GV Gold approved the final cutoff grade estimation report and the reserves of the Svetlovskoye deposit
GV Gold (Vysochaishy, PJSC) (hereinafter referred to as “GV Gold”, “Vysochaishy” or the “Company”), upheld the final cutoff grade estimation report and approved the reserves of the Svetlovskoye deposit at the Federal Budgetary Institution “State Reserves Committee”.
In accordance with the State Reserves Committee Protocol № 7225 dated December 30, 2022, the approved Svetlovskoye deposit reserves amount to 49 t (1 576 koz) of gold at the average grade of 1.67 g/t. The Company intends to commence mining gold at the deposit in 2025, when the Mill of the Svetlovsky Mine with the capacity of up to 3.5 Mtpa will be commissioned. The deposit is characterized by well-processed ores, recovery rate is expected at the level of 88%.
The Svetlovskoye deposit is located in the Bodaibo Area of the Irkutsk Region — at the very heart of the Russia’s gold mining industry and in the area where GV Gold traditionally operates. The distance to Bodaibo is 130 km. GV Gold won the bidding for the site in 2018 with the right to use subsurface mineral resources for 25 years. Over the period of three years from the license granting date, the Company completed a complex of exploration operations and acquired additional licensed areas, increasing the total area to 180 sq. km. The commercial development of this territory is of strategic importance for reproduction of the GV Gold’s mineral resources base in the region.
Company Profile
GV Gold (Vysochaishy, PJSC) is one of the most dynamically developing Russian gold mining companies. It develops open pit deposits and washes gold at the country’s largest alluvial deposit. In 2021, its assets produced 276 koz of gold.
GV Gold’s key operating assets and projects are located in the Irkutsk Region and the Republic of Sakha (Yakutia). The Company operates four mines with a total capacity of 10.5 Mtpa of ore and holds 50 mining and exploration licenses.
GV Gold boasts an extensive resource base, with JORC reserves and resources estimated at 5.3 Moz and 10.8 Moz, respectively.
Further information is available on the Company's website http://gvgold.ru