Eurasia Mining (LON:EUA) has started drilling at its Monchetundra platinum deposit in Russia, its second project in the country.
The work will add reserves and resources to the project as part of a mining licence application.
In total, 4,000 metres will be drilled to add to and detail the reserves and resources at the West Nittis PGM deposit, one of the two potential open pit discoveries at Monchetundra.
Drilling followed by a licence application follows the pattern used by Eurasia at West Kytlim in the Urals, where a licence was awarded last month though potentially Monchetundra is a much larger prospect.
Further drilling on the other discovery, Loipishnune, is also under consideration.
Christian Schaffalitzky managing director of Eurasia Mining said: “The significant progress at West Kytlim has overshadowed other projects and this work announced today should, we believe, significantly increase the value of Monchetundra.
“Furthermore, our commitment to progress work at Monchetundra and move the project up the value chain enables us to build project value whilst finalising discussions with third parties who have expressed interest in the project recently.”