The Peschanka gold-copper-molybdenum deposit is in north-eastern Siberia, Russia, in the Bilibinsky Municipal District of the Chukotka AO. The deposit was discovered in 1972 and since then has been studied and further explored.
In 2011, the Company commissioned a TEO (the Russian equivalent of a feasibility study) to determine what would be required to commercially exploit the deposit. The mineral resources of the deposit were estimated using 0.40 % copper equivalent cut-off grade; a Measured and Indicated Resource of 1.3 billion metric tonnes of ore was defined.
In 2016, a JORC geological model was developed that indicates 1,428 Megatonnes (Mt) of Measured and Indicated ore and 774 Mt of Inferred and Unclassified ore.
In 2017, the Final Mining Feasibility Study was completed, and ore reserves were estimated. The TEO estimates 1.24 Bt reserves of sulphide ore (cut-off grade of 0.40% of copper equivalent).