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Petropavlovsk Plc
Summary
| Project: | Albyn | |
|---|---|---|
| Deposit: | Albyn | |
| Location: | Russia | |
| Commodities: | Gold | |
| Date: | 6/6/2017 | |
| Report Code: | (no Code) | |
| Report Type: | Exploration/Drilling Update | |
| Project Stage: | Active Mining & Production | |
| Report details: | 6-6-2017: Petropavlovsk Plc announces an Exploration/Drilling Update report for its Albyn deposit at the Albyn project. Drilling results incl. 12.2m @ 4.72g/t Au. Petropavlovsk PLC ("Petropavlovsk" or the "Company" or, together with its subsidiaries, the | |
| Resources: | (not mentioned in this report) | |
| CP/QP: | [Overall Report]: n/a (n/a) | |
| ABSTRACT: | Petropavlovsk PLC ("Petropavlovsk" or the "Company" or, together with its subsidiaries, the "Group") is pleased to provide a further update on the results of exploration work completed during 2016 and 2017.Dr Pavel Maslovskiy, Chief Executive, comments:"Petropavlovsk was built on exploration success. Since 2002, we have discovered 31.4Moz of JORC Resources through exploration activities. This has allowed us to produce an impressive 6.3Moz of gold and created a solid base for future sustainable production growth. Using our regional knowledge and technical expertise, our team continues to prove our ability to unlock value through the drill bit. We have been concentrating our exploration efforts on the discovery and development of mineral resources in the vicinity of our main producing assets, and on upgrading resources to ore reserves. We see new discoveries at our existing mines as the optimal way to ensure sustainability, growth and long term value. I am delighted to report a strong set of exploration results, which are encouraging at all levels including target generation, and to update you on our progress during 2017". The 1,053km2 Albyn license area has significant non-refractory exploration potential. In 2016 the Group was successful in increasing Albyn reserves by 62%, confirming its sustainable, non-refractory production profile and long life of mine. Earlier stage exploration surveying and trenching yielded encouraging results at potential brownfield resource expansion targets such as Ulgen, Sergeevskaya and Leninskoye. | |
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