Russian pgm giant Norilsk Nickel says it has located a new deposit that could offer vast resources.

The company, Russia's largest mining outfit, told Interfax that a deposit in the Kola peninsula in the Arctic held great potential.

Indeed, an official from the Murmansk region was quoted as saying as much as 350 tons of platinum group metals could lie in the resource.

Sergei Zhabin, head of the Murmansk region's geological service, said a team of scientists uncovered the deposit, which lies near Norilsk's Severonickel and Pechenganickel smelters.

Mr Zhabin said Norilsk intends to explore the deposit in around three years time, when it will perform further tests.

However, officials have not yet commented on which pgms are present at the site.