R/€ = 16.27 Change: -0.01
R/$ = 14.53 Change: -0.01
Au 1344.81 $/oz Change: 0.65
Pt 801.57 $/oz Change: 4.31
 
 
R/€ = 16.27 Change: -0.01
R/$ = 14.53 Change: -0.01
Au 1344.81 $/oz Change: 0.65
Pt 801.57 $/oz Change: 4.31
 
 
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Polymetal doubles Veduga reserves to 2.8Moz

13th June 2019 BY: Creamer Media Reporter

Russian gold and silver miner Polymetal has more than doubled the ore reserves at the Veduga gold deposit to 2.8-million ounces, which the company said on Thursday should be helpful for potential acquirers of the asset.

The updated reserve estimate comprises 18.9-million tonnes of ore with an average grade of 4.6 g/t, containing 2.8-million ounces of gold. This represents a 111% increase in gold contained.

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The openpit reserves increased by 31% to 0.8-million ounces of gold contained, or about 28% of total reserves, at an average grade of 3.8 g/t.

The estimate incorporates results from 57 additional diamond drill holes that were drilled in 2017 and 2018 at a total cost of $5-million, or $5/oz of newly added reserves.

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"The new reserve numbers confirm that Veduga is large, high-grade, and is likely to be larger still,” Polymetal CEO Vitaly Nesis said in a statement on Thursday.

Veduga is a high-grade refractory gold deposit located in a prolific Northern Yenisey gold belt in the Krasnoyarsk region. Polymetal has been a partial owner of the property since 2006 with the original 50% stake acquired through the joint venture with AngloGold Ashanti and subsequently diluted by external equity financing. In October 2018, Polymetal increased its ownership in Veduga to 74.3%.

Veduga comprises four licence plots with the total area of 18 km2.

Currently, mining at Veduga focuses on high-grade openpit, which supplies ore for processing at Polymetal's Varvara mill with concentrate subsequently treated at the Amursk POX. 

EDITED BY: Mariaan Webb Creamer Media Senior Researcher and Deputy Editor Online
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