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Eurasia Mining (LON:EUA) wants to re-start exploration at its Monchetundra platinum licence in Russia after receiving interest in the project from third parties.
Christian Schaffalitzky, managing director, said it had held discussions with possible partners but it was important to move things forward on the ground while these were underway.
Eurasia was recently awarded a mining permit for its West Kytlim alluvial deposit in the Urals in Russia by prime minister Dmitry Medvedev, but this is a much smaller project than Monchetundra.
Exploration here will focus on the West Nittis area, where near-surface high-grade platinum and palladium was discovered in previous drilling.
That programme confirmed a "Hanging Wall" copper-platinum type ore, similar to other deposits in that region of Russia.
Eurasia said it will submit a feasibility study to Russia’s licensing agency Rosnedra either later this year or early 2016 as part of the application process for a Discovery Certificate.
As well as firming up the licence’s value, the certificate would allow expansion into open unlicensed ground where it is believed the mineralisation extends, Eurasia said.
“By securing a Discovery Certificate for the licence and by pursuing various exploration and development steps, we believe we can add significant value to our interests and increase the degree of commercial interest, for any parties wishing to engage with the project,” said Schaffalitzky.
Broker SP Angel commented that previous drilling at the copper PGM project showed copper grades up to over 2% and gold grades ranging up to 2g/t in addition to platinum and palladium.
The intersections reported from the historic drilling were at depths shallower than 100 metres, typically less than 3metres wide, but ranged as high as 18.4m.
Additional drilling for hydrogeological tests will be carried out as part of the application for a Discovery Certificate.
SP Angel said that though the company raised £375,000 in May, it also needs to undertake further drilling and prepare a Competent Persons Report at West Kytlim and drilling at Monchetundra may put pressure on its financial resources.