New nickel target for Amur

Far East Russia-focused Amur Minerals has identified a new target in its Kun-Manie nickel and copper project area.

AIM-quoted Amur, based in the British Virgin Islands, says the new drill target, in the Yan Hegd area, is the company’s first discovery outside the project’s main Krumkon trend. The company says sampling and geophysics have identified ‘a vertical structure’ and ‘some lovely rocks’, and plans to start drilling in May in the Yan Hegd, parts of which were worked on in the past by the Falconbridge group.

Robin Young, Amur’s chief executive officer, enthuses ‘the growth potential of this licence area is amazing. Adding Yan Hegd as another drill target provides the company with three additional promising areas where we have yet to sink a single hole’.

Amur, whose shares trade at 17.5p, says its prospects ‘have attracted attention from major companies’. Meanwhile, Amur expects ‘we will need to raise money sooner or later’.

If the new area lives up to expectations, the market should be receptive.