Polymetal: Ore Reserves increase at Kutyn (972847)
12 Febrero 2020 - 1:00AM
UK Regulatory
Polymetal International plc (POLY)
Polymetal: Ore Reserves increase at Kutyn
12-Feb-2020 / 10:00 MSK
Dissemination of a Regulatory Announcement, transmitted by EQS Group.
The issuer is solely responsible for the content of this announcement.
Release time IMMEDIATE LSE, MOEX, AIX: POLY / ADR: AUCOY
Date 12 February 2020
Polymetal International plc
Ore Reserves increase at Kutyn
Polymetal is pleased to announce a twofold increase in Ore Reserves at the
Kutyn gold project to 0.8 Moz of gold in accordance with the JORC Code
(2012).
? The updated JORC-compliant open-pit Ore Reserves estimate as at 1
October 2019 comprises 8.4 Mt of ore with an average grade of 3.0 g/t
containing 812 Koz of gold. This represents a 110% increase in gold
contained in comparison with the previous reserve estimate prepared in
2015[1].
? The growth of reserves is attributable to the updated geological model
based on 32.3 km of drilling (440 diamond drill holes) and 180 thousand m3
of trenching conducted in 2017-2019.
? The reserves represent only oxidised material suitable for heap leaching
(average recovery based on extensive geometallurgical work is 70.7%).
Life-of-mine stripping ratio is 8.1 t/t.
? The reserve assessment is based on a 1.3 Mt per year heap leach
facility. The flowsheet envisions two-stage crushing to -40 mm, stacking
by truck and the Merrill-Crowe process to recover gold. Annual average
production is estimated to be approximately 80 Koz of gold.
? Mineral Resources of Kutyn (additional to Ore Reserves) amount to 6.6 Mt
of ore for open-pit and underground mining with an average grade of 3.7
g/t representing 785 Koz of gold contained.
? 2020 work plan at Kutyn includes 13 km of exploration drilling to
continue resource-to-reserve conversion as well as the commencement of
statutory permitting and the establishment of a permanent access road from
the sea access point.
"The new reserve estimate significantly enhances the value of Kutyn for a
potential acquirer or partner", said Vitaly Nesis, Group CEO of Polymetal.
"We continue to evaluate various strategic options and plan to announce a
transaction in 2H 2020".
Ore Reserves (Proved + Probable) changes
Category 01.01.2015 01.10.2019 Change, %
Tonnage, Mt 3.7 8.4 +130%
Au grade, g/t 3.3 3.0 -9%
Au content, Koz 386 812 +110%
ORE RESERVE AND MINERAL RESOURCE STATAMENT[2]
Kutyn Open Pit Ore Reserves
Ore Reserves Tonnage, Gold grade, Gold content,
Mt g/t Koz
Proved 1.9 3.5 211
Probable 6.5 2.9 601
Total Proved+Probable 8.4 3.0 812
Kutyn Mineral Resources
Mineral Resources Tonnage, Gold grade, Gold content,
Mt g/t Koz
Measured
Open-pit 0.0 4.5 1
Underground 0.6 4.3 76
Total Measured 0.6 4.3 77
Indicated
Open-pit 1.0 3.2 102
Underground 2.0 4.5 295
Total Indicated 3.0 4.1 396
Measured + Indicated
Open-pit 1.0 3.2 103
Underground 2.6 4.5 370
Total Measured + Indicated 3.6 4.1 473
Inferred
Open-pit 2.5 2.9 228
Underground 0.6 4.3 84
Total Inferred 3.1 3.2 312
Measured + Indicated + Inferred
Open-pit 3.5 3.0 330
Underground 3.2 4.4 454
Total Indicated + Inferred 6.6 3.7 785
Note: Mineral Resources are additional to Ore Reserves. Discrepancies in
calculations are due to rounding.
ABOUT KUTYN
Kutyn deposit is located in the Khabarovsk Territory, Far East Russia, 114
km north-west of the Albazino mine operated by Polymetal and 10 km from the
Sea of Okhotsk. The license area covers 120 square kilometres. The Kutyn
site can be accessed using a winter road and by sea through the deep-water
Gulf of Ulban from July through October.
Polymetal acquired the deposit in 2011. During the extensive exploration
campaign from 2012 through 2014, the Company completed a total of 31.8 km
drilling and 245 thousand m3 of trenching with the focus on near-surface
heap leachable mineralisation including the extensions of known ore bodies.
In September 2014, following the acquisition of the Kyzyl project, Polymetal
announced the decision to postpone development of the Kutyn project and
suspended further exploration activities. The asset was marked for sale/JV
due to relatively small size in terms of the Company's target portfolio and
focus on Kyzyl and other larger projects. The exploration campaign was
recommenced in 2017.
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.
Competent persons
This estimate was prepared by employees of JSC Polymetal Management Company,
Khabarovsk Branch of JSC Polymetal Management Company and JSC Polymetal
Engineering, led by Mr. Vladimir Makhinya.
Mr. Makhinya is employed full-time as the Deputy Director for Mineral
Resources, Khabarovsk Branch of Polymetal Management Company, and has more
than 30 years' experience in gold, silver and polymetallic mining. Being a
Member of the Institute of Materials, Minerals & Mining (MIMMM), London, he
is a Competent Person under the JORC Code.
Listed below are other Competent Persons employed by the Company and its
subsidiaries that are responsible for relevant research on which the Mineral
Resources and Ore Reserves estimate is based:
? Mining and Ore Reserves: Open Pit - Anton Ignatov, Chief Specialist for
Open-pit Mining, Technical Department, Polymetal Management Company,
MIMMM, with 17 years' relevant experience;
? Concentration and Metals - Andrey Galyutin, Chief Metallurgist,
Khabarovsk Branch of Polymetal Management Company, MIMMM, with 20 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 (LSE, MOEX: POLY, ADR: AUCOY) (together with its
subsidiaries - "Polymetal", the "Company", or the "Group") is a top-20
global gold producer and a 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*
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+7 812 334 3666 (Russia)
Kirill
Kuznetsov
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Richard Brown
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2500
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", "intends", "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.
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[1] The previous Kutyn Ore Reserves and Mineral Reserves estimate was
prepared as at 01 January 2015. The Ore Reserves and Mineral Resources audit
was completed by Snowden Mining Industry Consultants for the open pit and
the audit of Mineral Resources completed by CSA Global Pty Ltd ("CSA
Global") for the underground.
[2] The Ore Reserves and Mineral Resources estimate is reported in
accordance with the JORC Code (2012) as at 1 October 2019 using a gold price
of US$ 1,300/oz and was prepared by Polymetal. The cut-off grade is 0.5 g/t
recoverable gold (by heap leach). The general cut-off grade at the real
recovery rates for the entire Kutyn project was not calculated. The pits
were optimised on the basis of total value for each of the blocks generated.
ISIN: JE00B6T5S470
Category Code: MSCM
TIDM: POLY
Sequence No.: 46175
EQS News ID: 972847
End of Announcement EQS News Service
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February 12, 2020 02:00 ET (07:00 GMT)
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