Eurasian Minerals Announces Initial Resource Estimate and Project Approvals for Malmyzh Project

Eurasian Minerals (TSXV:EMX) has announced its initial resource estimate and Russian Federation project approvals for the Malmyzh copper-gold porphyry in Russia. Eurasian Minerals is the largest shareholder in IG Copper LLC, which owns Malmyzh in a 51 percent/49 percent joint venture with Freeport McMoRan Exploration Corporation.

As quoted in the press release:

The Inferred Resources at a 0.30% copper equivalent cut-off are estimated as 1,661 million tonnes at average grades of 0.34% copper and 0.17 grams per tonne (g/t) gold, or 0.42% copper-equivalent, containing 5.65 million tonnes (12.45 billion pounds) copper and 9.11 million ounces gold, or 7.06 million tonnes (15.56 billion pounds) copper-equivalent (CuEq% = Cu% + (Au g/t x 0.5)). The Inferred Resources are constrained within open pit configurations, and are comprised of estimates for the Valley, Freedom (SE), Central, and Flats deposits as summarized in the table below.

The initial mineral resource estimate is a milestone in the discovery history of the Malmyzh copper-gold porphyry project. The project’s Inferred Resources include four of the fourteen known porphyry targets on the property that have been drilled on nominal 200 by 200 meter grids. All four deposits (i.e., Valley, Freedom (SE), Central, and Flats) are open at depth. In-fill drilling may lead to the delineation of discrete higher grade zones of copper-gold mineralization, and will provide additional confidence for resource estimation. A table of Inferred Resources at a range of cut-off grades is given below (base case at 0.30% CuEq cut-off).

IGC has advised that the Malmyzh Joint Venture (51% IGC, 49% Freeport), through its Russian subsidiary Amur Minerals OOO, has recently received approval of the “official on balance C1+C2 reserves” from the GKZ (State Reserves Committee), the government agency authorized to approve resources and reserves in the Russian Federation. The Malmyzh “official government approved reserves” were estimated according to the rules and regulations of the Russian Federation, and are not the same as reserves under NI 43-101. The GKZ “official reserves” have now been listed and added to the “State Balance of Reserves”. IGC has also advised that the “prospecting phase” of the Malmyzh exploration and mining licenses has now been successfully completed. The Joint Venture’s achievement of these objectives is a major advancement for the project.
The Company understands the Joint Venture is now preparing to file documents to continue to the “advanced exploration and mining phase” of the project’s development as required for “strategically significant” deposits in the Russian Federation.

Click here to read the Eurasian Minerals (TSXV:EMX) press release