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It declined to name the JV partner, although CEO Vitaly Nesis said it included a team of "talented and energetic" geologists to help explore the area's multiple traces of porphyry copper-molybdenum-gold mineralisation identified during historic reconnaissance activities.
"The goal is to bring together Polymetal's financial and permitting clout and junior's fresh thinking and fast decision-making," he said.
Polymetal will hold the majority 70% stake in the JV and invest US$1.9 million towards a field programme due to start after all regulatory approvals are received.
It will keep the option of increasing its stake to 100% after the initial JORC-compliant mineral resource estimate is completed.
Polymetal said it would continue to look for other investment opportunities and partnerships with junior explorers in Russia.
The company's shares have risen 42.6% in the past six months to the current £8.62 (US$11.23) per share.
