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GV Gold increases it's hardrock gold reserves

Following successful completion of Company’s exploration program, Measured, Indicated and Inferred Resources totaled 7.0 Moz of gold, Proven & Probable (P&P) Reserves — 4.4 Moz of gold.

In accordance with the updated report, hardrock P&P Reserves were increased to 66 Mt of ore at an average grade of 1.35 g/t, with 2.9 Moz of gold contained. The majority of new Reserves ounces were accrued through successful exploration at the flanks of existing hardrock deposits, as well as the inclusion of new deposits Drazhnoye (Oimyakon Area of the Republic of Sakha (Yakutia)) and Krasnoye (Bodaibo Area of the Irkutsk Region), which underpins an exciting exploration potential at Company’s key assets located in one of the most favorable (from geology perspective) gold-bearing provinces in the world.

An extensive drilling program has been commissioned during this period with more than 169 000 m drilled, including 70 000 m at each of Drazhnoye and Krasnoye deposits.

Bolshoy Kuranakh alluvial deposits’ M&I&I resources totaled 1.9 Moz of gold; P&P reserves are estimated at 1.5 Moz of gold which can be processed via cost-efficient gravity separation route.

Organic growth remains the key focus area for GV Gold as Company’s management aims to create value for shareholders through efficient conversion of Company’s resource base into ounces produced. Building on the successful exploration campaign, the Company has retained an ambitious exploration programme for next year, ensuring that long-term sustainability of GV Gold’s business model remains intact.

The Reserves and Resources update was commissioned by Micon International Ltd. in accordance with the JORC Code (2012).

JORC-Compliant Reserves and Resources
Deposit As at 01.01.2014 As at 01.07.2017
Ore,kt Grade,g/t Gold, kg Gold,koz Ore,kt Grade,g/t Gold,kg Gold, koz
Proven & Probable RESERVES
Golets Vysochaishy
33,750 1.08 36,458 1,172 23,721 1.08 25,616 824
Ykanskoye
499 2.56 1,277 41 2,730 1.97 5,373 173
Ozhereliye
544 2.14 1,165 37 431 2.59 1,115 36
Krasnoye*
7,327 1.02 7,466 240
Ugakhan
14,779 0.95 13,976 449 23,875 1.07 25,627 824
Drazhnoye
7,651 3.09 23,602 759
TOTAL Hardrock Gold
49,572 1.07 52,876 1,700 65,735 1.35 88,799 2,855
Bolshoy Kuranakh**
219,334 214.27 46,997 1,511
TOTAL 52,876 1,700 135,796 4,366
Measured, Indicated & Inferred Resources
Golets Vysochaishy 30,954 1.27 39,246 1,262 24,575 1.09 26,798 862
Ykanskoye 2,491 2.47 6,147 198 2,875 2.23 6,423 207
Ozhereliye 1,676 2.62 4,386 141 1,185 3.24 3,839 123
Krasnoye* 20,172 1.47 29,653 953 27,267 1.59 43,163 1,388
Ugakhan
49,543 1.09 53,906 1,733 38,466 1.11 42,810 1,376
Drazhnoye 5,815 4.22 24,533 789 9,223 3.50 32,272 1,038
TOTAL Hardrock Gold 110,651 1.16 157,871 5,076 103,591 1.50 155,305 4,993
Bolshoy Kuranakh** 199,598 320 63,880 2,054 225,031 271 61,035 1,962
TOTAL 221,751 7,130 216,340 6,955

*With no regard to the ownership structure (100% gross attributable basis)

**The volume of sands is measured in ‘000 m3, and the grade — in mg/m3. Only the gravity-recoverable gold data were used for the estimation.

Reference

GV Gold (Vysochaishy, PJSC) is an efficient growing gold business and Russia’s top-10 largest producer. The Company carries out its activities in the Irkutsk Region and the Republic of Sakha (Yakutia), where it’s Irkutsk, Taryn and Aldan business units are located and large scale exploration operations are carried out.