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Applied Minerals Provides Updated Resource Statement Of Its Dragon Mine Property

From 6.33 acres an area of 0.8 acres has a Measured Resource of 44,200 tons with remaining 5.53 acres an Indicated Resource of 776,500 tons of clay:

          Area   Acres   Resource   Clay   Av Thickness   % Average Clay Content
        Status   Tonnage   (feet)   Halloysite   Kaolinite   Illite-Smectite   Total
Western   0.8   Measured   44,200   31   25.6   36.8   6.4   68.8
Western   5.53   Indicated   776,500   111   4.1   47.4   24.4   75.9
  • WASTE PILE RESOURCES

Drilling of five waste piles from previous mining activity was carried out covering an area of 34.17 acres. The five waste piles have a volume of 1.99 million cubic yards. Following a detailed trenching campaign on the waste piles, fifty-two boreholes were drilled totalling 1,986 ft and 216 samples were tested.

  • Whole rock evaluation of five waste piles - 34.17 acres

The whole rock evaluation included chemical testing by XRF of all 216 samples with 69 tested for their mineralogy by XRD. The tonnage of 4.5 million tons is based on specific gravity of 2.5. The waste piles show variation in their chemistry and mineralogy and reflect where they were mined from. WP1 is high in halloysite and iron and was mined from the iron rich zone where halloysite levels tend to be higher. The other waste piles are clearly mined from mainly monzonite where the alteration of feldspar has been more to kaolinite and illite-smectite rather than halloysite. The levels of K-feldspar and quartz are also higher for the waste derived from altered monzonite.

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