Eurasia Mining PLC
Exploration Update – Kola
RNS Number : 8099J
Eurasia Mining PLC
07 April 2010
Eurasia is pleased to announce the results of its 2009 drilling and exploration programme, comprising a comprehensive analysis and interpretation of its Monchetundra (36.2km2) and Volchetundra (210km2) platinum group metals (PGM) projects, located on the Kola Peninsula in north-west Russia. Both licences are held in Joint Venture with Anglo Platinum as a 40% shareholder.
To date, 16,121m of drilling have been completed on the licence, with most of the intersections from the last phases of drilling having been previously announced in early 2009 as a table of results, without accompanying geological comment. Subsequent work during 2009 focused on an interpreted ore structure in the Loipishnyun sub-area, stemming from recent drilling, but also included several previously unreported intersections.
PGM mineralisation occurs within two NNW striking lodes, the northernmost lode is cut by a 50m wide tectonic zone and is interpreted to occur as parallel bodies. To the south, mineralisation is interpreted to only occur as a single elongated body. Intersections within Lode 1 are tabulated in the Table below:
MONCHETUNDRA : MAIN INTERSECTIONS DRILLED TO DATE
The average Pd:Pt ratio for Monchetundra is 2.36:1.
The strike length drilled to date for Lode 1 is 400 and 350m for the Northern and Southern sections, respectively. The lodes extend from the surface and have currently been drill tested to a vertical depth of approximately 200m. The more southern Lode 2 is located close to the eastern boundary of the licence; the drilled strike length to date is approximately 420m. Intersections within Lode 2 are tabulated in the Table below:
In parallel with this interpretation, work is continuing on identifying additional PGM occurrences resulting in the identification of a new target ready for drill testing, scheduled to commence in 2Q10.
With inclusion of work planned for 2010 we believe exploration on the Monchetundra Licence will advance the project to the stage that will support an application for a licence time extension, with the objective of eventually converting the exploration licence to a production licence. Further updates on this work, including a resource update, will be provided as soon as they become available.
To date, 12,192m of drilling have been completed on the Volchetundra Licence. The focus has been on two areas of mineralized contact, Olche and Yukspor, located approximately 3.5km apart. Recent drilling tested 2.6km strike length at the more northern Olche prospect, whilst only 2km of strike-length was drill-tested at Yukspor. The total strike length of prospective contact zone within the licence area is interpreted to exceed 40kms.
All intersections at Olche and Yukspor, other than those deemed to be immaterial by the Company’s Competent Person, are tabulated in the Table below. They include a number of wide, low grade values near contact intersections, which provide the best indication to date of the potential for near surface bulk mineable ore zones on the licence area. Narrow deep intersections include:
The average Pd:Pt ratio for Volchetundra is 2.93:1.
As with Monchetundra, work has advanced to the stage for carrying out detailed exploration at Olche; in continuing with exploration along the remainder of the prospective contact zone.