p3 RNS 2019 *noted at $60022 Jun 2021 14:32
Also of note, and falling within 5km of the Company's mining license are the Vuruchaivench deposits of low sulphide PGM ores, which, as per information provided from the Russian Cadastre have demonstrated total Balance sheet Reserves in Russian A, B and C1 categories of c. 13,580,000 t and a further c.70 M tonnes in Russian C2.
The area adjacent the flanks application and within 5km of the Company's mining license therefore contains a potential for c.4M oz. of PGMs as per the Russian Cadastre, and excluding the Vuruchavench Deposits.
(C) Selected further PGM projects in the Monchegorsky District (Eurasia does not currently have any licenses in this area)
The known large projects demonstrated here are: Fedorova Tundra, Eastern Pana, Western Pana which have seen generations of exploration work by international mining companies, but are currently inactive. Further information on these deposits can be found in various public domain sources:
1. Fedorova Tundra, occurring in the west of the Fedorova Pansky Massif which occurs approximately 100km southwest of the town of Monchegorsk, and was previously operated by Barrick Gold. Potential resources and reserves are c.1.2M oz. of Pt at 0.3 g/t and c. 5.5M oz. of Pd at 0.9 g/t. The Licence is currently suspended. (total of c.6.7M oz)[1]
2. Eastern Pana, also known as Eastern Chuarvy deposit and occurring directly to the east of the Fedorova Tundra deposit and within the Fedorova Pansky Massif. Exploration was carried out by Consolidated Puma, later Bema Gold (acquired by Kinross in 2007). The reserves were approved and the deposit is not currently licensed. The resource and reserve potential is c.220 tons (C2+P1+P2 categories) or 6.4M oz.[2]
3. Western Pana, hosting the Kievey deposit, again occurring in the Fedorova Pansky Massif, and currently unlicensed. The reserves were estimated by AO Pana and funded by Urals Minerals. 1+ 2 PGM reserves are c. 50.8 t. The total potential of the deposit down to 500 m is c. 250 t of PGM. (8M oz)[3]
The total for the above items 1 to 3 is therefore 21M oz.
The Company would also like to highlight further regional potential specifically in the Volchetundra Project, previously operated by the Company under a Joint Venture with Anglo American from 2004 to 2011, and subsequently surrendered to focus on the Monchetundra Project. Volchetundra occurs 5 km from Monchegorsk. This high palladium deposit now becomes of interest given the recent price appreciation in palladium and the future price outlook. Palladium prices through 2011 averaged less than $600 per ounce. The Company's database of proprietary information including 12,000m of drilling will be compiled in due course to reassess the projects future potential development. If the Company did want to explore this project again, it would have to re-apply for the relevant licences and there can be no guarantee that they will be granted.
Sign In
Follow the stocks
