Russian gold mining company PJSC Polyus will present an updated feasibility study for the Sukhoi Log deposit in the fourth quarter of this year after conducting additional geological exploration.
“Of course, we are continuing our internal geological exploration, applying for new licences and expecting to replenish our resource base. For example, thanks to additional exploration, the resource estimate of the Sukhoi Log deposit has grown from 40 million ounces of gold to 43.5 million by the end of 2023. But we are certainly interested in completely new, unexplored deposits,” said the company’s CEO Alexey Vostokov on the sidelines of the Eastern Economic Forum in Vladivostok.
The company reported that in the first half of the year, it has completed an advanced operational exploration program was at Sukhoi Log and drilled a total of 91.4 km of wells. In the second half of the year, an additional 40 km of drilling is planned on the flanking locations of the deposit.
The volume of ore production at Sukhoi Log, which is considered one of the largest undeveloped gold deposits in the world, amounted to 4.172 million tonnes in the first half of the year with an average grade of 0.78 g/t.
Vostokov also confirmed the company's production forecast for 2024. "We plan to produce 2.75-2.85 million ounces of gold. This year there will be a slight drawdown compared to 2023, when production amounted to 2.9 million ounces. We will announce the forecast for 2025 later."
Theodor Lisovoy, Managing Editor, Rough&Polished
