Quick facts

Location Chukotka, Russia
Partner Mineral Exploration Network (Finland) (MEN), share of Polymetal – 25%)
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 2021, the annual exploration plan was not completed due to logistic challenges and unsatisfactory state of a contractor’s drilling equipment. Four drill holes with a total length of 801 m and 8,700 m3 of trenches were completed.
  • In 2022, the Company is going to complete 2021 plans.

Related press releases

You are downloading Integrated Annual Report . Please note that some ESG data are available in Sustainability Performance Data 2021 (GRI and SASB) that outlines our key non‑financial performance information for financial year 2021.

While the selected files are being downloaded, we want to draw your attention to the reports on the sustainable development of the company. They provide detailed information on ESG indicators.

You can also download historical data on sustainable development.

2019