- Polymetal would be holding a majority 70% stake in the joint venture through an $1.9 million initial cash investment.
- The prospective region of exploration showcases numerous traces of precious metals, including gold mineralization, molybdenum and porphyry copper.
Polymetal International plc (Polymetal), a renowned precious metals mining firm, has reportedly announced the signing of a new strategic partnership agreement with a junior for the early-stage exploration of the Taimyr Peninsula located in Russia.
Reports cite, the company would be holding a majority 70% stake in the joint venture through an $1.9 million initial cash investment towards an agreed-upon field-program. The program is set to begin following the receipt of all the necessary regulatory permits.
According to a press release by Polymetal, the company would also possess the option of further increasing its stake inside the joint venture project to a complete 100%. Polymetal would be able to do so following the fulfilment of an initial estimate of the Mineral Resource that is completely compliant to the JORC.
The prospective area of exploration reportedly exhibits several traces of molybdenum, porphyry copper as well as gold mineralization. The traces of these precious metals were already identified during the historic reconnaissance expeditions that were carried out across the prospective region.
The Chief Executive Officer of Polymetal Group, Vitaly Nesis stated that the company is thrilled to forge a partnership with a group of energetic & talented geologists under the joint venture. Nesis further added that the company’s primary goal would be the integration of the financial as well as permitting clout it possesses in the region with the quick decision-making as well as fresh thinking capabilities the junior would be bringing to the table.
According to reports, the company would also be continuing the evaluation of other opportunities of investment as well as partnerships in Russia with junior explorers.