Auriant Mining is pleased to announce preliminary drilling results at the Pravoberezhny deposit located within the Greater Tardan area.
Auriant started drilling at Pravoberezhniy in Q4 2015 and as of today the drilling program has been completed. A preliminary estimate of additional resources discovered during this drilling campaign amounts to 4.2 tonnes of gold with an average grade of 3.31 g/t. Please use this link to access cross section information and drilling data.
The ore bodies outcrop at surface and the resource is very shallow. A relatively simple morphology of the ore body and surrounding geology provides for a low stripping ratio, expected to be less than 1:4. Upon completion of the exploration program Auriant will start preparing documentation required for approval of the resources in GKZ. It is expected thatmining of the deposit could start in the beginning of 2019.
The Greater Tardan license comprising 540 sq. km is located in the Republic of Tyva, Russia The Tardan deposits are located within the contour of this area.
Exploration work within the Greater Tardan area started in 2013 and 13 prospective areas was targeted, with the objective of locating new gold deposits, as well as identifying suitable targets for future exploration work. We used geochemical and subsequently geophysical study methods. As a result of the work three very prospective exploration targets (besides the Tardan mine) were identified: the Barsuchy, Pravoberezhny and Bai-Syutskiy prospects. These three areas have similar characteristics - distinct geochemical gold anomalies with coinciding fault structures.
In 2014 Auriant completed drilling of the Barsuchy prospect, which was identified as a first priority exploration target, and added 2.5 tonnes of gold to the mine reserves. In the second half of 2015 the Company started mining ore from the Barsuchy deposit, which allowed the re-start of the gravitational plant as well as reaching the full capacity of the current operation. It is now expected that the actual mining volumes at Barsuchy will clearly exceed the initial reserves estimate.
Pravoberezhny was identified as a second exploration target. It is located 15 km northwest from the Tardan mine. During 2015 – 2016, 7,869 m of core drilling was conducted. In 2017 a road will be built to Pravoberezhniy to provide access to the deposit.
“We are more that satisfied to see these preliminary drilling results from the Pravoberezhny deposit. The shallow ore body and near surface resource at Pravoberezhny will allow us to lower the stripping volume in the future. Also, 4.2 tonnes of gold upon GKZ approval may allow us to significantly extend the Tardan mine life. Our next exploration target is Bai-Syutskiy and I hope we will be successful there as we have been at Barsuchiy and Pravoberezhniy” CEO, Sergey Ustimenko said commenting on the 2016 results of Greater Tardan drilling.
For more information, please contact:
Sergey Ustimenko, CEO
tel: +7 495 660 22 20
e-mail: sergey.ustimenko@auriant.com
Company name: Auriant Mining AB
Short name: AUR
ISIN-code: SE0001337213
Website: www.auriant.com
Twitter: @auriantmining
Auriant Mining AB (AUR) is a Swedish junior mining company focused on gold exploration and production in Russia, primarily in Zabaikalye and the Republics of Khakassia and Tyva. The company has currently four assets, including one operating mine (Tardan), one early stage exploration asset and two development assets.
Since July 19, 2010, Auriant Mining´s shares are traded on First North Premier at the NASDAQ OMX Nordic Exchange under the short name AUR. For more information please visit www.auriant.com. Mangold Fondkommission is Certified Adviser to Auriant, for more information please call +46 8 503 015 50 or visit www.mangold.se.
This information is information that Auriant Mining AB is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out above, at 10:00 CET on October 7th, 2016.
Cautionary Statement: Statements and assumptions made in this report with respect to Auriant Mining AB’s (“AUR”) current plans, estimates, strategies and beliefs, and other statements that are not historical facts, are forward-looking statements about the future performance of AUR. Forward-looking statements include, but are not limited to, those using words such as "may", "might", "seeks", "expects", "anticipates", "estimates", "believes", "projects", "plans", strategy", "forecast" and similar expressions. These statements reflect management's expectations and assumptions in light of currently available information. They are subject to a number of risks and uncertainties, including, but not limited to, (i) changes in the economic, regulatory and political environments in the countries where AUR operates; (ii) changes relating to the geological information available in respect of the various projects undertaken; (iii) AUR’s continued ability to secure enough financing to carry on its operations as a going concern; (iv) the success of its potential joint ventures and alliances, if any; (v) exchange rates, particularly between the Russian rouble and the U.S. dollar. In the light of the many risks and uncertainties surrounding any gold production and exploration company at an early stage of its development, the actual results could differ materially from those presented and forecast in this report. AUR assumes no unconditional obligation to immediately update any such statements and/or forecasts
This press release shall not, directly or indirectly, be released, published or distributed in or to the United States, Australia Japan, Canada, New Zealand, Hong Kong, South Africa or other country where such action as a whole or in part is subject to legal restrictions. Nothing in this press release should be considered as an offer to invest or otherwise trade in shares of Auriant Mining AB (publ). The proposed issue will not be directed at residents or those living in the United States, Australia, Japan, Canada, New Zealand, Hong Kong, South Africa or other country where such action would require further prospectus, other offering documentation, registration or other measures beyond those required by Swedish law. No securities will be registered under the United States Securities Act of 1933, a similar law in any state in the United States, or under any provincial law in Canada, nor under the applicable law of another country.
