UK-based Eurasia Mining has lodged an application seeking approval for a new exploration licence area (ELA) for Tipil, Russia.
The new Tipil licence extends over 24.5km² located adjacent to the current West Kytlim mining licence.
It contains nearly 17km of river course and sedimentary units known to host platinum group metal (PGM) deposits at the West Kytlim project.
According to the company, the license may be approved for exploration and later be converted to an uncontested production license.
The total exploration permit applied for and approved at the West Kytlim project is 95km², which includes the Flanks Area of 71km². Flanks Area already received approval for exploration in December.
Eurasia Mining chairman Schaffalitzky said: “In line with our strategy to expand the production volumes at West Kytlim, even as the 2019 mining season is ongoing, we are again utilising one of our company’s other core competencies, i.e our in-house expert knowledge of geology and the Russian licensing system, to further increase our presence in the West Kytlim area and aim to grow the mine to be the largest alluvial operation globally this year.
“We are now established as a dominant player in the PGM space in the region and look to developing an operation providing a low-cost PGM solution that is sustainable over potentially several decades.”
Both Tipil and Flanks areas are adjacent to the current 21km² Kluchiki Area, where mining operations are already undergoing.
Areas within 5km of West Kytlim have a special status under Russian subsoil licensing, allowing them to apply and seek approval without a public auction or inviting tender from third-party sources.
Eurasia Mining is a palladium, platinum, iridium, rhodium and gold production company, focused on Russian operations.