Russia's state agency for subsoil use, Rosnedra, approved Eurasia Mining Plc's reserves report and feasibility study for the Monchetundra platinum-palladium project, the company said in a press release May 31.
CEO of Eurasia Mining, Christian Schaffalitzky, said the company is now pursuing a discovery certificate and a production license for the project.
The site, which is in Russia's Arctic region of Murmansk, holds 55.9 tonnes of palladium equivalent grading 1.08 g/t with major additional gold and base metal credits at two open pittable locations.
The reserves are now fully compliant with Russian state standards, said the company.
Eurasia Mining began due diligence at the site in November 2016 and submitted the reserves report and feasibility study for approval in December.