The Board has proposed to dispose on the Polymetal’s Russian business as this presents the most viable opportunity for the Group to restore shareholder value by removing or substantially mitigating critical political, legal, financial and operational risks to the Polymetal Retained Group.
|North Kazakhstan Region, Kazakhstan
|Kazgeology JSC and unrelated private investor
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.
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.
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.