A retesting program on previously drilled core samples from the Oleninskoye deposit has revealed better than expected results, the license owner Ovoca Gold PLc writes on its web page.
The Moscow-based gold exploration and mine development company Ovoca Gold Plc calls the findings a major step in advancing a pre-feasibility study for Oleninskoye in the future.
Shares in the company were up 3.3% when the findings were announced, web site Proactive Investors report.
According to Ovoca Gold’s web site, the geology of the Kola Peninsula include extensive Archean greenstone belts, similar to those hosting major gold deposits and platinum palladium deposits throughout the world in places such as Canada, West Australia, Southern & Western Africa and South America, which accounts for over 50% of the world’s gold production.
