Russian miner Polymetal has announced a 778 000 oz increase in the ore reserves at its Mayskoye gold deposit, which adds five years to the operation’s mine life.
The updated Joint Ore Reserve Committee-compliant reserves comprise ten-million tonnes of ore with an average grade of 6.9 g/t containing 22-million ounces of gold.
This represents a sizeable increase in the previous estimate with a 49% increase in tonnage, a 5% improvement in grade and a 55% jump in gold contained.
The ore reserve estimate has been updated to include drilling data completed by Polymetal in 2018, which comprises 225 additional diamond drill holes from the underground mine and 1 537 holes from the openpit. Most of the converted ounces represent an upgrade and conversion of inferred resources in the southern and northern flanks of the property.