Polyus takes over 100% of large pre-stage gold project

Russia's largest gold producer, PJSC Polyus (LSE: PLZL), announced Wednesday that it will be buying up the license holder for the Sukhoi Log deposit, SL Gold Limited, for approximately $ 128.2 million. Polyus' stake in Sukhoi Log will increase from 78% to 100%. Sukhoi Log gold resources, described by the company as one of the largest greenfield gold projects in the world, currently total 962 mt of ore grading 2.1 g / t gold for 63 million ounces of contained gold. The estimate is based on a study by AMC from October 2018. The company is currently conducting additional exploration work on the deposit. Sukhoi Log is located in the Bodaybo district in the Irkutsk region.