TIDMSKR
RNS Number : 2929D
Sunkar Resources PLC
26 April 2013
SUNKAR RESOURCES PLC
("Sunkar" or the "Company")
MINERAL RESOURCE UPDATE
COVERING 100% OF THE CHILISAI LICENCE AREA
Sunkar (AIM:SKR) is pleased to announce a mineral resource
update, prepared by Wardell Armstrong International Limited
("WAI"), covering 100% of the Company's 836km(2) Chilisai licence
area (the "Licence Area"). The Company had previously published a
resource estimate in January 2010 and announced an ore reserve
estimate in March 2011 covering 40% of the Licence Area.
This mineral resource update was carried out in accordance with
the guidelines of the Australasian Code for Reporting of
Exploration Results, Mineral Reserves and Ore Reserves
("JORC").
HIGHLIGHTS
-- Total Measured and Indicated resources of 484 million tonnes
at a grade of 10.53% P(2) O(5) (at a 6% cut-off grade), giving a
total of 51 million tonnes contained P(2) O(5) .
-- Total resource including Inferred material is 1,128 million
tonnes at a grade of 10.28% P(2) O(5) , giving a total of 116
million tonnes contained P(2) O(5.)
-- Tonnage of Measured and Indicated resources increased by 65%
(at a 6% cut-off grade) from the previous resource estimate over
40% of the Licence Area at 5% cut-off grade.
-- Increase of 130% contained P(2) O(5) in total resource
(Measured, Indicated and Inferred), at a 6% cut-off grade, compared
to previous resource estimate at 5% cut-off grade.
-- The resource estimate is based on an historical database
containing more than 4,000 drill holes and trenches, complemented
by the Company's new geological data of 160 drill holes, which were
undertaken in 2012 for the purposes of verifying the historical
database and for filling in the historical drill hole grid.
Serik Utegen, CEO of Sunkar, commented:
"We are pleased to announce the JORC resource update, covering
100% of the Chilisai licence area, which highlights a significant
increase from the previous estimate made in 2009. This resource
estimate reflects the true size of the Chilisai deposit and even
improves the 1970's Soviet resource estimate.
This JORC resource update confirms that Sunkar has ample
resource to support its planned integrated fertilizer manufacturing
chemical complex at Chilisai with a target capacity of
approximately 870,000 tonnes per annum of P(2) O(5) .
Whilst the detailed feasibility study announced in February 2013
covered the first 25 years of the chemical complex operation,
typical lifetimes of these plants normally exceed 40 years. This
new resource update confirms that the orebody is more than
sufficient to support this long-term view.
We are now in the process of completing an updated reserve
calculation in respect of 100% of the Licence Area, which we
anticipate announcing before the end of Q2 2013."
MINERAL RESOURCE ESTIMATE
The mineral resource estimate set out below is based on
digitised data covering 100% of the Licence Area.
WAI Mineral Resource Estimate for Chilisai, at a 6% cut
off grade
------------------------------------------------------------------
Classification Volume Tonnage Grade P(2) O(5)
('000m(3)) ('000t) (% P(2) ('000t)
O(5) )
Measured 46,382 97,409 10.72 10,438
Indicated 185,061 386,547 10.48 40,528
Measured + Indicated 231,443 483,956 10.53 50,966
Inferred 304,183 643,791 10.10 65,023
TOTAL 535,626 1,127,747 10.28 115,989
Notes:
1. Mineral Resources are not reserves until they have
demonstrated technical and economic viability based on a
feasibility study or pre-feasibility study.
2. Mineral Resources are reported inclusive of reserves and take
no account of loss and/or dilution.
3. The contained P(2) O(5) represents estimated contained
mineral in the ground and has not been adjusted for the processing
recovery of P(2) O(5) .
Review by Qualified Person
Dr Phil Newall, Managing Director of WAI has reviewed and
approved the contents of this announcement as a Qualified Person as
defined in the AIM Rules. Dr Newall, BSc (ARSM), PhD (ACSM), CEng,
FIMM has nearly 30 years' experience of providing consultancy
services to minerals companies throughout the world.
For further information, please contact:
Sunkar Resources plc
Teck Soon Kong, Chairman Tel: +44 20 7397 3730
Serikjan Utegen, CEO
Strand Hanson Limited
Simon Raggett Tel: +44 20 7409 3494
Stuart Faulkner
David Altberg
Bankside Consultants
Simon Rothschild Tel: +44 20 7367 8888
or visit: www.sunkarresources.com
Notes to Editors:
1. Sunkar Resources plc
Sunkar Resources plc, through its wholly owned subsidiary Temir
Service LLP, operates a phosphate rock mine in Aktobe Oblast, North
West Kazakhstan. Temir Service LLP holds a Subsoil Use Contract to
part of the Chilisai Phosphate Rock Deposit. The contract area is
estimated to contain 1,128 million tonnes of phosphate ore.
Sunkar's strategy is to build a world class integrated
ammoniated phosphate fertilizer plant with low operating costs.
Sunkar's low cost base derives from its near surface phosphate rock
deposit and access to sulphur from the nearby North Caspian oil and
gas fields.
2. Previous resource and reserve estimates for the Chilisai
phosphate deposit
1975 - The Reserves for the Chilisai Phosphate deposit were
approved by the State Reserves Commission of the USSR. (See the
Competent Person's Report at
http://www.sunkarresources.com/en/pages/admission_documents).
2009 - WAI estimates mineral resource for the Chilisai Deposit's
central area covering 40% of the Licence Area.
2011 - WAI provides a mineral reserve estimate for 40% of the
Licence Area; the reserve on this part of the Licence Area is
expected to be sufficient for 25 years of ore extraction at a rate
of 10 million tonnes per annum.
3. JORC Code, Resource Definitions:
DEFINITIONS OF EXPLORATION RESULTS, RESOURCES & RESERVES
EXTRACTED FROM THE JORC CODE: (December 2004) (www.jorc.org)
A 'Mineral Resource' is a concentration or occurrence of
material of intrinsic economic interest in or on the Earth's crust
in such form, quality and quantity that there are reasonable
prospects for eventual economic extraction. The location, quantity,
grade, geological characteristics and continuity of a Mineral
Resource are known, estimated or interpreted from specific
geological evidence and knowledge. Mineral Resources are
sub-divided, in order of increasing geological confidence, into
Inferred, Indicated and Measured categories.
An 'Inferred Mineral Resource' is that part of a Mineral
Resource for which tonnage, grade and mineral content can be
estimated with a low level of confidence. It is inferred from
geological evidence and assumed but not verified geological and/or
grade continuity. It is based on information gathered through
appropriate techniques from locations such as outcrops, trenches,
pits, workings and drill holes which may be limited or of uncertain
quality and reliability.
An 'Indicated Mineral Resource' is that part of a Mineral
Resource for which tonnage, densities, shape, physical
characteristics, grade and mineral content can be estimated with a
reasonable level of confidence. It is based on exploration,
sampling and testing information gathered through appropriate
techniques from locations such as outcrops, trenches, pits,
workings and drill holes. The locations are too widely or
inappropriately spaced to confirm geological and/or grade
continuity but are spaced closely enough for continuity to be
assumed.
A 'Measured Mineral Resource' is that part of a Mineral Resource
for which tonnage, densities, shape, physical characteristics,
grade and mineral content can be estimated with a high level of
confidence. It is based on detailed and reliable exploration,
sampling and testing information gathered through appropriate
techniques from locations such as outcrops, trenches, pits,
workings and drill holes. The locations are spaced closely enough
to confirm geological and/or grade continuity.
An 'Ore Reserve' is the economically mineable part of a Measured
and/or Indicated Mineral Resource. It includes diluting materials
and allowances for losses which may occur when the material is
mined. Appropriate assessments and studies have been carried out,
and include consideration of and modification by realistically
assumed mining, metallurgical, economic, marketing, legal,
environmental, social and governmental factors. These assessments
demonstrate at the time of reporting that extraction could
reasonably be justified. Ore Reserves are sub-divided in order of
increasing confidence into Probable Ore Reserves and Proved Ore
Reserves.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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