Quick facts

Location Krasnoyarsk region, Taimyr Peninsula, Russia
Partner Independent junior company
Mineralization Porphyry, Cu-Au

Project

In December 2020, Polymetal acquired 35% interest, increasing its share to 63% in April 2021, in the Pekinskaya JV, adjoining the Taimyr JV, and an option to earn up to 70% interest financing exploration activities by funding RUB 173 million in cash (approximately US$ 2.3 million) of exploration expenditures in three stages aligned with the relevant field seasons.

Polymetal was also granted a call option to acquire the remaining interest in the JV from the independent junior explorer following JORC-compliant Mineral Resource estimate.

Geology

Covering 97 km2 across the East and the Southeast of the Cheluskin Peninsula (Taimyr, Krasnoyarsk region), Pekinskaya license area lies 120 km from the Taimyr JV. The central part of the Pekinskaya area is represented by the granitoid solid. Favourable structural and tectonic setting combined with the prospecting data from previous studies confirm high potential of the area for porphyry copper-molybdenum-gold type mineralization.

Progress

In 2020, the first stage of prospecting and evaluation work began within the license area. Exploration will continue in 2021, prospecting drilling in the amount of 2.5 km is planned.

Related press releases

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2019