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.
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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.