The Mangazeisky Exploration Licence area is located within the Verkhoyansk mobile belt of northeastern Yakutia. The fold-and-thrust belt forms part of a major orogenic system separating the Siberian North Asian Craton to the west from the immense expanse of accreted terrains, which form most of the Russian Far East.
The belt extends for 2,000 km from the Laptev Sea to the Sea of Okhotsk. The belt is made up of a rock package that is greater than seven km in thickness and is comprised of Late Precambrian to Triassic rocks deposited along the paleo‑Pacific margin of the Siberian Craton. This margin developed as a consequence of rifting events which occurred in the Late Precambrian and again during the Late Devonian to Early Mississippian periods. Deformation events during the Late Jurassic to Early Cretaceous periods were accompanied by low-grade metamorphism in the internal parts of the belt and the emplacement of high-level granitic bodies. During the Tertiary period, strike-slip faulting occurred within the fold-and-thrust belt. The central part of the belt is dominated by a thick monotonous succession of Carboniferous and Permian turbidites which are metamorphosed to lower greenschist grade. Granodiorite and granite plutons intrude the core of the range and are associated with extensive gold-bearing quartz vein systems.
The silver mineralization is epigenetic. To date, Mangazeisky host four types of mineralisation:
- Vertikalny deposit – narrow steep dipping veins that cross-cut stratigraphy, feature grades in excess of 1,000 g/t Ag over widths ranging up to 3 metres
- Mangazeisky N &S deposit – strata-bound silver-bearing, quartz-carbonate-sulphide structures with lead, zinc by products with grades greater than 900 g/t Ag
- Nizhny Endybal deposit – thicker linear-type stockwork with carbonate-silver sulphosalt mineralisation
- Porfirovy prospect – rhyolite porphyry area associated with quartz, quartz-carbonate and quartz-sulphide veining