GV Gold Expanded the Golets Vysochaishy Deposit’s Reserves to 23 t of Gold
In April, the Federal Subsurface Management Agency Rosnedra approved a positive opinion of the expert review of the Cutoff Grade Estimation Report and the Reserves Calculation for the Golets Vysochaishy deposit (Minutes №6324) by the State Reserves Committee GKZ.
The C1+C2 category balance reserves of the Golets Vysochaishy deposit as of 01.01.2020 increased to 22.8 t of gold (almost ten-fold expansion). The average grade of gold in ore is 1.26 g/t.
Approval of the reserves is a result of the large-scale exploration program completed by GV Gold in 2016-2019. Its findings will ensure stable functioning of the Vysochaishy Mine at least until 2025.
Based on the findings of first half of the year, the Company intends to release an updated JORC-compliant reserves and resources estimation as of 2020. The previous estimation was performed three years ago.
Company Profile
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 2019, its assets produced 260 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 8 Mtpa of ore and holds 20 mining and exploration licenses. GV Gold boasts an extensive resource base, with JORC reserves and resources estimated at 4.4 Moz and 7.0 Moz, respectively.
The Company adheres to high corporate governance standards and has a transparent ownership structure, with BlackRock among its shareholders (17.99%).