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Petropavlovsk Plc
Summary
| Project: | Malomir | |
|---|---|---|
| Deposit: | Quartzitovoye | |
| Location: | Russia | |
| Commodities: | Gold | |
| Date: | 6/6/2017 | |
| Report Code: | (no Code) | |
| Report Type: | Exploration/Drilling Update | |
| Project Stage: | Mine Development | |
| Report details: | 6-6-2017: Petropavlovsk Plc announces an Exploration/Drilling Update report for its Quartzitovoye deposit at the Malomir project. Drilling results incl. 5.32m @ 69.9g/t Au. Petropavlovsk PLC ("Petropavlovsk" or the "Company" or, together with its subsidia | |
| Resources: | ||
| 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". Ahead of commencing refractory concentrate production at Malomir from 2018, the targeted 2016 exploration programme was successful in defining a maiden non-refractory underground reserve estimate of 207koz @ 5.85g/t, underpinning a six year life of mine production plan.At Quartzitovoye 1 (10km from the Malomir plant), drilling has confirmed that high grade mineralisation continues at depth, with the deepest holes greater than 440m below the surface (245m below the reserve pit floor) intersecting potentially economical grades and thicknesses. The orebody remains open in a down dip direction offering potential to increase resources further through additional exploration, which will be continued from the underground workings. | |
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