Polymetal International plc (LON:POLY) has announced that its associate ThreeArc Mining Ltd has completed an initial Mineral Resource estimate in accordance with the JORC Code for the Buranny area of Tomtor niobium and rare-earth metals project.
HIGHLIGHTS
- According to the JORC-compliant statement, Mineral Resources as at 31 December 2019 comprise 13.2 Mt of ore available for open-pit mining at 5.9% Nb2O5+15% REO grade (including 2.8% of NdPr oxides) containing 0.8 Mt of Nb2O5 and 2.0 Mt of REO.
- The resource estimate is based on data from two exploration campaigns: a preliminary one in 1990-1997 including 448 drill holes with total length of 30 km followed by a detailed campaign in 2014-2018 comprising 204 drill holes with total length of 12 km.
- The Mineral Resource audit completed by SRK Consulting is the first independent audit of the Tomtor project.
- The initial Ore Reserve estimate and Pre-Feasibility Study are expected to be finalised in early 2021.
Tomtor Mineral Resources
| Tonnage Mt | Tonnage Nb2O5% | Grade REO % | Grade Nb2O5 Eq % | Grade Nb2O5Kt | Content REOKt | Content Nb2O5 EqKt | |
| Indicated | 11.8 | 6.0 | 15.1 | 12.0 | 707 | 1,769 | 1,410 |
| Inferred | 1.4 | 4.7 | 15.3 | 10.6 | 68 | 216 | 150 |
| Indicated + Inferred | 13.2 | 5.9 | 15.0 | 11.9 | 775 | 1,985 | 1,570 |
Note: The extract from the Mineral Resource statement reported in accordance with the JORC Code (2012) as at 31 December 2019 using the following prices: US$ 23.9/kg of Nb2O5, US$ 53.5/kg of Pr6O11, US$ 48.5/kg of Nd2O3, and at 7.8% Nb2O5 Eq cut-off grade.
“Tomtor’s initial Mineral Resource estimate confirmed its large scale and substantial potential value. The next two milestones on the path to investment decision are the initial reserve estimate and completion of the PFS, both expected in early 2021”, said Vitaly Nesis, Group CEO of Polymetal International.
