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).
| 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.