Polymetal says Novopetrovskoye initial reserves 74.6 tns of gold

MOSCOW, Jan 24 (PRIME) -- The initial reserve estimate of the Novopetrovskoye field stands at 2.4 million ounces, or 74.6 tonnes of gold under the JORC Code as of January 1, Russian gold producer Polymetal International said in a statement on Monday.

The mineral resources of the field amount to 9.2 million tonnes of ore with the average grade of 8 grams of gold equivalent per tonne. The structure of recovery is 37% of copper, 35% of gold, 23% of zinc, and 6% of silver, the company said.

Combined investment in geological exploration of the field reached U.S. $8 million. Taking into account the price of purchase of a stake in the field, Polymetal has invested $15 million in the Novopetrovskoye deposit, or $6 per ounce of gold equivalent. The company used the following prices for metals in preparation of the evaluation: $7,700 per tonne of copper, $2,200 per tonne of zinc, $1,500 per ounce of gold, and $20 per ounce of silver.

Polymetal owns a 75% stake in the joint venture that develops the field and has a 7-year call option to buy the remaining 25% from Russian state geological exploration company Rosgeo. The company plans to do a mineral resource update in April–June 2023, an initial ore reserve estimate in October–December 2023, approve a mining license in January–March 2024, and conclude a pre-feasibility study in January–March 2025.

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