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TORONTO, ONTARIO–(Marketwired – Sept. 5, 2017) – Asian Mineral Resources Limited (“AMR” or the “Company“) (TSX VENTURE:ASN) today announces that it has completed its Technical Report supporting the potential of its regional exploration prospects at the Company’s 90% owned Ta Khoa Concession in Son La Province, Vietnam, covering a 49.7 km2 area surrounding the Ban Phuc Nickel Mine. The report has been filed on SEDAR (www.sedar.com) in accordance with National Instrument 43-101 (“43-101“). This technical information, based on drilling, geophysics, geochemistry, and structural analysis completed to date, suggests attractive exploration potential for both high-grade massive sulphide deposits, as well as large-tonnage, lower-grade disseminated sulphide deposits.
The effective date of the report is March 3rd, 2017 and is entitled “NI 43-101 Technical Report on the Ta Khoa (Ni Cu Co ± PGE) Prospects, Son La Province, Vietnam” and was prepared by Mr. Darryl Mapleson, FAusIMM, Principal Geologist and Director of BM Geological Services Pty. Ltd. and Mr. Ben Grgiruc, FAIG, Principal Geologist and Director of Mineralium Pty. Ltd, each independent “Qualified Persons” (as that term is defined in NI 43-101).
The Report highlights the excellent exploration potential of the area due to nearby analogous Ni/Cu deposits across the border in China, as well as the giant Norilsk-Talnakh system in Russia, which is identical in age. Not only does the exploration potential suggest that additional massive sulphide deposits may exist in the area, but there is also potential for large-tonnage, lower-grade disseminated sulphide deposits – all of which could be processed using the existing processing infrastructure, power, access roads, and work camp, which remain in good order due to the current care and maintenance program. Exploration efforts made thus far have advanced several historical prospects and have also resulted in the discovery of new prospects, including Kingsnake, Suoi Phang, Ban Mong, Ban Khang, and Ban Khoa.
Highlights of the NI 43-101 Report:
- The exploration potential of the area is considered excellent given the geotectonic address, identical age to the giant Norilsk-Talnakh system (Russia), and the fact that the ultramafic intrusive bodies form part of (and possibly feeders to) the Emeishan large igneous province. The Red River Fault Zone continues north into China where is it host to additional Ni-Cu deposits.
- Exploration work conducted by AMR has focussed on additional sources of massive or matrix sulphide mineralisation which could be readily processed using the existing metallurgical plant. Their work has advanced several historical prospects and resulted in the discovery of new prospects. Of these the most advanced and highest ranked include Kingsnake, Suoi Phang, Ban Mong, Ban Khang and Ban Khoa.
- Considerable potential also exists in the district for large-tonnage, lower-grade deposits of disseminated sulphides within ultramafic intrusions, similar to the low grade disseminated sulphides in dunite style mineralisation. Regional exploration in the Ta Khoa corridor has identified an extensive system of mafic-ultramafic intrusives, a remarkable number of which have associated Ni-Cu massive or disseminated sulphide mineralization.
- The massive sulphide vein mineral resource at Ban Phuc Nickel Mine has been depleted, having been mined from 2013 to 2016, however, all processing infrastructure, power, access roads and site-based accommodation remains in good order through a care and maintenance programme. Given the existence of this modern infrastructure, the threshold size requirement for a new massive or matrix sulphide discovery is considerably smaller than for a purely greenfields exploration play.
AMR owns and operates a nickel mine with historical nickel sulphide production, and is exploring for additional high-grade nickel assets in Vietnam. AMR commenced commercial production from its 90%- owned Ban Phuc Nickel Mine in Vietnam in mid-2013. As of 30 June 2016, the Ban Phuc Nickel Mine has produced a total of c. 20,000 tonnes of nickel and c. 10,000 tonnes of copper contained in concentrate, plus a cobalt by-product since the beginning of its mine life. Mining and processing operations at Ban Phuc were suspended in September 2016 and operations were transitioned to a care and maintenance scenario. In addition to in and near-mine expansion projects, Ban Phuc provides a platform from which AMR can continue to focus on developing a new nickel camp within its 150km2 of concessions located throughout the highly-prolific Song Da rift zone, where AMR has a number of advanced-stage nickel exploration targets.
For further details on AMR, please refer to the technical report entitled “NI 43-101 Technical Report – Ban Phuc Nickel Project” dated February 15, 2013 available on SEDAR or the AMR website www.asianmineralres.com.
This press release includes certain “Forward-Looking Statements.” All statements, other than statements of historical fact, included herein, including without limitation, statements regarding future exploration and development of AMR’s projects, the commencement of production and the achievement of expected benefits, potential mineralization and reserve and resource estimates, exploration results and future plans and objectives of AMR are forward-looking statements. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of AMR to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Important factors that could cause actual results to differ materially from AMR’s expectations are disclosed under the heading “Risk Factors” in AMR’s Annual Information Form, and elsewhere in AMR’s documents filed from time-to-time with the TSX Venture Exchange and other regulatory authorities. Such forward-looking statements are based on a number of material factors and assumptions, including: that contracted parties provide goods and/or services on the agreed timeframes; that on-going contractual negotiations will be successful and progress and/or be completed in a timely manner; that application for permits and licences will be granted/obtained in a timely manner; that no unusual geological or technical problems occur; that plant and equipment work as anticipated and that there is no material adverse change in the price of nickel. Although AMR has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended. Forward-looking statements contained herein are made as of the date of this press release. AMR disclaims any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements due to the inherent uncertainty therein.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
The scientific and technical information in this press release has been compiled and approved by Darryl Mapleson (BSc (Hons), FAusIMM) who is a Geologist retained by Asian Mineral Resources Limited and a Competent Person as defined by JORC guidelines and a Qualified Person for NI 43-101. He has been engaged by Asian Mineral Resources Limited as an independent consultant.
Asian Mineral Resources Limited
Chief Financial Officer
+1 (416) 360-3412
Tue, 05 Sep 2017 18:00:08 GMT