Drilling Update

RNS Number : 8163D

Eurasia Mining PLC

29 March 2011

 



Eurasia Mining plc

("Eurasia" or the "Company")

High precious metals grades intersected in Follow-up Drilling at Kola.

Eurasia is pleased to announce results of recent follow-up drilling on its Monchetundra Licence area near the city of Monchegorsk in the Kola Peninsula in Russia.

Intersections from the drilling include as follows, with the true widths estimated based on early geological interpretations:

Hole No.	Total depth	Interval	Length	True width	Au,	Pt,	Pd,	Cu,	Ni,	Pd equiv.
	(metres)	(metres)	(metres)	(metres)	g/t	g/t	g/t	%	%	g/t
MT-86	90	26.0 - 29.3	3.3	2.66	0.14	0.75	4.96	0.67	0.15	9.66
(Includes)		26.0 - 26.9	0.9	0.72	0.27	1.43	6.46	0.85	0.21	15.76
MT-86		49.0-50.1	1.1	1.03	12.28	6.52	98.8	2.13	0.15	145.39
MT-87	109.2	8.7-27.1	18.4	13.46	0.22	0.23	1.57	0.18	0.08	4.05
(Includes)		8.7-19.05	10.35	7.43	0.11	0.34	2.38	0.29	0.09	5.45

The significance of these results is that they confirm the discovery of "Hanging Wall" Copper-Platinum Group Metals (Cu-PGM), type mineralisation in the Monchetundra Licence area. This mineralisation  was first identified in Drill Hole 79, one of a series of holes drilled to test continuity of the deeper, basal, footwall mineralisation in the licence area.  The Cu-PGM mineralisation occurs as a linear stockwork represented by a series of chalcopyrite-rich veins and veinlets in tectonized pyroxenites. So far, the north-south trending zone of mineralization has been confirmed and traced for 60m, but remains open both along strike and down dip.

The previously reported drillhole MT-79 intersections reported in December are shown below:

Hole No.	Total depth	Interval	Length	True width	Au,	Pt,	Pd,	Cu,	Ni,	Pd equiv.
	(metres)	(metres)	(metres)	(metres)	g/t	g/t	g/t	%	%	g/t
MT-79	166.2	17.3 - 19.0	1.7	1.36	2.37	0.14	2.5	0.95	0.15	12.19
MT-79		37.3 - 43.2	5.9	5.41	0.26	2.66	8.2	0.06	0.07	15.96

This hanging-wall Cu-PGM mineralisation appear to be similar to those previously mined in the Monchegorsk district from 1937 to 1975.

While the high grades intersected in MT-86 should not be considered as indicative of future average deposit grade in the Monchetundra Licence area, their significance is the indication of the likely occurrence of very high grades within the mineralized zones.

The programme to test this new discovery consisted of three diamond drillholes at HQ diameter (core diameter 63.5mm) totaling 322.2 metres, which were completed in the first three weeks of December. The two drillholes reported intersected this target, with the third drillhole MT-85 only intersecting the footwall zone. Future drilling will focus on testing possible extensions of this zone and reviewing other high-grade intercepts obtained in earlier drilling in the Monchetundra licence area. Exploration drilling will also continue on the footwall zones.

As previously announced, Eurasia holds a 60% interest in Monchetundra 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. 

Commenting on the results, Managing Director Christian Schaffalitzky said: "The discovery of these high grade PGM zones upgrade considerably the potential resources of the Monchetundra project."

For more information please contact:

Eurasia Mining
Christian Schaffalitzky / Michael de Villiers	Tel: [phone]
Katy Mitchell, WH Ireland Limited	Tel: [phone]

 

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