21.08.2023
White Gold LLC (hereafter Company), 51% of which is controlled by Seligdar PJSC (MOEX: SELG, hereafter Seligdar), obtained a license for exploration of the flanks of the Kyuchus ore field on the declarative principle. The category P3* prognostic resources comprise 32.8 tonnes of gold.
The license agreement implies that the design documentation for the exploration is to be approved within a year. Afterwards the exploration will start that includes prospecting and assessment of the mineral deposits. The license term is up to July 31, 2030.
The Kyuchus ore field includes the Kyuchus gold ore deposit, auction for the right to develop which the Company won in 2021. The exploration of the flanks is a part of the Kyuchus development project, and it will allow extending the life of mine due to the mineral resource base increase.
The prospecting drilling at the Kyuchus deposit started in April 2022; to the moment the works have be completed, a total of over 110 thousand running metres has been drilled. The deposit reserves comprise 175 tonnes of gold; the increase in reserves up to 250-280 tonnes of gold is expected as a result of the follow-up exploration of the deposit and that of its flanks.
* Russian classification compliant with the State Commission on Mineral Reserves (GKZ) reporting system