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Polymetal International Plc
Summary
| Project: | Nezhda | |
|---|---|---|
| Deposit: | Nezhda | |
| Location: | Russia | |
| Commodities: | Gold-Silver | |
| Date: | 7/17/2017 | |
| Report Code: | JORC | |
| Report Type: | Resource Estimation | |
| Project Stage: | Pursuing Resource Increase/Upgrade | |
| Report details: | 17-7-2017: Polymetal International Plc announces a Resource Estimation report for its Nezhda deposit at the Nezhda project. JV with Ivan Kulakov - Initial mineral resource for the Nezhda gold deposit. Polymetal announces an initial resource estimate for N | |
| Resources: | (Reserve, Total): 70.6Mt @ 4.7g/t Au, 13g/t Ag for 10.7Moz Au, 29.7Moz Ag contained at project | |
| CP/QP: | [Resources]: Dmitry Pertel (CSA Global Pty Ltd.) | |
| ABSTRACT: | Polymetal announces an initial resource estimate for Nezhda and enters into a legally binding agreement for the increase of its stake in the project to 24.7% with an option to acquire the remaining 75.3%. Polymetal International plc (LSE, MOEX: POLY; ADR: AUCOY) (together with its subsidiaries - "Polymetal", the "Company", or the "Group") has agreed to acquire an additional 7% in the joint venture Nezhdaninskoye gold deposit ("Nezhda") from its partner, Ivan Kulakov. Simultaneously, Polymetal has acquired an option to buy out the remaining 75.3% in Nezhda. A resource estimate for Nezhda has been prepared in accordance with the JORC Code (2012) and was audited by CSA Global. The resource inventory comprises 71 Mt of mineralized material containing 11 Moz of gold equivalent (GE) at an average grade of 4.8 g/t GE. The Nezhda Mineral Resources are reported in accordance with the JORC Code (2012) as at 1 July 2017 using US$1,200/oz gold price and US$16/oz silver price. The Mineral Resource statement has been audited by independent consultant CSA Global. Polymetal completed 42,479 m of diamond drilling in 2015 and 2017 in addition to the 339,392 m of drilling completed by previous owners. Mineral resources were estimated with the following classification parameters: Measured Mineral Resources are reported within the first ellipsoid (20 m by 30 m) and Indicated Mineral Resources are reported within the second ellipsoid (40 m by 50 m). The remaining blocks are classified as Inferred. A total of 117 mineralised structures have been identified. Mineral resources for the open pit were estimated up to a depth of 250 m from the surface. The largest identified mineralised structure is mineralised zone 1 ("MZ 1") which has a strike length of 4,900 m and a downdip extent over 1,800 m and comprises 80% of total Mineral Resources at Nezhda in terms of gold contained. For MZ 1, top cutting at 80 g/t gold was applied to reduce outlier grade influence on local estimation. | |
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