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Mironovskoye

Location and infrastructure

Located in the north of the Kyrgyz Republic, approximately 120km northeast of Bishkek, via the Bishkek –Tokmоk highway, the Mironovskoye deposit is situated on the right bank of the Chui river at the southern slope of the Kastek ridge at an elevation between 1400m and 2200m. The Taldy Bulak
Gold mine is located 30km to the southwest and is near infrastructure which could support a mining operation.

Location

Geology and mineralisation

The deposit is a polymetallic sulphide vein system with a strike length of 1.4km. Most work in the Soviet era focused on the bismuth but copper and gold are also present in economic quantities.  5km of underground development has been completed.

During 2012 resource estimation was completed by a local consulting company and approved by the State Resource committee. The Resource table is shown below.

Resource estimation of the Mironovskoye deposit as approved by the State Resource committee
(C1+C2 is reasonably equivalent to the JORC Indicated and Inferred Category)
 

Elements of calculations Units C1 + C2
Ore Ton 1,582,230
Copper % 1.49
Gold PPM 1.7
Silver PPM 48.05
Bismuth % 0.12
Lead % 0.52
Copper equivalent % 3.31

The Company believes that this resource can be expanded significantly with more drilling.
 

Metallurgy

Metallurgical works by AMMTEC in Australia as well as Soviet Institutes indicate that it is possible to collect more than 80% of the metal value into a commercial concentrate. Work by AMMTEC has focused on the ability to improve returns by separating the concentrate into two concentrates; copper gold concentrate and lead bismuth silver concentrate. The work is ongoing but results to date show that both concentrates contain a level of metal above the threshold required by a commercial smelter (20% for copper and 60% for lead). Work on improving the recovery of gold and silver (currently at about 50%-60%) is underway.
Metallurgy

Towards mining

The exploration works in the Mironovskoye Deposit have been very extensive and include developing adits at six levels 50 metres apart. The adits as well as ventilation rises comprise the foundation of an underground development.

The location of the deposit near infrastructure and relatively near to the capital and other communities can support a very low cost operation. Labour, both qualified and non-qualified, is readily available. There is easy access to roads and a power line. There is no need to build a camp or analytical laboratory on site and transport is cheap and available. One possible operational option is to mine ore which can be sent by rail to a nearby plant for processing.

The award of a mining licence in February 2013 makes the deposit of interest to a joint venture partner or for sale.