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Polymetal: Pesherny initial Ore Reserve estimate

·7-min read

Polymetal International plc (POLY)
06-Nov-2020 / 10:00 MSK
Dissemination of a Regulatory Announcement, transmitted by EQS Group.
The issuer is solely responsible for the content of this announcement.

 

 

Polymetal International plc

Pesherny initial Ore Reserve estimate

Polymetal reports initial Ore Reserve estimate for Pesherny deposit (Voro hub) 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

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.

Pesherny Initial Ore Reserve estimate

Notes: discrepancies in calculations are due to rounding.

 

 

Pesherny Additional Mineral Resource estimate

Notes: discrepancies in calculations are due to rounding.

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.

Competent persons

This estimate was prepared by employees of JSC Polymetal Management Company and JSC Polymetal Engineering, led by Mr. Vladislav Kolosov.

Mr. Kolosov is the employed full-time as the Deputy Head of Production Department at Polymetal Management Company and has more than 20 years' experience in gold, silver and polymetallic mining. He is a Member of the Institute of Materials, Minerals & Mining (MIMMM), London, and a Competent Person under the JORC Code.

Listed below are Competent Persons employed by the Company that are responsible for relevant research on which the Mineral Resources and Ore Reserves estimate is based:

All the above-mentioned Competent Persons have sufficient experience that is relevant to the style of mineralisation and types of deposits under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves' (JORC Code).

All Competent Persons have given their consent to the inclusion in the report of the matters based on their information in the form and context in which it appears.

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.

Enquiries

Forward-looking statements

This release may include statements that are, or may be deemed to be, "forward-looking statements". These forward-looking statements speak only as at the date of this release. These forward-looking statements can be identified by the use of forward-looking terminology, including the words "targets", "believes", "expects", "aims", "intends", "will", "may", "anticipates", "would", "could" or "should" or similar expressions or, in each case their negative or other variations or by discussion of strategies, plans, objectives, goals, future events or intentions. These forward-looking statements all include matters that are not historical facts. By their nature, such forward-looking statements involve known and unknown risks, uncertainties and other important factors beyond the company's control that could cause the actual results, performance or achievements of the company to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements. Such forward-looking statements are based on numerous assumptions regarding the company's present and future business strategies and the environment in which the company will operate in the future. Forward-looking statements are not guarantees of future performance. There are many factors that could cause the company's actual results, performance or achievements to differ materially from those expressed in such forward-looking statements. The company expressly disclaims any obligation or undertaking to disseminate any updates or revisions to any forward-looking statements contained herein to reflect any change in the company's expectations with regard thereto or any change in events, conditions or circumstances on which any such statements are based.

 

 


Release time

IMMEDIATE                     LSE, MOEX, AIX: POLY / ADR: AUCOY

Date

06 November 2020

Ore Reserves 

Tonnage,

Kt

Au grade,

g/t

Au content,            

Koz

Probable

 

 

 

Open-pit

1,340

5.4

232

 Oxidised ore

210

4.3

28

 Primary ore

1,130

5.6

204

Underground

730

7.1

167

Total Probable

2,070

6.0

399

Mineral Resources (additional to Ore Reserves)

Tonnage,

Kt

Au grade,

g/t

Au content,

Koz

Indicated

 

 

 

Underground

90

6.9

21

Total Indicated

90

6.9

21

 

 

 

 

Inferred

 

 

 

Open-pit

20

2.3

1

 Oxidised ore

10

2.0

1

 Primary ore

10

3.1

1

Underground

350

6.7

75

Total Inferred

370

6.4

77

 

 

 

 

Indicated + Inferred

 

 

 

Open-pit

20

2.3

1

 Oxidised ore

10

2.0

1

 Primary ore

10

3.1

1

Underground

440

6.7

96

Total Indicated + Inferred

460

6.5

97

Media

 

Investor Relations

FTI Consulting

Leonid Fink

Viktor Pomichal

+44 20 3727 1000

Polymetal

Evgeny Monakhov

Timofey Kulakov

Kirill Kuznetsov

ir@polymetalinternational.com

+44 20 7887 1475 (UK)

 

+7 812 334 3666 (Russia)

Joint Corporate Brokers

 

Morgan Stanley & Co. International plc

Andrew Foster

Richard Brown


Panmure Gordon

Daniel Norman

John Prior

+44 20 7425 8000

 

 

 

 

+44 20 7886 2500

RBC Europe Limited

Marcus Jackson

Jamil Miah

+44 20 7653 4000

Release time

IMMEDIATE                     LSE, MOEX, AIX: POLY / ADR: AUCOY

Date

06 November 2020

Ore Reserves 

Tonnage,

Kt

Au grade,

g/t

Au content,            

Koz

Probable

 

 

 

Open-pit

1,340

5.4

232

 Oxidised ore

210

4.3

28

 Primary ore

1,130

5.6

204

Underground

730

7.1

167

Total Probable

2,070

6.0

399

Mineral Resources (additional to Ore Reserves)

Tonnage,

Kt

Au grade,

g/t

Au content,

Koz

Indicated

 

 

 

Underground

90

6.9

21

Total Indicated

90

6.9

21

 

 

 

 

Inferred

 

 

 

Open-pit

20

2.3

1

 Oxidised ore

10

2.0

1

 Primary ore

10

3.1

1

Underground

350

6.7

75

Total Inferred

370

6.4

77

 

 

 

 

Indicated + Inferred

 

 

 

Open-pit

20

2.3

1

 Oxidised ore

10

2.0

1

 Primary ore

10

3.1

1

Underground

440

6.7

96

Total Indicated + Inferred

460

6.5

97

Media

 

Investor Relations

FTI Consulting

Leonid Fink

Viktor Pomichal

+44 20 3727 1000

Polymetal

Evgeny Monakhov

Timofey Kulakov

Kirill Kuznetsov

ir@polymetalinternational.com

+44 20 7887 1475 (UK)

 

+7 812 334 3666 (Russia)

Joint Corporate Brokers

 

Morgan Stanley & Co. International plc

Andrew Foster

Richard Brown


Panmure Gordon

Daniel Norman

John Prior

+44 20 7425 8000

 

 

 

 

+44 20 7886 2500

RBC Europe Limited

Marcus Jackson

Jamil Miah

+44 20 7653 4000

ISIN:

JE00B6T5S470

Category Code:

MSCM

TIDM:

POLY

Sequence No.:

87330

EQS News ID:

1145957


 

End of Announcement

EQS News Service

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