Polymetal upgrades resource estimate at Viksha deposit

Polymetal on Monday said the resource estimate for its Viksha deposit in north west Russia now stood at 5.7m ounces of palladium equivalent.

The new estimate incorporated data from 359 additional diamond drill holes completed by Polymetal in 2017-2018. Cut-off grade was 0.5 grammes per tonne (g/t )of PdEq, the company said in a statement.

The total amount of four metals contained is 5.7m ounces of PdEq at an average grade of 1.1 g/t of PdEq. The share of measured and indicated Resources increased from to 65% from 13%.

Palladium represents 67%, platinum 12% and gold 10% of total resource value, respectively, the company said.

"We have confirmed Viksha's potential as a large open-pittable deposit. The goal is to complete the feasibility study and publish a reserve estimate in the first half of 2021," said chief executive Vitaly Nesis.