Eurasia Mining applies for new exploration license area at Tipil

Palladium, platinum, iridium, rhodium and gold production company Eurasia Mining reported on Monday that an application for a new exploration license area, Tipil, adjacent the current West Kytlim mining license, had been lodged for approval.

The AIM-traded firm said that the new 24.5 square kilometre Tipil license contained around 17 kilometres of river course and sedimentary units proven to host platinum group metal deposits at the West Kytlim project.

Geological data and historical mining information had been analysed by its geologists, and compiled to a report justifying the application as a new exploration license tenement.

The directors said they were “confident” of finding further platinum group metal mineralisation in the area.

Eurasia said the Tipil license area had now been applied for as a new exploration permit, and could be approved for exploration, and later converted to a production license uncontested.

The total exploration area applied for and approved at the West Kytlim project now stood at 95 square kilometres, including the 71 square kilometre Flanks Area, which was approved for exploration in December last year.

Exploration areas were adjacent and surrounding the current 21 square kilometre mining permit, bringing the total area licensed and under application to 116 square kilometres.

“In line with our strategy to expand the production volumes at West Kytlim, even as the 2019 mining season is ongoing, we are again utilising one of our company's other core competencies - our in-house expert knowledge of geology and the Russian licensing system - to further increase our presence in the West Kytlim area and aim to grow the mine to be the largest alluvial operation globally this year,” said Eurasia Mining chairman Christian Schaffalitzky.

“We are now established as a dominant player in the platinum group metals space in the region, and look to developing an operation providing a low cost platinum group metals solution that is sustainable over potentially several decades.”