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Eurasia Mining Plc
Summary
| Project: | West Kytlim | |
|---|---|---|
| Deposit: | Kluchiki | |
| Location: | Russia | |
| Commodities: | Platinum | |
| Date: | 10/25/2018 | |
| Report Code: | (no Code) | |
| Report Type: | Exploration/Drilling Update | |
| Project Stage: | Active Mining & Production | |
| Report details: | 25-10-2018: Eurasia Mining Plc announces an Exploration/Drilling Update report for its Kluchiki deposit at the West Kytlim project. Drilling results incl. 2.7m @ 1.20g/m3 Pt. Eurasia Mining, the PGM and gold production company, is pleased to provide a fur | |
| Resources: | (not mentioned in this report) | |
| CP/QP: | [Overall Report]: Christian Schaffalitzky (Internal) | |
| ABSTRACT: | Eurasia Mining, the PGM and gold production company, is pleased to provide a further update from its West Kytlim Mine, the second largest alluvial platinum mine globally (after Kondyor, Russian Far East). A trommel and sluice based washplant has been operating at an industrial scale on site since May of this year, initially at the Malaya Sosnovka Area, and later also at Kluchiki.Infill reserves upgrade drilling was carried out at the Kluchiki Area in 2017 and 2018. The Company can now report on these audited drilling results. A further update will follow when the reserves calculation undertaken by the Company, based on new information resulting from the drilling program, is reviewed at Uralnedra, the official body qualifying state approved reserves locally.The mine season is now finishing, on schedule and with total produced raw platinum well in advance of Company estimates. Work at site is now focussed on preparations for the 2019 season.The Company is also actively engaged in progressing the mine permit application for the Monchetundra Project on Kola Peninsula. Recent communications with the relevant authorities have been answered as appropriate and the directors are hopeful of a positive conclusion to the process in the near term. A further announcement will follow in due course. Christian Schaffalitzky, Eurasia Chairman has commented. 'These new drilling data are very much in line with our expectations from many years working in the area. 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; we have done our best to elucidate this in the section on nugget effect below. Our appreciation of the West Kytlim project's potential, and indeed it's value to the Company, has been recast during this first year of significant production, with total platinum produced at around 165Kg, or 165% of the Company's estimates. We also acknowledge the professionalism and performance of our partners Techstroy during 2018 and look forward to working with them next year. ' | |
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