Polymetal International has announced the maiden Mineral Resource estimate, audited by AMC Consultants Pty Ltd, for the 100%-owned Viksha project.
- The Viksha is a palladium, platinum, gold and copper deposit located in the Republic of Karelia, part of the Russian Federation, which is approximately 90 km north of the regional capital Petrozavodsk (population 300,000) and approximately 450 km from St. Petersburg. The infrastructure in the area is well developed with easy access to grid power, paved roads, and railway. Polymetal's 100%-owned subsidiary holds a 20-year mining licence for a project area of 47 km2.
- Polymetal acquired the property when it had a prospecting licence in 2012. A total of 166 diamond drill holes totalling 22,145 meters, were completed between 2012 and 2014. Application for a mining licence was filed in Q3 2015 and granted on July 18, 2016.
- The Mineral Resources estimate was independently audited by AMC Consultants in accordance with the JORC Code (2012) and comprises 213 Mt of Indicated and Inferred Resources averaging 0.98 g/t of combined precious metals and 0.1% of copper. Total content of precious metals is estimated at 6.6 Moz making Viksha one of the largest open-pittable PGM resources in the world. Resources have been constrained by generating a series of optimum pit shells. The pit depths vary from 240 m to 305 m below surface.
- Polymetal intends to complete a feasibility study ("FS") for an Ore Reserve estimate for Viksha by Q3 2019. Provided the development decision based on the FS is positive, the asset could enter production in 2022.
At 9:23am: (LON:POLY) Polymetal International PLC share price was +35.5p at 1047.5p