ArktikGeolDobycha to finish exploring Pepenveyem gold ore field in Chukotka in 2024

ANADYR. Aug 23 (Interfax) - ArktikGeolDobycha LLC (AGD) will complete exploration at the gold ore field of the Pepenveyem deposit in the Providensky district of Chukotka by the end of this year and then work out a plan of operations for the next few years based on the results, company spokesman Telman Feroyan said.

The development of geological exploration in the region was discussed during First Deputy Governor Pavel Kargapolov's working visit to the deposit on Thursday, the regional government's press service said.

The field's ore contains up to 61 tonnes of gold and 2,860 tonnes of silver, according to preliminary estimates. Twelve holes totaling about 2,000 meters have been drilled so far.

Feroyan said work has been underway since February and the first results on the prospects for commercial gold mining will be available in November, after which the operations plan for the next few years will be determined.

The company plans to explore another six properties for which it has obtained licenses in 2025.

Prospecting of the Pepenveyem field began in the 1930s and a report on its potential for gold mining was prepared in 1990.

AGD is carrying out an investment project to explore for and develop natural ore, placer and man-made deposits of gold and silver in Chukotka's Egvekinot municipal district as a resident of Russia's Arctic Zone. It was reported earlier that the company planned to start commercial gold mining in May 2024.

AGD was registered in September 2020 and is owned by Eduard, Lev and Khasan Feroyan, data from the Unified State Register of Legal Entities showed.