Polymetal: Ore Reserves increase at Veduga (823497)
13 Giugno 2019 - 8:01AM
UK Regulatory
Polymetal International plc (POLY)
Polymetal: Ore Reserves increase at Veduga
13-Jun-2019 / 09:01 MSK
Dissemination of a Regulatory Announcement, transmitted by EQS Group.
The issuer is solely responsible for the content of this announcement.
0Release time IMMEDIATE LSE, MOEX, AIX: POLY / ADR: AUCOY
Date 13 June 2019
Polymetal International plc
Ore Reserves increase at Veduga
Polymetal more than doubles Ore Reserves at the Veduga gold deposit to 2.8
Moz of gold following an extensive exploration campaign.
? The updated JORC-compliant Ore Reserve estimate as at 1 March 2019
comprises 18.9 Mt of ore with an average grade of 4.6 g/t containing 2.8
Moz of gold. This represents a 111% increase in gold contained. Gold price
assumption of US$ 1,200/oz was used to complete the estimate.
? Open-pit reserves increased by 31% to 0.8 Moz of gold contained (28% of
total reserves) at an average grade of 3.8 g/t.
? The estimate incorporates results from 57 additional diamond drill holes
(24 km of drilling ) completed by Polymetal in 2017 and 2018. Total
investment in this exploration campaign amounted to approximately US$ 5
million or US$ 5 per ounce of newly added reserves.
? The bulk of new reserves is located at the depths of 500 m to 790 m from
the surface. Mineralisation is represented by two contiguous sub-vertical
ore bodies with an average true width of 14 and 21 m. Thickness of the ore
bodies varies from 1 to 65 meters.
"The new reserve numbers confirm that Veduga is large, high-grade, and is
likely to be larger still", said Vitaly Nesis, Group CEO of Polymetal. "The
updated estimate and fresh exploration results should be helpful for
potential acquirers of the asset".
Ore Reserves reconciliation
Ore Reserves Category 01.01.2019 01.03.2019 Change,
%
Proved + Probable Tonnage, Mt 8.6 18.9 +120%
Au grade, g/t 4.8 4.6 -4%
Au content, Moz 1.3 2.8 +111%
Notes: Ore Reserves are reported on a 100% ownership basis in accordance
with the JORC Code (2012) and are estimated using a gold price of US$
1,200/oz. Discrepancies in calculations are due to rounding. Cut-off grades
for open-pit and underground are 1.0 g/t and 2.5 g/t of gold equivalent,
respectively.
The attributable Ore Reserves, based on 74.3% Polymetal's ownership,
comprise 14.0 Mt of ore with an average grade of 4.6 g/t containing 2.1 Moz
of gold
ABOUT VEDUGA
Veduga is a high-grade refractory gold deposit located in a prolific
Northern Yenisey gold belt in the Krasnoyarsk Region, the top gold producing
region of Russia. Polymetal has been a partial owner of the property since
2006 with the original 50% stake acquired through the JV with AngloGold
Ashanti and subsequently diluted by external equity financing.
In October 2018, the Company increased its ownership in Veduga to 74.3%.
Veduga comprises 4 licence plots with the total area of 18 sq.km. The
property is accessible by an all-year road and has direct access to the
federal power grid. It Is located 60 km from the largest producing gold mine
in Russia, Olimpiada (owned by Polyus).
Currently, mining at Veduga focuses on high-grade open pit which supplies
ore for processing at Polymetal's Varvara mill with concentrate subsequently
treated at the Amursk POX.
2019-2020 exploration program consists of 254 diamond drill holes totaling
68 703 m and 24 000 m3 of trenches. First results include:
? True width: 4 m at 16.9 g/t gold from 391-396 m.
? True width: 59 m at 6.8 g/t gold from 796-898 m.
ORE RESERVES
The Ore Reserve estimate is reported in accordance with the JORC Code (2012)
as at 1 March 2019 using a gold price of US$ 1,200/oz and was prepared by
Polymetal. A cut-off grade of 1.0 g/t of gold equivalent has been applied
for the open pit and 2.5 g/t for the underground.
Veduga Ore Reserves estimate as at 1 March 2019
Ore Reserves Tonnage Gold grade, Gold content,
Mt g/t Koz
Stockpiles 0.5 3.5 52
Total Proved 0.5 3.5 52
Open-pit 6.4 3.8 779
Underground 12.0 5.1 1,959
Total Probable 18.4 4.6 2,738
Total Proved + Probable 18.9 4.6 2,790
Notes: Ore Reserves are reported on a 100% ownership basis in accordance
with the JORC Code (2012). Discrepancies in calculations are due to
rounding.
ADDITIONAL MINERAL RESOURCES
Additional Mineral Resources for Veduga are reported in accordance with the
JORC Code (2012) as at 1 March 2019 using a gold price of US$ 1,200/oz.
Mineral Resources for the open pit were estimated up to a depth of 230 m
from the surface.
Veduga additional Mineral Resources estimate as at 1 March 2019
Mineral Resources Tonnage Gold grade, Gold content,
Mt g/t Koz
Stockpiles 0.5 0.8 14
Total Measured 0.5 0.8 14
Open-pit 0.0 3.1 4
Underground 1.3 4.4 184
Total Inferred 1.3 4.4 188
Total Measured + Inferred 1.9 3.4 202
Notes: Mineral Resources are reported on a 100% ownership basis in
accordance with the JORC Code (2012). Discrepancies in calculations are due
to rounding. Measured and Indicated Mineral Resources are additional to Ore
Reserves. Inferred Mineral Resources are by definition always additional to
Ore Reserves.
Competent persons
This estimate was prepared by employees of JSC Polymetal Management Company
and JSC Polymetal Engineering, subsidiaries of the Company, led by Mr.
Valery Tsyplakov.
Mr. Tsyplakov is the employed full-time as the Managing Director of JSC
Polymetal Engineering and has more than 18 years' experience in gold, silver
and polymetallic mining. He is a Member of the Institute of Materials,
Minerals & Mining (MIMMM), London, and a Competent Person under the JORC
Code.
Listed below are other Competent Persons employed by the Company that are
responsible for relevant research on which the Mineral Resources and Ore
Reserves estimate is based:
? Geology and Mineral Resources - Roman Govorukha, Head of Geologic
Modelling and Monitoring Department, MIMMM, with 18 years' relevant
experience;
? Mining and Ore Reserves - Igor Epshteyn, Head of Mining Process
Department, FIMMM, with 37 years' relevant experience;
? Concentration and Metals - Igor Agapov, Deputy Director of Science and
Technology, MIMMM, with 21 years' relevant experience;
All the above-mentioned Competent Persons have sufficient experience that is
relevant to the style of mineralisation and types of deposits under
consideration and to the activity being undertaken to qualify as a Competent
Person as defined in the 2012 Edition of the 'Australasian Code for
Reporting of Exploration Results, Mineral Resources and Ore Reserves' (JORC
Code).
All Competent Persons have given their consent to the inclusion in the
report of the matters based on their information in the form and context in
which it appears.
About Polymetal
Polymetal International plc (LSE, MOEX, AIX: POLY, ADR: AUCOY) (together
with its subsidiaries - "Polymetal", the "Company", or the "Group") is a
top-20 global gold producer and top-5 global silver producer with assets in
Russia and Kazakhstan. The Company combines strong growth with a robust
dividend yield.
Enquiries
Media Investor Relations
FTI +44 20 3727 Polymetal ir@polymetalinternational.com
Consulting 1000
Eugenia +44 20 7887 1476 (UK)
Leonid Fink Onuschenk
o
Viktor
Pomichal Timofey
Kulakov
+7 812 334 3666 (Russia)
Michael
Vasiliev
Joint Corporate Brokers
Morgan +44 20 7425 RBC +44 20 7653 4000
Stanley 8000 Europe
Limited
Andrew
Foster Marcus
Jackson
Richard
Brown Jamil
Miah
Panmure
Gordon +44 20 7886
2500
Charles
Lesser
James
Stearns
FORWARD-LOOKING STATEMENTS
THIS RELEASE MAY INCLUDE STATEMENTS THAT ARE, OR MAY BE DEEMED TO BE,
"FORWARD-LOOKING STATEMENTS". THESE FORWARD-LOOKING STATEMENTS SPEAK ONLY AS
AT THE DATE OF THIS RELEASE. THESE FORWARD-LOOKING STATEMENTS CAN BE
IDENTIFIED BY THE USE OF FORWARD-LOOKING TERMINOLOGY, INCLUDING THE WORDS
"TARGETS", "BELIEVES", "EXPECTS", "AIMS", "INTS", "WILL", "MAY",
"ANTICIPATES", "WOULD", "COULD" OR "SHOULD" OR SIMILAR EXPRESSIONS OR, IN
EACH CASE THEIR NEGATIVE OR OTHER VARIATIONS OR BY DISCUSSION OF STRATEGIES,
PLANS, OBJECTIVES, GOALS, FUTURE EVENTS OR INTENTIONS. THESE FORWARD-LOOKING
STATEMENTS ALL INCLUDE MATTERS THAT ARE NOT HISTORICAL FACTS. BY THEIR
NATURE, SUCH FORWARD-LOOKING STATEMENTS INVOLVE KNOWN AND UNKNOWN RISKS,
UNCERTAINTIES AND OTHER IMPORTANT FACTORS BEYOND THE COMPANY'S CONTROL THAT
COULD CAUSE THE ACTUAL RESULTS, PERFORMANCE OR ACHIEVEMENTS OF THE COMPANY
TO BE MATERIALLY DIFFERENT FROM FUTURE RESULTS, PERFORMANCE OR ACHIEVEMENTS
EXPRESSED OR IMPLIED BY SUCH FORWARD-LOOKING STATEMENTS. SUCH
FORWARD-LOOKING STATEMENTS ARE BASED ON NUMEROUS ASSUMPTIONS REGARDING THE
COMPANY'S PRESENT AND FUTURE BUSINESS STRATEGIES AND THE ENVIRONMENT IN
WHICH THE COMPANY WILL OPERATE IN THE FUTURE. FORWARD-LOOKING STATEMENTS ARE
NOT GUARANTEES OF FUTURE PERFORMANCE. THERE ARE MANY FACTORS THAT COULD
CAUSE THE COMPANY'S ACTUAL RESULTS, PERFORMANCE OR ACHIEVEMENTS TO DIFFER
MATERIALLY FROM THOSE EXPRESSED IN SUCH FORWARD-LOOKING STATEMENTS. THE
COMPANY EXPRESSLY DISCLAIMS ANY OBLIGATION OR UNDERTAKING TO DISSEMINATE ANY
UPDATES OR REVISIONS TO ANY FORWARD-LOOKING STATEMENTS CONTAINED HEREIN TO
REFLECT ANY CHANGE IN THE COMPANY'S EXPECTATIONS WITH REGARD THERETO OR ANY
CHANGE IN EVENTS, CONDITIONS OR CIRCUMSTANCES ON WHICH ANY SUCH STATEMENTS
ARE BASED
ISIN: JE00B6T5S470
Category Code: MSCM
TIDM: POLY
Sequence No.: 10011
EQS News ID: 823497
End of Announcement EQS News Service
(END) Dow Jones Newswires
June 13, 2019 02:01 ET (06:01 GMT)
Grafico Azioni Polymetal (LSE:POLY)
Storico
Da Mar 2024 a Apr 2024
Grafico Azioni Polymetal (LSE:POLY)
Storico
Da Apr 2023 a Apr 2024
