A promising gold-bearing area in Magadan Region has been put up for auction. The successful bidder will receive a 25-year license for geological study, exploration, and production. Forecast resources at Netchen-Khaya are estimated at around 16 tonnes of gold, while the starting payment is set at RUB 450 million.
The block covers 13.88 square kilometers in Khasyn Municipal District, between the Nerige and Netchen rivers. The deposit belongs to the hard-rock category and has not previously been developed, with no mining carried out at the site. This makes the project potentially attractive to companies prepared to invest in exploration from an early stage.
The resource base is divided into two categories. P1 resources are estimated at 6.7 tonnes of gold, while P2 resources add another 9.4 tonnes. Combined, that amounts to nearly 16 tonnes, a substantial figure for an early-stage project. However, these are forecast resources, not proven reserves. Their economic viability and actual volumes will still have to be established through drilling and laboratory analysis.
The starting one-off payment has been set at RUB 450 million, with an auction increment of RUB 45 million. The auction is scheduled for October 19, 2026, while applications will be accepted until September 29.
Netchen-Khaya is a classic example of betting on geological potential. The auction winner will not acquire a ready-to-mine deposit, but rather the right to test the hypothesis that commercially viable gold reserves exist in the area between the two rivers. If the forecasts are confirmed, the block could become a new mining center in the Kolyma region.
Source: Rosnedra
Image: Gold and Technologies
