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Exploration

Overview

Sustained greenfield and brownfield exploration programmes are key to our long-term growth, alongside the cost-effective drive to increase our resource base through the development of next-generation assets.

To optimise our portfolio of exploration projects, we focus on areas adjacent to our processing or potential hubs (brownfield), and on assets with the potential to become sizeable, standalone operations (greenfield). The advancement of all exploration projects is subject to rigorous review through pre-determined project stages, which are linked to our estimate of the resource potential and its economic prospects.

Exploration results

Polymetal completed 421 km of exploration drilling in 2017, up 48% year-on-year as the scope of exploration expanded to include new assets, mostly Prognoz and Nezhda, in addition to continued exploration efforts at existing operations.

Key objectives for 2018

  • To achieve resource-to-reserve conversions at existing operations with relatively shorter LOM
  • Polymetal aims to complete initial ore reserves estimates for the following deposits in 2018:
    - Irbychan and Yolochka at Omolon
    - Saum and Pesherny at Voro
    - Levoberezhny and Kundumi at Okhotsk
    - Primorskoye and Perevalnoye (revaluation) at Dukat
  • To prepare an updated mineral resource estimate and achieve resource-to-reserve conversion at Nezhda to include the southern flank of ore zone 1 and smaller mineralised zones
  • To compete an audited JORC-compliant resource estimate for Prognoz largest ore zones, Main and Swamp
  • To prepare an updated mineral resources estimate for Viksha based on new drilling data and metallurgical studies
  • To continue step-out and in-fill drilling at Kyzyl to increase reserves for open pit mining
Major greenfield projects
  • Viksha Republic of Karelia, Russia
  • Nezhda Yakutia region, Russia
  • Prognoz Yakutia region, Russia