Global gold and silver producer Polymetal on Monday announced its first strategic partnership with a junior for early-stage exploration in the Taimyr Peninsula, Russia.
Polymetal will hold 70% in the Taimyr Joint Venture by way of an initial cash investment of $1.9-million towards an agreed field programme that will begin after the receipt of all regulatory permits.
The company will have the option to increase its stake in the project to 100% following the completion of an initial Joint Ore Reserves Committee-compliant mineral resource estimate.
The prospective exploration area exhibits multiple traces of porphyry copper/molybdenum/gold mineralisation identified during historic reconnaissance activities.
“We are excited to form a partnership with a team of talented and energetic geologists,” said Polymetal Group CEO Vitaly Nesis.
“The goal is to bring together Polymetal’s financial and permitting clout and the junior’s fresh thinking and fast decision-making.”
Polymetal will continue to evaluate other investment opportunities and partnerships with junior explorers in Russia.