Eurasia Mining PLC (AIM:EUA) said it has been granted an additional exploration license at its West Kytlim PGM and gold project in Russia.
The Flanks License is adjacent to Eurasia’s current mining license and largely intersects with, and extends beyond, the initial exploration license that it owned via its former joint venture with Anglo American Platinum Ltd.
"The directors are delighted that we continue expanding our presence in the Urals beyond our current mining license area and Typil exploration license area, including to the areas known to us through the work done within our former 15-year joint venture with Anglo American Platinum,” said chairman Christian Schaffalitzky.
“Once again, we have demonstrated the capacity of our team to successfully obtain licenses and implement our strategy."
Eurasia applied for the license in 2019 and the grant was expected.
The Flanks License is aimed at increasing the resource available and potentially extending the life of mine at West Kytlim, where two additional plants have been launched this year. West Kytlim is an operating platinum, palladium, iridium, rhodium and gold mine.
"The board members are happy that we have once again delivered on the promise we made to obtain the Flanks License at our West Kytlim project, strengthening its position as the world's largest soft rock PGM project, as we continue to successfully execute on our plans," said chief executive James Nieuwenhuys.