £163,000 rather than £208,000.
Download the latest AIM Journal from http://www.hubinvest.com/AIMPDFJuly2013_46.pdf
© 2022 Aim Micro. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.