Eurasia Mining PLC - West Kytlim Mine - Additional License Issued
("Eurasia" or the "Company")
The Company has been informed by Uralnedra, the agency responsible for subsoil licensing and mine permitting in the area of the
The new area, referred to previously as the 'Flanks' or 'West Kytlim Flanks' was submitted for licensing in
- Additional exploration license surrounding the West Kytlim Open Pit Mine Permit awarded to Eurasia's subsidiary Kozinsky Kamen.
- Sediments hosting West Kytlim mine mineralisation are known to extend into the new area
- Potential to add significantly to the resource base and life of mine for the operational West Kytlim project.
- The Minutes of the Uralnedra committee meeting to be published within 5 days, and the final award of the exploration permit to proceed within 30 days.
- Revision of available prior exploration data to be compiled to outline areas for follow up investigation.
West Kytlim is Eurasia's operating alluvial palladium, platinum, iridium, rhodium and gold mine where the Company produced 165kg (5,300 ounces) raw platinum plus significant credits for palladium, iridium, rhodium and gold during 2018. The mine is fully permitted for production on a 21.5km2 mining license valid through 2040.
Under Russian subsoil licensing rules, where a Company or entity holds a mining permit the Company has the automatic right to apply for exploration ground directly adjacent or surrounding the already identified mineral reserves, to a limit of 5km. This application shall be uncontested and further protects the rights of the company to which the mining permit has been attributed, in the event that additional mineral reserves exist within the same deposit, but outside the contours of an approved mining permit. This, the directors believe, is the case at the West Kytlim deposit where further mineralisation is known to occur within the river system hosting the West Kytlim Reserves and Resources.
The Company has already begun work on the exploration strategy for this ground, initially focused on a desktop review of the Eurasia dataset, with input from prior mining operations and dredging in the area. The style of mineralisation, mode of exploration and potentially future mining on this new license will be consistent with the approach that was successful in outlining Reserves at the
While no definitive assessment of the resource potential in the new area can currently be made, the Directors are confident the area should add considerable value and increase the life of mine at the
A further announcement will follow on issue of the license, and will include any relevant conditions the license may be subject to.
A graphic illustrating the location of the new exploration permit has now been added to the company webpage at;
This announcement includes inside information as defined in Article 7 of the Market Abuse Regulation No. 596/2014 and is disclosed in accordance with the Company's obligations under Article 17 of those Regulations.
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This information is provided by RNS, the news service of the
Quick facts: Eurasia Mining PLC
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