GV Gold Will Commence the Svetlovskoye Ore Field Exploration
On October 30, 2018, GV Gold (Vysochaishy, PJSC) won the bidding for the geological surveying, exploration and production of gold from the hardrock deposits within the Svetlovskoye ore field. The Company’s bid for the asset totaled RUB 697,444,000 at the starting bid of RUB 69,053,000.
The P1 category prognostic resources of the Svetlovskoye ore field totaled 61 t, the P2 category resources — 59 t. The average grade is c. 2 g/t. The license site area is 40 sq.km. The license is valid for 25 years.
The Svetlovskoye ore field is located in the Bodaibo Area of the Irkutsk Region — the area where GV Gold traditionally operates. The distance to the Vysochaishy Mine is 80 km along the existing road or 45 km — in case of a new road construction. The northwestern ore field’s part borders on the nearest settlement of Svetly, connected with Kropotkin with the IV category motor road (47 km long). There is a high voltage power line LEP-110 kV of the Mamakan Hydropower Station at Svetly.
The Svetlovskoye ore field is a part of the Tunguss ore cluster hosting the Sukhoi Log, Verninskoye, Nevskoye and Ozhereliye deposits. In 2019, GV Gold plans to commence the large scale exploration aimed at further appraisal of the asset, development of the cut-off grade estimation report and registration of the reserves on the state balance.
GV Gold (Vysochaishy, PJSC) is one of largest and fastest growing Russian gold mining companies. It develops open pit deposits and washes gold at the country’s largest alluvial deposit. In 2017, the Company produced 225 koz of gold, becoming the 7th largest gold miner in Russia. In 2018, the Company expects to produce
Its 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%).
For further information, please visit http://gvgold.ru