Polymetal announced one of the highest-grade open-pit gold reserves worldwide at Pesherny deposit

Polymetal reports initial Ore Reserve estimate for Pesherny deposit (Voro hub) of 0.4 Moz of gold, including 0.2 Moz OP Reserves at 5.6 g/t.

“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. 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.

ABOUT PESHERNY

Pesherny is a refractory gold deposit discovered by Polymetal in 2017. It is located in Russia’s Sverdlovsk region, approximately 10 km from the city of Krasnoturinsk and 15 km from Polymetal’s Voro production site. The industrialised and moderately populated area around the deposit is home to several mining companies, ensuring good access to the grid and other infrastructure.

The deposit lies in the peripheral part of the Turinsky volcanotectonic depression. Metasomatically altered mineralisation zone is located at the steep contact area of volcanic-sedimentary rocks with a basalts layer. A series of gold-containing oxidised and primary ore deposits are detected and tracked within the mineralisation zone. Plan view the ore zone is stretched to the north-east, has a strike length of up to 360 m and width of 30-120 m. Section view it dips to the south-east at an average angle of 68 degrees and has a length of 330 m with width of 40-70 m. Morphology wise ore bodies have lens and bedding plane form with contractions and swells and heterogeneous internal structure. Mineralisation has disseminated and vein-disseminated characteristics.

About Polymetal            

Polymetal International plc (together with its subsidiaries – “Polymetal”, the “Company”, or the “Group”) is a top-10 global gold producer and top-5 global silver producer with assets in Russia and Kazakhstan. The Company combines strong growth with a robust dividend yield.

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