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Petropavlovsk boosts mineral resources to 20.86 million ounces

Russia-focused gold producer Petropavlovsk Plc posted an increase in its mineral resources to 20.86 million ounces and ore reserves to 8.15 million ounces.

A 2017 drilling program boosted JORC resources before depletion by 1.17 million ounces, mainly due to successful exploration of underground and open pit targets at Pioneer and Albyn in Russia's Far East, the company said in a March 5 release.

Petropavlovsk also identified new reserves at the two projects, prompting an increase in JORC reserves of 660,000 ounces before depletion.

The company said there was a 16% increase in total underground reserves to 430,000 ounces and a 26% jump in underlying reserves to 930,000 ounces, largely concentrated at Pioneer's North-East Bakhmut, Andreevskaya and Nikolaevskaya zones.

This year, Petropavlovsk intends to continue exploration drilling at North-East Bakhmut and Nikolaevskaya, targeting high-grade, nonrefractory and refractory reserve and resource extensions. At Albyn, further exploration of high-grade potential for underground operations is planned.

The company has earmarked an exploration budget of US$16 million for the current year.