|Location||Khabarovsk Region, Russia|
|Mining||Open pit / underground|
|Processing||Heap leach + Merrill-Crow|
|Reserves (JORC)||812 Koz of GE, 3.0 g/t average grade|
|Resources (JORC)||785 Koz of GE, 3.7 g/t average grade|
|Production start date||Q3 2022|
|Life of mine||2028|
Polymetal acquired the deposit in 2011. During the extensive exploration campaign from 2012 through 2014, the Company discovered near-surface heap leachable mineralisation including the extensions of known ore bodies. The exploration campaign was recommenced in 2017. The updated JORC-compliant open-pit Ore Reserves estimate as at 1 October 2019 represents a 110% increase in gold contained in comparison with the previous reserve estimate. The asset also has potential for a long mine life as a part of the Albazino hub. In 2020 the Board of Directors has approved construction of the US$ 80 million Kutyn project. The Company subsequently spent US$ 55 million on exploration and site infrastructure in 2012-1H 2020.
Ore will be processed through the 1.1 Mtpa heap leach facility followed by the Merrill-Crowe process. Average LOM gold recovery is 71%. LOM gold production is expected to comprise 575 Koz.
Kutyn deposit is located in the north-western margin of the Ulbanskaya geosyncline zone and refers to the Kutyn gold-bearing node. The area comprises Lower Jurassic terrigenous deposits of the Kutynskaya and Algatinskaya strata, the Lower Cretaceous andesitic volcanics, and subvolcanic and plutonic formations of the Later Cretaceous Ulbanskaya volcanic zone. Subvolcanic formations are represented by mafic-felsic dykes.
The deposit has favourable geological structure with mineralisation associated with carbonate-sericite-quartz metasomatic bodies with sulphide-quartz veins, similar to the multi-million ounce Albazino deposit.
To date, 10 zones of mineralisation have been identified extending for up to 2 km along strike. The zones of mineralisation are represented by several subparallel lenses with the average ore body thickness of 4 m.
JORC-compliant Ore Reserves for Kutyn (using US$ 1,300/oz gold price) as at 1 October 2019 are estimated at 8.4 Mt of oxide ore with an average grade of 3.0 g/t containing 0.812 Moz of gold. Mineral Resources of Kutyn (additional to Ore Reserves) as at 1 October 2019 amount to 6.6 Mt of oxide and refractory ore for both open-pit and underground mining with an average grade of 3.7 g/t representing 0.785 Moz of gold contained.
|Ore Reserves||Tonnage, Mt||Gold grade, g/t||Silver grade, g/t||Copper grade, %||GE grade, g/t||Gold, Koz||Silver, Moz||Copper, Kt||GE, Koz|
|Mineral Resources||Tonnage, Mt||Gold grade, g/t||Silver grade, g/t||Copper grade, %||GE grade, g/t||Gold, Koz||Silver, Moz||Copper, Kt||GE, Koz|