Eurasia Mining said Friday its Monchetundra exploration licence for palladium mineralisation in the Kola Peninsula in Russia has been extended for another year.
The company also hopes to apply for another production licence when it expires in December.
Eurasia has identified platinum group metals and base metal mineralisation in the licence area of Loipishnyun and West Nittis.
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In Loipishnyun, the company discovered consistent grades of one to 1.3 grams per tonne of platinum and palladium over intercepts of 10 to 30 metres, at a depth of 150 metres.
West Nittis, about nine kilometres north of Loipishnyun, has revealed gold, palladium and platinum with a stratiform zone grading two to 15 grams per tonne.
Managing Director Christian Schaffalitzky said: "Now that the exploration licence has been extended for a further year, we aim to complete an application for one if not two areas for mining within the Monchetundra licence area."
Eurasia holds a 60% interest in the licence through its holding in Urals Alluvial Platinum, owned jointly with Anglo Platinum.
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