30th Sep 2019 10:04
(Alliance News) - Mining firm Polymetal PLC said Monday further drilling at its Viksha site in Russia had revealed a "large" resource deposit at the mine.
Following estimates from data drawn from A 359 diamond drill hole programme undertaken by Polymetal at the site, the palladium equivalent indicated and inferred resource estimate now stands at 5.7 million ounces.
The cut-off grade for the estimate is 0.5 grammes per tonne.
Following the new resource estimate, the total amount of the four metals - gold, platinum, palladium and copper - is 5.7 million ounces at an average grade of 1.1 grammes per tonne.
According to its website, data from 2017 previously had put indicated and inferred estimates at 3.6 million ounces.
"We have confirmed Viksha's potential as a large open-pittable deposit," Polymetal Chief Executive Officer Vitaly Nesis said. "The goal is to complete the feasibility study and publish a reserve estimate in the first half of 2021."
Shares in Polymetal were 1.4% lower at 1,131.61 pence in London on Monday.
By Ahren Lester; [email protected]
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