Polymetal ups its stake in undeveloped silver property
JOHANNESBURG (miningweekly.com) – LSE-listed Polymetal has entered into an agreement to increase its interest in an undeveloped silver deposit in Sakha, Far Eastern Russia, which the company believes has the potential to be one of the world’s top three primary silver mines in future.
Polymetal has entered into a legally binding agreement to increase its interest in the Prognoz property, in the Verhoyansk municipal district, from 5% to 50%, by buying Polar Acquisition’s 45% interest for $72-million worth of shares.
Polymetal has also committed to pay Polar a net smelter royalty of between 2% and 4%.
CEO Vitaly Nesis said in a statement that Prognoz would likely replace the company’s Dukat mine, in the Magadan region, as one of the top three primary silver mines of the world.
A 2009 estimate by Mincon puts Prognoz’s indicated and inferred resource at 292-million ounces at 586 g/t silver.
Last year, Polymetal completed 37 km of diamond drilling to confirm the historical results and established basic remote-site infrastructure on the property. Exploration results confirmed the extent, width, and grade of two centrally located veins at Prognoz, namely Main and Swamp.
Polymetal said that Prognoz has “outstanding exploration upside” with only 40% of the known vein outcrop having been tested by drilling.
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