Russian diamond miner AGD Diamonds has deployed its first expedition of geologists to conduct field studies to search for ore gold in the western part of the Arkhangelsk region.
The new stage of geological exploration is aimed at assessing the prospects for mining in a previously poorly studied but geologically favourable area. The site covers an area of about 300 sq, km.
According to geologists, the site has a number of features that indicate the possible presence of gold in bedrock. Experts also note that previously, elevated gold content in placers and bedrock were recorded in adjacent areas, which confirms the gold-bearing potential of the territory.
The main goal of the exploration work is to identify and localize gold-bearing zones and determine their industrial potential. All this will form the basis for the subsequent exploration and, if reserves are confirmed, the development of a mine.
"The start of gold exploration is an important step in the company's strategy to diversify its mineral resource base and expand its presence in the region. The development of new areas will ensure sustainable growth and economic stability," said the company’s CEO Mikhail Bakov.
AGD Diamonds is the only diamond producer in Russia independent of ALROSA, accounting for about 10% of the country’s total production. Earlier, Russia's largest diamond mining company ALROSA also announced its plans for diversification. It plans to develop gold projects in Chukotka, as well as conduct exploration for polymetals and extract hydrocarbons in Yakutia as part of a joint venture.
Theodor Lisovoy, Managing Editor, Rough&Polished
