Business
Licence Extension and Drillin
Licence Extension and Drillin.
About this update from Eurasia Mining Plc
[{"type":"text","content":"\n RNS Number : 0197Y Eurasia Mining PLC 15 December 2010 \n \n\nEurasia Mining plc\n \n(\"Eurasia\" or the \"Company\")\n \n \nLICENCE EXTENSION AND DRILLING UPDATE\n \n \n· Monchetundra licence extension granted for 2 years; and\n· Monchetundra drilling results including intercepts up to 10.28 g/t Palladium equivalent in the West Nittis contact zone as well as discovery of a new hangingwall zone of PGM mineralization in an intersection returning 2.66 g/t Platinum and 8.2 g/t Palladium. \n \nMonchetundra Licence\nEurasia is pleased to announce that its exploration licence at Monchetundra in the Kola Peninsula in Russia has been extended for a further two years to December 2012. This will enable the Company to continue to progress the exploration work at the site. As previously announced, Eurasia holds a 60% interest in this licence through its 40% holding in Urals Alluvial Platinum Limited (\"UAP\"), owned jointly with Anglo Platinum, the balance of 20% being held by Eurasia alone. The majority of the exploration work has been funded by Anglo Platinum, with Eurasia acting as manager and operator.\n \nDrilling Results \nEurasia is also pleased to announce the results of a recent diamond drilling programme at Monchetundra. This drilling was completed on a sub-area known as \"West Nittis\" and targeted shallow, flat dipping, open pittable mineralization in an area where no previous drill testing had been undertaken by the Company. \n \nA total of 1,316 metres in 9 drill holes were completed and from this work the basal mineralized zone was confirmed in 7 holes. The zone, broadly stratabound and dipping at 10-30° degrees to the east, consists of sulphide mineralization which contains base metals with platinum group metals (PGM). Traverse drill hole spacing was 100 meters, with an area of coverage of approximately 1100m long and 700m wide. \n \nThe intersections from this initial programme show Pd equivalent grades up to 10.28 g/t Pd, incorporating the precious metal and base metal grades, as can be seen from the table below:\n \n\n\n\n\nHole No\n\n\nInterval\n(meters)\n\n\nLength\n(meters)\n\n\nPt\ng/t\n\n\nPd\ng/t\n\n\nAu\ng/t\n\n\nCu\n%\n\n\nNi\n%\n\n\nPd equiv\ng/t\n\n\n\n\nMT-76\n\n\n102.0-10...