JOHANNESBURG (miningweekly.com) – Aim-listed Highland Gold has set aside $1-million for preliminary prospecting work at two greenfield sites adjacent to the existing licence areas for the Mnogovershinnoye mine (MNV), in Russia’s Far Eastern district.
Potential mineralisation was previously identified in both of the licence areas, suggesting that they may represent continuations of MNV's geological structure.
The Zamanchivaya licence, which covers 4.2 km2, is located directly adjacent to the Pebble ore body, one of MNV's existing openpits. The Kulibinskaya licence area, covers 38 km2 and is located to the south-west of MNV.
The Jersey-headquartered company said on Monday that it would spend $200 000 on exploratory drilling, which would assist it in developing more detailed expansion plans for next year.
These licences are valid for seven years.