Russian gold miner Polyus on Thursday provided an update on its Sukhoi Log project, one of the world's largest untapped gold deposits. Polyus is the 7th largest gold producer and this news continues to raise eyebrows as Russia continues to be a fervent purchaser of gold, and expressing interest in gold projects. Russia has increased their reserves dramatically along with China, as many see the two working together for an alternate system to what many see as a failing fiat system.
It is expected that 1.6 million ounces per year will be extracted at an extraction cost of $460 per ounce. As in most mining this is not a new discovery necessarily as it was discovered in 1961 by the Bodaybo expedition and extensively explored by Soviet geologists in the 1970 to the 1990's. Placer Dome, now Barrick had drilled extensively their in the late 1990's: about 320,000 meters. This data, coupled with current verification and amassed data suggest 2.0g/t over 58m.
What is of particular interest to me is reminding people that we face a similar scenario back home in Canada. The Golden Triangle has a rich history and enormous data with companies currently exploring, verifying and gathering data. I cover a number of companies you need to consider and research. Talk to your broker, or take some time to see if you want to shift into a sector that is primed to move forward ahead of the curve.