Applied Minerals, Inc. Provides Dragon Mine Exploration Update
Applied Minerals, Inc. (OTCBB:AMNL), a leading global producer of Halloysite Clay from its Dragon Mine property in Utah, is pleased to announce the release of the following statement from its consulting geologist, Dr. Ian Wilson, regarding the results of certain drilling activities:
UPDATE ON HALLOYSITE RESOURCES AT DRAGON MINE, UTAH
Twenty-six boreholes totalling 4,770ft have been drilled at Dragon Mine in an area that was not previously mined or explored by the company. The core has been taken and characterised for its mineralogical, chemical and physical properties. The detailed drilling, with average spacing of 45 ft from one borehole to another, covering an area of 3.40 acres, contains a Measured Resource of 415,000 tons upon processing. Average clay content from the area is 84% with 61% Halloysite, 17% Kaolinite and 6% illite-smectite. Some of the Halloysite values are as high as 100%. The Company has commenced mining to an area 40ft from the surface that contains over 2,000 tons of 93% Halloysite. This clay will be mined and processed to generate a higher value product grade for customers. It has been determined that the current dry milling plant on site can be utilized for the processing of this material due to its purity. Any material requiring wet processing will be carried out at KaMin LLC.'s processing facilities in Georgia.
A further one acre is being drilled and evaluated and to date contains an Inferred Resource of 150,000 tons with Halloysite values up to 57.6% and Kaolinite up to 58.9% with an average of 48.4% Halloysite and 51.6% Kaolinite. Further boreholes will be carried out in the near future.To date, a Measured Resource of 415,000 tons and an Inferred Resource of 150,000 tons, totalling 565,000 tons, have been identified in this area. In light of these results, an additional 15 boreholes have been proposed, and are in progress in the immediate vicinity. Once all boreholes have been drilled and evaluated, an overall Measured Resource statement for the whole 4.4 acres will be prepared in accordance with JORC Code. This statement is presented in accordance with the JORC Code.
Dr Ian Wilson
BSc, MSc, PhD, MIMMM, C.Eng, C Geol, FGS, CSci
May 17 th 2010
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV