Quick facts

Location Chukotka, Russia
Partner Mineral Exploration Network (Finland) (MEN)
Mineralization RIRGS (Reduced Intrusion-related Gold Systems)

Project

In April 2019, Polymetal acquired 25% interest in the project located in Chaunsk region of Chukotka. Following completion of the first-year field program in 2020, Polymetal increased its stake to 80% by contributing RUB 60 million (US$ 0.9 million). Polymetal owns a 5-year option to increase its interest to 100% subject to positive exploration results in 2021 — 2023. Total investments by Polymetal are expected not to exceed US$ 10 million.

Geology

The prospective area of 84 km2 is located on the territory of Central Chukotka within one of the intrusive-domed structures that are common for this region. Ore occurrences are associated with the marginal part of the Matenvunay solid of Cretaceous porphyry granites, 50 km east of the Mayskoye deposit. Ore mineralization belongs to the gold-sulfide-quartz formation.

Progress

In 2020, based on exploration activity, eight mineralized zones (with a length from 650 to 1,240 m and with an assumed thickness of about 150 m) were identified within three exploration areas.

In 2021, drilling and trenching will be continued to intercept and study ore bodies within the identified mineralization zones.

Related press releases

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2019