Polymetal has completed the divestment of its Russian business on 7 March 2024. Please see the relevant announcement at the link. Operating and financial results as well as other information on this website until 7 March 2024 represent the Group in its former organizational structure, i.e. including Russian business, unless otherwise stated.
Quick facts
Location | North Kazakhstan Region, Kazakhstan |
Partner | Kazgeology JSC and unrelated private investor |
Mineralization | Porphyry-scarn |
Project
Polymetal holds an indirect interest of 7.5% in the project with an option to increase to 75% upon completion of a
Polymetal provides funding for the exploration program through loans and operates the project.
Geology
The Baksy prospect area is located 300 km Southeast of the Varvara. Mineralization is contained by eksoskarn ores, metasomatites, veinlet stockworks. Main desired metals are copper and gold. The geo-structural and metallogenic setting of the Baksinsky area is very typical for the known large gold-rich copper-porphyry objects.
Progress
In 2020, a number of geophysical studies, geochemical survey, as well as 11 km of drilling with hydraulic соre lifter and more than 3 km of core drilling were completed.
Anomalies with the potential of gold-copper mineralization discovery have been identified, and a copper deposit discovered in 2016 has been traced.
In 2021, exploration will continue both at the already defined areas and at new sites.