Major polymetallic open pit reserve on the Kola Peninsula

• Global, state approved Reserves and Resources within the Monchetundra Project comprise Russian standard C1 and C2 categories of 59 tonnes (1.9 million ounces) palladium equivalent (palladium, platinum and gold) with major additional base metal credits, at two open pittable locations.
• Reserves are now fully compliant, as defined under GKZ standards. A mining license was approved for the project in November 2018.
• To appreciate how this project compares to other similar projects please consider this recent independent benchmarking exercise undertaken by Mining Maven. 

History of exploration and development

Eurasia’s interest in hard rock projects in the Kola Peninsula dates to 2006 when it acquired three licences from local vendors, two of which have since been surrendered. After a major high grade reef discovery at West Nittis in 2011 the exploration focus shifted to develop this zone in exploration programs in 2012 to 2014.

The Loipishnune Area in the southeast was previously developed as a distinct target of lower grade PGM over wider intervals. Two lodes, lodes 1 and 2, were identified in 2008 and were drilled to a strike length of 750m and 420m respectively, and to a vertical depth of circa 200m. This podiform mineralisation reaches grades of 3.58 Pt+Pd over 15m.

A Feasibility study, combining both open pit targets West Nittis and Lopishnune was completed during 2015 and 2016 and was approved with associated reserves in April of 2016. Subsequently, a mining license aplication was lodged in December 2017 and fully approved by November 2018. It is Eurasia’s intention to develop this exciting asset to production by 2020.

Geology of the region

The Kola Peninsula, in the sparsely populated Murmansk region borders Finland and Norway in the far Northwest of Russia. Geological exploration and mining drove the population of the peninsula which until the early 20th Century was inhabited only by the Saami people and occasional Russian trappers. The Kola Superdeep Borehole Project close to Pechanga, north of Murmansk, attempted to drill as deep as possible into the earth's crust. Drilling began in 1970 and continued intermittently to 1989 when the project was discontinued for technical and financial reasons at a final depth of 12,262 metres and downhole temperatures of 180oC.

The Kola Peninsula forms the eastern margin of the archean Baltic Shield. This ancient terrane is punctuated by numerous ultramafic igneous bodies of Paleoproterozoic age, some of which are layered intrusions analogous to the Bushveld Compled in South Africa. Eurasia's interests lie in the central part of the Kola Peninsula near the city of Monchegorsk, at the contact of three such intrusions; namely the monchegorsk Magmatic Complex, Monchepluton, and the Nittis-Kumuzhya-Travyanaya (NKT) Massif. This massif, within and adjacent to Eurasia's licence, was extensively drilled for base metal mineralisation and mined for sulphidic copper nickel mineralisation from 1937-1971. Eurasia's discovery proves the potential of the structure for Platinum Group Mineralisation (PGM).