Eurasia Mining PLC (AIM:EUA, FRA:EUH) has announced a progress update on the Nyud project, developed in a joint venture with Rosgeo.
Additional drilling has recently been completed on Nyud at Rosgeo's cost and Eurasia has engaged Wardell Armstrong International.
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The contract will audit the quality assurance and quality control procedures, review the block modelling and open pit optimisations and prepare competent persons report under the JORC Code.
"The directors are delighted to see tangible progress on our JV with Rosgeo that is an integral part of our development strategy and a part of some of our strategic options that we are developing with our advisers: UBS and DLA Piper,” said executive chairman Christian Schaffalitzky.
Eurasia signed an agreement with Rosgeo in March that gave it a 75% equity stake in nine PGM and battery metals assets with a total of 104.6mln ounces of platinum equivalent, near its Monchetundra Project in the Kola Peninsula.
The Monchegorskoe joint venture was created, while Eurasia has also the right to acquire Rosgeo’s 25% after the JORC Code compliant competent persons report is completed.