After many years of exploration upstream of its alluvial deposit, Russian platinum group metals producer Koryakgeoldobycha (KGD) says it has found a major new deposit that could yield significant results.

KGD says that the new find is located in Kamchatka region of far eastern Russia, on a site known as the Galmoyenamsky body.

KGD vice-president and Moscow representative Nikolai Kozin told Platts that the discovery was an exciting one.

"We confirm we have found a mother lode," he commented. "This year we are taking a pilot sampling, and if the data are confirmed, we will call that a deposit. The territory is within our current licenses."

If the results prove positive KGD says it could be sitting on the largest new platinum mine in Russia, even rivalling Norilsk Nickel's assets.