- Polymetal International said it had formed a partnership with a company associated with Mineral Exploration Network for early-stage exploration in the Chaunsk region of Chukotka, Russia.

Polymetal had agreed to fund a staged exploration campaign that would take place in 2020-2023 and was expected to result in an initial JORC-compliant mineral resource or ore reserve estimate.

It would earn 25% in the JV by contributing RUB 20m ($0.3m) to the share capital, with an option to increase its stake to 80% by contributing RUB 60m ($0.9m) upon completion of the first-year field program in 2020.

'Our strategy of working with junior explorers is gaining momentum', said chief executive Vitaly Nesis

'MEN has extensive and varied experience in using advanced state-of-the-art methods of prospecting and grassroots exploration.'

The objective of the JV was to discover high-grade near-surface gold mineralisation that can provide feed for the Mayskoye processing plant.

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