GV Gold Expanded Its JORC-Compliant Proved and Probable Reserves by 19% and Measured, Indicated and Inferred Resources by 55%
GV Gold (Vysochaishy, PJSC), together with its subsidiaries (hereinafter referred to as “GV Gold”, “Vysochaishy” or the “Company”), one of Russia’s largest and fastest-growing gold mining companies, announces the re-estimation of its resources and reserves as of 01.01.2021 in compliance with the JORC Code. According to the updated statement, the Proved and Probable (P&P) reserves total 5.3 Moz of gold, and the Measured, Indicated and Inferred (M, I&I) resources total 10.8 Moz of gold. The audit was conducted by Micon International Ltd.
As compared to the previous estimate as of 01.07.2017, GV Gold has expanded its P&P reserves by 19%, and its M, I&I resources - by 55%. Consistently high results represent a consequent of completion of the three-year exploration program within the license areas and follow-up exploration of the flanks of all operating mines of the Group in the Bodaibo District of the Irkutsk Region and the Oymyakon District of the Republic of Sakha (Yakutia). At the production rates of 2020, the P&P reserves shall cover the production for 19 years.
The Company conducted the first JORC-compliant estimation of the Svetlovskoye deposit, which in terms of its scale is comparable with the Ugakhan deposit, the GV Gold’s flagship asset in the Bodaibo District. The M, I&I resources of the Svetlovskoye deposit total 1.36 Moz of gold, the P&P reserves – 0.66 Moz.
GV Gold is aimed at outpacing development of its assets through organic growth, expansion of the mineral resource base and improvement of the reserves categorization. It allows the Company to maintain a seamless production process and maximize the life of mines.
JORC-Compliant Reserves and Resources
|Average grade, g/t||1.5||1.4||1.4||1.2|
|Average grade, g/t||1.1||1.1||1.3||1.0|
|Average grade, g/t||1.1||1.1||1.1||0.9|
|Average grade, g/t||2.5||2.2||1.6||1.8|
|Average grade, g/t||3.5||3.1||2.4||2.3|
|Average grade, g/t||-||-||1.1||1.1|
|Average grade, g/t||1.8||1.1||1.6||1.1|
Bolshoy Kuranakh **
|Average grade, mg/m3||299||226||276||209|
|M, I&I||P&P||M, I&I||P&P|
TOTAL GOLD, Moz
* No account taken of the ownership stake
**Only the gravity gold data were used in the statement as of 01.07.2017
GV Gold (Vysochaishy, PJSC) is one of the largest and fastest growing Russian gold mining companies. It develops open pit deposits and washes gold at the country’s largest alluvial deposit. In 2020, its assets produced 272 koz of gold.
GV Gold’s key operating assets are located in the Irkutsk Region and the Republic of Sakha (Yakutia). The Company operates four mines with a total capacity of 10.5 Mtpa of ore and holds 34 mining and exploration licenses. GV Gold boasts an extensive resource base, with JORC reserves and resources estimated at 5.3 Moz and 10.8 Moz, respectively.
The Company adheres to high corporate governance standards and has a transparent ownership structure, with BlackRock among its shareholders (17.99%).