Polymetal International plc (LON:POLY) reports initial Ore Reserve estimate for Pesherny deposit of 0.4 Moz of gold.
“Establishing high-grade reserves for Pesherny is an important achievement in extending Voro’s life-of-mine”, said Vitaly Nesis, Group CEO of Polymetal.
HIGHLIGHTS
- The initial JORC-compliant Ore Reserve estimate as at 1 July 2020 comprises 2.1 Mt of ore with an average gold grade of 6.0 g/t containing 399 Koz of gold.
- The reserve estimate assumes 7 years of open-pit and underground mining which is expected to commence in Q3 2021.
- 90% of the reserves are represented by primary ore which will be processed at the Voro flotation plant (under construction, start of production in Q1 2023). Refractory gold concentrate will be treated at Amursk POX-2. Oxide ore will be processed at the existing Voro CIP plant.
- Life-of-mine production from refractory material is expected to amount 310 Koz of gold. Average annual production in 2023-2027 is estimated at roughly 55 Koz of gold at AISC of US$ 450-500/oz.
- Mineral Resources (additional to Ore Reserves) amount to 0.5 Mt of ore with an average gold grade of 6.5 g/t representing 97 Koz of gold contained.
ORE RESERVE AND MINERAL RESOURCE STATEMENT
The Ore Reserve and Mineral Resource estimates are reported in accordance with the JORC Code (2012) as at 1 July 2020 using a gold price of US$ 1,200/oz and were prepared by Polymetal International. For primary ores a cut-off grade of 0.8 g/t and 2.4 g/t gold was applied for open pit and for underground, respectively. For oxidised ores a cut-off grade of 0.6 g/t of gold was used.
