Polymetal enters first joint venture with junior exploration partner

The FTSE 250 company said it would hold 70% of the Taimyr joint venture by way of an initial cash investment of $1.9m towards an agreed field programme, which would start after the receipt of all regulatory permits.

It said it would have an option to increase its stake in the project to 100%, following the completion of an initial JORC-compliant mineral resource estimate.

The prospective exploration area exhibited multiple traces of porphyry copper-molybdenum-gold mineralisation identified during historic reconnaissance activities, Polymetal said.

It added that it would continue to evaluate other investment opportunities and partnerships with junior explorers in Russia.

“We are excited to form a partnership with a team of talented and energetic geologists,” said Polymetal chief executive officer Vitaly Nesis.

“The goal is to bring together Polymetal's financial and permitting clout and junior's fresh thinking and fast decision-making.”