PJSC Polyus reports a maiden Ore Reserve estimate for Sukhoi Log and provides an update on the Mineral Resource estimate prepared by AMC Consultants Pty Ltd (“ AMC”) in compliance with JORC Code.
The maiden Ore Reserve estimate stands at 540 million tonnes with an average grade of 2.3 g/t Au and containing 40 million ounces of gold as at 31 May 2020. This estimate ranks Sukhoi Log as the largest gold deposit both among greenfield assets and operating gold mines. This 2020 Sukhoi Log Ore Reserve estimate is based on the 2019 Mineral Resource model as well as a number of studies and additional mine planning activities undertaken by AMC.
The estimated Mineral Resources for Sukhoi Log stand at 1,110 million tonnes, with an average grade of 1.9 g/t Au and containing 67 million ounces of gold as at 31 May 2020. Exploration and verification drilling throughout 2019 enabled an increase of the estimated Indicated Mineral Resource by 18 million ounces to 46 million ounces of gold.
Polyus continues in-fill drilling campaigns. This drilling is designed to improve the confidence of Inferred Mineral Resources and will allow the Company to better define the gold mineralisation within the future pit area, where Polyus expects to carry out mining activities during the first years of Sukhoi Log’s operations. The Company is also proceeding with further geotechnical drilling. The results of this drilling programme will be used in future studies.
Pavel Grachev, Chief Executive Officer of PJSC Polyus, commented:
“We are pleased with the results yielded by our exploration programme at Sukhoi Log. The publication of the maiden Ore Reserve estimate represents a significant milestone for Polyus’ long-term development strategy, and confirms Sukhoi Log’s position as one of the world’s highest-calibre gold deposits.
The Company has achieved a solid conversion ratio from resources to reserves at a grade of 2.3 g/t, while continuing to build up its Mineral Resource base. With the addition of 40 million gold ounces, Polyus secures its top-2 position among the world’s largest gold mining companies by attributable reserves.
We continue to focus on the next stages of the project’s development. We expect to provide the next update on Sukhoi Log later in 2020, with the announcement of the Pre-Feasibility study results.”