Polymetals Resources inches closer to restarting operations at Endeavor Mine, NSW

Diversified explorer Polymetals Resources (ASX:POL) made ‘significant’ progress towards a decision to restart operations at its Endeavour Silver-Zinc-Lead Mine in New South Wales over Q2 2023.

The $40.14 million market capitalisation company expects to make a Final Investment Decision (FID) during the December quarter of 2023, targeting to restart operations by mid-2024.

In Q2 2023, the company entered a binding agreement for a US$10 million unsecured concentrate pre-payment finance facility and a $500,000 equity investment with global base and precious metals trader Ocean Partners UK.

Polymetals also raised more than $3.751 million through an equity placement, which was cornerstone by Sparta AG and supported by new investment funds as well as sophisticated investors.

Within the mine, the company received all assays for a 21-hole reverse circulation (RC) drilling program, which highlighted ‘exceptional’ zones of ‘high-grade’ silver-gold-zinc-lead mineralisation.

These results underpinned a Mineral Resource Estimate (MRE) of 818,000 tonnes @ 7.1% Zn, 5.1% Pb, and 338g/t Ag for 58,078 tonnes of zinc, 41,718 tonnes of lead, and 8.889 million ounces of silver.

On the corporate front, Polymetals appointed a technical team to progress a Mine Restart Study (MRS) and restart of operations at Endeavor, while financing discussions for the mine restart and environmental rehabilitation bond replacement were ‘well-advanced’.

The company also received ‘overwhelming’ shareholder support to acquire the Endeavor Mine through an extraordinary general meeting (EGM) held on 12 May 2023.

Commenting on the quarter, Polymetals Resources Executive Chairman Dave Sproule says: “The June quarter has been an exceptionally busy time for the company as it beds down resourcing with personnel and capital to support the path to production at Endeavor.

We have assembled a capable team of practical mining professionals and external consultants who are now fully engaged with all aspects of the Endeavor Mine Restart Study.

The recent support received for the company’s second placement to new investors is a strong endorsement of the Endeavor Project and team”

The recent support received for the company’s second placement to new investors is a strong endorsement of the Endeavor Project and team and confidence in Polymetals’ ability to execute on the plan to restart mining at Endeavor.

We welcome our new shareholders and look forward to delivering a positive Mine Restart Study, building significant value for the company and generating positive outcomes for the Cobar region.”

Polymetals Resources is an Australian precious and base metals explorer focused on restarting operations at its Endeavor Silver-Zinc-Lead Mine near Cobar in New South Wales. Along with Endeavor, the company also holds the Alahiné and Mansala gold projects in Guinea.

Polymetals ended the June quarter with $2.6 million cash at hand. 

Write to Harry Mulholland at Mining.com.au

Images: Polymetals Resources Ltd
Written By Harry Mulholland
Hailing from the Central Coast region of NSW, Harry is a passionate journalist with a background in print, radio and ESG news. When not bashing away on his keyboard, he can be found brewing a coffee or playing with his dog.

Polymetals Resources taps investors for $3.65 million to progress MRS at Endeavor Mine

Australian miner and explorer Polymetals Resources (ASX:POL) is raising $3.65 million through a placement to fund its Mine Restart Strategy (MRS) at the Endeavor Lead-Zinc-Silver Project in New South Wales.

Under the placement, the company is issuing about 11.777 million shares to new investors at $0.31 per share, which represents a 6% discount to Polymetals’ 30-day volume weighted average price (VWAP).

Frankfurt-listed investment firm Sparta AG (FRA:SPT6) provided about $2 million in a cornerstone contribution to the placement to secure 6.45 million Polymetals shares, alongside global trading firm Ocean Partners, which also contributed a US$10 million concentrate offtake facility. Bell Potter acted as lead manager to the placement.

Polymetals reports the funds raised will be used to progress the MRS, in-mine exploration, care and maintenance costs at Endeavor, and general working capital.

Commenting on the placement, Polymetals Resources Executive Chairman Dave Sproule says: “The support received through the placement to new cornerstone and institutional investors is a strong endorsement of the Endeavor project and confidence in Polymetals’ ability to execute on its plan to recommence mining at Endeavor.

“The support received through the placement to new cornerstone and institutional investors is a strong endorsement of the Endeavor project…”

We welcome our new shareholders and look forward to delivering a positive Mine Restart Study and continue to build significant value for the company’s shareholders and positive outcomes for the Cobar region.”

Polymetals Resources is an Australian miner and explorer focused on its cornerstone asset, the Endeavor Silver-Zinc-Lead Mine, in the Cobar region of New South Wales. Along with Endeavor, the company also holds the Alahiné and Mansala gold projects in Guinea.

In May 2023, the company delineated a total mineral resource of 16.3 million tonnes @ 8% Zn, 4.5% Pb, and 84g/t Ag for 1.3 million tonnes of zinc, 0.73 million tonnes of lead, and 44 million ounces of silver at Endeavor. 

According to Polymetals’ latest quarterly report published on 28 April 2023, the company had $337,902 cash at hand and access to $500,000 in undrawn finance facilities as of 31 March 2023. The company has also been approved for a NSW Critical Minerals Grant of $500,000, with at least $250,000 received during the June quarter.

Write to Harry Mulholland at Mining.com.au

Images: Polymetals Resources Ltd
Written By Harry Mulholland
Hailing from the Central Coast region of NSW, Harry is a passionate journalist with a background in print, radio and ESG news. When not bashing away on his keyboard, he can be found brewing a coffee or playing with his dog.

Polymetals Resources and Ocean Partners UK solidify offtake deal and $15 million prepayment facility for Endeavor Mine, NSW  

Junior explorer Polymetals Resources (ASX:POL) has struck a binding term sheet with Ocean Partners UK to develop an unsecured $15 million prepayment funding facility for its underground Endeavor Mine in New South Wales. 

The company says as part of the deal, a 5-year zinc and silver-lead offtake deal with the global trading firm will be valid for up to 36 months and will provide development funding and working capital for the restart of mining and processing operations at Endeavor. 

Polymetals reports this agreement comes following a site visit by the company’s technical team and 2 board members, as well as the start of a mine restart study (MRS) at Endeavor, as announced by the company earlier this month (16 June 2023). 

Polymetals noted the MRS will take full advantage of the project’s ‘extensive’ existing infrastructure, the internal and external studies generated by the previous mine owner and operator, CBH Resources, and the historical capital and operating costs. 

Additionally, the MRS extends beyond the potential mining of the upper main lodes to also include existing areas within the mine, including the 6 – 6 Stope, Deep Zinc Lode, unmined stopes, North Pods, and remnant mineralisation, now economic due to the silver streaming royalty reset. 

The company also noted it had appointed experienced production-focused mining engineer David Pelchen as its site representative for Endeavor. 

Speaking on the binding term sheet, Polymetals Resources Executive Chairman Dave Sproule says: “Polymetals has had a long relationship with Ocean Partners stretching over 20 years. The support shown by this early endorsement via the prepayment facility and equity participation is a testament to the confidence Ocean Partners has in the Polymetals team and the potential of the Endeavor Mine.

The partnership with Ocean Partners allows Polymetals to do what it does best

The partnership with Ocean Partners allows Polymetals to do what it does best, focused on recommencement of operations at the Endeavor Mine.”  

With both parties now entered into the binding term sheet, Polymetals Resources announces it remains focused on achieving the restart of operations at Endeavor. 

Polymetals Resources is an ASX-listed junior diversified explorer actively exploring the Siguiri Basin in Guinea, West Africa, and the Cobar Basin in New South Wales for the discovery and development of both precious and base metal resources. 

The company’s Endeavor Mine is located about 40km northwest of the township of Cobar in New South Wales and represents 1 of 3 ‘significant’ mines in the district. As of 22 May 2023, Polymetals had $250,000 cash on hand and $1.25 million in debt.  

Ocean Partners UK is a global trading firm that offers a complete range of trading services for miners, smelters, refiners, and metal consumers around the world. The company operates in a number of countries, including Canada, Chile, Mexico, the UK, and the US. 

Write to Adam Drought at Mining.com.au

Images: Polymetals Resources Ltd
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Written By Adam Drought
Born and raised in the UK, Adam is a sports fanatic with an interest in Rugby League and UFC/MMA. When not training in Muay Thai and Brazilian Jiu Jitsu, Adam attends Griffith University where he is completing his final year of a Communication & Journalism degree.

Polymetals Resources kicks off restart study to bring Endeavor Zinc-Silver-Lead mine back online

Australian explorer Polymetals Resources (ASX:POL) is working towards restarting operations at its Endeavor Zinc-Silver-Lead Mine in New South Wales, with a Mine Restart Study (MRS) officially underway.

The company reports the MRS will take full advantage of the ‘extensive’ existing infrastructure, the internal and external studies generated by the previous mine owner and operator CBH Resources, and historical capital and operating costs.

Existing mine and processing modelling will be reviewed and adjusted for the latest consensus metal prices, inflation, and labour conditions prevalent across the industry.

Polymetals expects the longest-lead-time item will be metallurgical testwork, which will be carried out on mineralisation from the Upper Main Lodes (UML) to maximise silver and gold recovery from the ‘high-value’ material.

Additionally, the planned MRS extends beyond potentially mining the UML to also include areas within the mine such as the 6-6 Stope, Deep Zinc Lode, unmined stopes, North Pods, and remnant mineralisation that is now economical due to the Silver Streaming Royalty Reset.

Planned near-term exploration within the mine includes gold and copper occurrences noted within a dataset of about 402,000m of historical drilling, which was reviewed during Polymetals’ due diligence prior to acquiring Endeavor in March 2023.

Commenting on the MRS, Polymetals Resources Executive Chairman Dave Sproule says: “It is pleasing that we are now fully resourced with a competent and experienced technical team and board which provides the company with its best opportunity to advance the Mine Restart Study and bring the Endeavor Mine back online.

I am very confident that we will achieve a positive result from the Mine Restart Study now well underway”

Given Endeavor’s 38 years of operational history, our familiarity of the Cobar Basin and long-term relationships within the region, I am very confident that we will achieve a positive result from the Mine Restart Study now well underway.”

Polymetals also reports it has appointed David Pelchen as its Site Representative at Endeavor. The company says Pelchen is a practising and certified Mine Manager who will be based at Endeavor and an active participant in the MRS.

Pelchen is a ‘highly experienced’ and production-focused mining engineer who has previously been involved in numerous projects within Australia, China, Indonesia, and Kazakhstan.

Pelchen has previously served as General Manager and Mine Engineering Manager at Peak Gold and Mine Manager at Snowy River in New Zealand and Hillgrove.

The company says he was also General Manager at Henty, Hill End, and Mineral Hill, as well as Underground Manager at the Telfer Gold Mine. Pelchen previously worked at Endeavor from 1983-1987, during which time the ‘high-grade’ silver and gold south UML was mined.

Polymetals Resources is an Australian mineral and explorer with a portfolio of precious and base metals assets both locally and internationally. The company’s portfolio consists of the Endeavor Zinc-Silver-Lead Mine in the Cobar Basin of New South Wales and the Alahiné and Mansala gold projects in Guinea.

The Endeavor Mine hosts a total mineral resource of 16.3 million tonnes @ 8% zinc, 4.5% lead, and 84 grams per tonne (g/t) silver for 1.3 million tonnes of contained zinc, 730,000 tonnes of contained lead, and 44 million ounces of contained silver.

Write to Harry Mulholland at Mining.com.au

Images: Polymetals Resources Ltd
Written By Harry Mulholland
Hailing from the Central Coast region of NSW, Harry is a passionate journalist with a background in print, radio and ESG news. When not bashing away on his keyboard, he can be found brewing a coffee or playing with his dog.

Polymetals Resources upgrades MRE at Endeavor Mine, NSW

Polymetals Resources (ASX:POL) has bolstered the JORC 2012 Mineral Resource Estimate (MRE) of its Endeavor Mine in New South Wales following a recent near-surface drilling program. 

The company says the updated MRE now contains increased measured and indicated resources for the combined North and South Lodes, located above the 10040mRL or within 180m of surface, and represents a ‘compelling’ near-term cash flow opportunity.  

The drilling work increased the contained silver by 2.9 million oz (48%) (Moz) to 8.9Moz within the Upper Main Lodes, an area inclusive of measured and indicated resources, with 55% within the measured category (an increase of 67%) and 94% in both the measured and indicated categories.

Polymetals notes a ‘significant’ increase to the silver grade and resource category has also been estimated and demonstrates further potential to expand the near-surface resources. 

The new Endeavor Mine MRE now sits at 818,000 tonnes @ 7.1% Zn, 5.1% Pb, and 338 grams per tonne (g/t) Ag to contain 58,078 tonnes of Zn, 41,718 tonnes of Pb, and 8.9Moz of Ag.

Polymetals Resources reports the updated MRE comes in conjunction with an ongoing feasibility study that has been designed to aid in the restart of operations at Endeavor. 

The company also notes the updated MRE has led to an increase in confidence for the establishment of ore reserves as the mine restart feasibility study progresses.   

With the feasibility study ongoing, Polymetals Resources announces it has moved forward with plans to undertake an underground drilling program in order to generate geotechnical and metallurgical samples, as well as further gold analyses, to enable gold to be included in the MRE. 

All data generated is also expected to provide sufficient information to further support the feasibility study, with feasibility work scheduled to be completed in Q4 2023.   

Commenting on the updated mineral resource, Polymetals Resources Executive Chairman Dave Sproule says: “We are systematically progressing work on various fronts at Endeavor, and now, with the significant near-surface metal endowment confirmed by recent drilling and independent Mineral Resource Estimate, we can continue our planned work streams with much greater confidence. 

“…with the significant near-surface metal endowment confirmed by recent drilling and independent Mineral Resource Estimate, we can continue our planned work streams with much greater confidence.” 

What is becoming evident is that the Endeavor project may evolve in two stages, with the near-surface high-value resources potentially delivering a first-stage low-entry-cost mining program with cashflow applied to funding the anticipated +10-year mining operation.”

Polymetals Resources is an ASX-listed mining and exploration company with a project portfolio that has ‘significant’ potential for the discovery and development of both precious and base metal resources. The company is seeking to become a long-term, consistent and profitable base and precious metals producer through the aid of its cornerstone Endeavor Silver-Zinc-Lead Mine in NSW. 

The asset is located in the Cobar Basin, north of the township of Cobar in central-west NSW, about 30km north of the CSA Copper Mine, and was first discovered in 1974 before mining and processing operations began in 1982.

Images: Polymetals Resources Ltd
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Written By Adam Drought
Born and raised in the UK, Adam is a sports fanatic with an interest in Rugby League and UFC/MMA. When not training in Muay Thai and Brazilian Jiu Jitsu, Adam attends Griffith University where he is completing his final year of a Communication & Journalism degree.

Polymetals Resources bolsters board ahead of further development at new Endeavor Zinc-Lead-Silver Mine, NSW

Australian miner and explorer Polymetals Resources (ASX:POL) is welcoming some new faces to its board following the completion of its Endeavor Zinc-Lead-Silver Project acquisition earlier this month.

The company reports Matthew Gill and Jess Oram have been appointed to the board as non-executive directors as Polymetals prepares to advance exploration, ore reserve growth, and development work at Endeavor, which lies in the Cobar Basin of New South Wales.

Additionally, Polymetals notes Chris Schroor has retired from the company’s board. Mr Schroor has served as a non-executive director since November 2020.

The company says Mr Gill is a mining engineer with over 40 years of experience and a strong technical, operational, and executive management background. He has previously worked as an underground miner, mine planning engineer, supervisor, General Manager, and Chief Executive Officer (CEO)/Managing Director in Australia, Papua New Guinea, India, Ghana, and Bolivia.

Polymetals also reports Mr Gill was ‘instrumental’ in developing the Porgera Gold Mine in Papua New Guinea and Beaconsfield Gold Mine in Tasmania, along with the Ballarat and Morning Star gold mines in Victoria.

Gill previously served as the CEO and Managing Director of White Rock Minerals (ASX:WRM) and Group Chief Operating Officer (COO) for LionGold Corp (SGX:A78), and he has also worked for Castlemaine Goldfields, Rio Tinto (ASX:RIO), Wiluna Mining Corporation (ASX:WMC), Placer Pacific, and Renison Goldfields.

The company also notes Gill has also held the position of board member and president of the Tasmanian Minerals Council and has been the chair of the MCA Victoria division and deputy chair of AMEC Victoria.

Meanwhile, Polymetals reports Mr Oram is an exploration geologist with over 30 years of experience in mineral exploration and management across a variety of commodities.

The company says he has ‘significant’ experience in uranium, base, and precious metals exploration and notes he has been involved in mineral discovery, delineation, expansion, and feasibility studies.

Mr Oram is currently the Senior Vice President-Exploration for Paladin Energy (ASX:PDN) and has previously served as Exploration Manager, CEO, and Executive Director of Cauldron Energy (ASX:CXU), as well as non-executive Chairman of Critical Resources (ASX:CRR).

Commenting on the appointments, Polymetals Resources Executive Chairman Dave Sproule says: “I am delighted at the depth of experience and capability in the new board and management team appointees present to the company.

We have much work ahead of us during the coming months on numerous fronts, but now with the significant near-surface metal endowment confirmed by recent drilling at Endeavor, we can progress our planned work streams with much greater confidence that operational recommencement is the right path for Polymetals.

We have assembled a great team of practical mining professionals, and I very much look forward to working alongside the group with the core focus of unlocking great opportunity from Endeavor”

We have assembled a great team of practical mining professionals, and I very much look forward to working alongside the group with the core focus of unlocking great opportunity from Endeavor and adding significant value for our shareholders and Cobar Basin stakeholders.”

Polymetals is an Australian mining and exploration company focused on precious and base metals. The company’s portfolio includes the Endeavor Zinc-Lead-Silver Mine in central western New South Wales, along with the Alahiné and Mansala Gold projects in Guinea.

The Endeavor Project covers an area of 1,107km-square in the Cobar Basin, which is considered a ‘world-class’ base and precious metals mining district.

Images: Polymetals Resources
Written By Harry Mulholland
Hailing from the Central Coast region of NSW, Harry is a passionate journalist with a background in print, radio and ESG news. When not bashing away on his keyboard, he can be found brewing a coffee or playing with his dog.

Polymetals returns ‘outstanding’ assays to advance updated MRE for Endeavor Mine

Polymetals Resources (ASX:POL) has reported ‘outstanding’ assays from a phase one drilling program ahead of a planned recalculated JORC 2012 Mineral Resource Estimate (MRE) for the North and South lodes of its Endeavor silver, zinc, and lead mine in New South Wales. 

The results, generated by reverse circulation (RC) drilling completed in March 2023, have returned peak ‘high-grade’ 1m intercepts that include grades of up to 2,799g/t silver (Ag), 13.3% zinc (Zn), 22.7% lead (Pb), 3.2g/t gold (Au), and 7.4% copper (Cu).  

These results also confirm a ‘significant’ metal endowment within the near-surface North and South Lodes. 

Polymetals reports this batch of results will be used to recalculate the JORC 2012 Mineral Resource Estimate (MRE) for the North and South lodes, scheduled to be completed within the coming weeks. It is hoped the revised MRE, in conjunction with results from metallurgical testwork and mine design studies, will provide the basis for the company to report a JORC 2012 ore reserve estimate for the near-surface mineralisation.

Key results gathered from across the North lode include hole PNL010 with 22m @ 4.6% Zn, 816g/t Ag, 0.69g/t Au, 1.27% Cu, and 2.6% Pb from 101m to 123m (22.1% ZnEq) and 20m @ 5.5% Zn, 435g/t Ag, 0.89g/t Au, 0.08% Cu, and 2.6% Pb from 130m to 150m (15.4% ZnEq).  

Results from the South Lode include hole PSL018 with 34m @ 2.1% Zn, 302g/t Ag, 0.47g/t Au, 0.49% Cu, and 4.9% Pb from 100m to 134m (10.9% ZnEq). 

The company notes these results represent the final batch of assays to be received from the RC drilling, which was designed to enable the estimation of a measured MRE, as well as to test the tenor and extent of mineralisation that remains in the remaining unmined South Lode.  

Commenting on the results, Polymetals Resources Executive Chairman Dave Sproule says: “Having secured the Endeavor Mine asset and now confirmed the significant metal endowment (now including gold) within the near-surface unmined mineralisation, Polymetals is in a most unique position as a junior company. 

Receipt of all assays allows a Measured Mineral Resource to be re-calculated for the North and South Lodes and an Ore Reserve estimate to be completed pending the conclusion of other necessary studies. Interrogation and remodelling of all historic mining information is planned during the coming months whilst the company maintains its core focus of building a significant Ore Reserve. 

Having secured the Endeavor Mine asset and now confirmed the significant metal endowment (now including gold) within the near-surface unmined mineralisation, Polymetals is in a most unique position as a junior company”

We are also expanding capability via recruitment of experienced mine geology, engineering, and exploration professionals to ensure the company is well-resourced to support the timely and much-anticipated next chapter of operational life at Endeavor. 

The Board is also to be reshaped in the near term to provide experience and guidance across all facets of the business.”  

The company notes further drilling within the South Lode will be required to quantify measured resources, which it believes will likely add potential near surface ore reserves.

The company plans to also undertake diamond drilling on in-mine gold and copper targets, as well as metallurgical testwork and mine restart studies, with hopes of achieving a +10-year mine plan.

Polymetals is an ASX-listed gold explorer focused on transitioning from an explorer to a precious and base metals producer. The company’s recently acquired Endeavor mine is located in the Cobar structural zone, about 30km north of the CSA Copper mine and 40km northwest of the township of Cobar in central New South Wales. 

The project represents 1 of 3 ‘significant’ mines in the district and has produced 32.2 million tonnes of ore grading 8.01% Zn, 5.04% Pb, and 89.2g/t Ag.

Images: Polymetals Resources Ltd
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Written By Adam Drought
Born and raised in the UK, Adam is a sports fanatic with an interest in Rugby League and UFC/MMA. When not training in Muay Thai and Brazilian Jiu Jitsu, Adam attends Griffith University where he is completing his final year of a Communication & Journalism degree.

Polymetals confirms unmined mineralisation through RC drilling at Endeavor Mine in NSW

Australian mining and exploration company Polymetals Resources (ASX:POL) has confirmed unmined mineralisation through a reverse circulation (RC) drillhole at the South Lode located within the newly acquired Endeavor Silver-Zinc-Lead Project in New South Wales.

Polymetals reports the phase one drilling program included 21 RC drillholes for a total of 2,868m and was focused on generating measured resources hosted within the unmined near-surface North Lode.

However, 5 of the 21-hole program were allocated to testing the existence of remaining South Lode measured resources.

The company reports hole PSL020 intersected 71m @ 0.43g/t Au, 272g/t Ag, 3.6% Zn, and 4.2% Pb, and 0.13% Cu from 107m to 178m (11.02% Zn-Eq). Results also include 34m @ 0.76g/t Au, 492g/t Ag, 7.3% Zn, 4.8% Pb, and 0.14% Cu from 144m (19% Zn-Eq), and 8m @ 0.89g/t Au, 914g/t Ag, 8.9% Ag, 5.3% Pb, and 0,16% Cu from 154m (29.2% Zn-Eq).

Commenting on the results, Polymetals Resources Executive Chairman, Dave Sproule says: “It is most encouraging to know that part of the near-surface South Lode remains in-situ at Endeavor. We will plan to further test the zone to quantify metal endowment over the coming months.

The elevated silver grades and contained gold we are seeing both within the unmined North Lode and remaining South Lode is also pleasing as it provides potential to generate significant value upside following conventional lead and zinc flotation with hydrometallurgical leaching of gold and silver.

“We will plan to further test the zone to quantify metal endowment over the coming months”

Following receipt of all assays from the phase one RC drilling program, metallurgical testwork will be expedited to confirm metal recoveries, additional South Lode drilling will be undertaken, a new resource estimate will be completed, and mining reserves determined for both the North and South Lodes.”

Polymetals also reports it has begun due diligence work over Endeavor with the first indications of this focus announced on 17 August 2022. Acquisition of the Endeavor Project was announced 28 March with completion of the transaction subject to shareholder approval at a now scheduled shareholder meeting to be held on 12 May 2023.

The company says the acquisition of Endeavor will provide it with 1,100km-square of exploration licences within the Cobar Basin, as well as a 16.3 million tonne silver, zinc, and lead resource within the mining leases.

It will also provide Polymetals with access to a regionally ‘significant’ fully permitted mine, a 1.2 million tonnes per annum mineral processing plant and supporting infrastructure, as well as jurisdictional and commodity diversification for the company and its shareholders.

Polymetals Resources is an Australian mining and exploration company transitioning from a precious and base metals explorer to producer. The company holds the Endeavor Project near Cobar in central New South Wales, as well as the Alahiné and Mansala Gold projects in Guinea, West Africa.

Images: Polymetals Resources Ltd
Written By Harry Mulholland
Hailing from the Central Coast region of NSW, Harry is a passionate journalist with a background in print, radio and ESG news. When not bashing away on his keyboard, he can be found brewing a coffee or playing with his dog.

Polymetals returns scores of ‘high-grade’ multielement assays at newly acquired Endeavor Mine 

Polymetals Resources (ASX: POL) has encountered ‘high-grade’ multielement mineralisation following a phase one reverse circulation (RC) and diamond drilling (DD) program at its newly acquired Endeavor Silver-Zinc-Lead Mine in New South Wales. 

The results, generated by 6 of a 21 hole campaign, represent the first batch of assays to be returned from drilling, and have returned gold, silver, zinc, and lead grades up to 13.9g/t Au, 2,020g/t Ag, 12% Zn, and 17% Pbrespectively near surface.

Key intercepts include hole Met_1LS_1 with 81m @ 19.5% zinc equivalent (Zn-Eq); hole PNL004 with 36m @ 15.5% Zn-Eq; and hole PNL001 with 52m @ 14.6% Zn-Eq. 

Drilling was designed to test the near surface level 1-2 sulphide North Lode zone within the mining lease, as well as generate measured resources hosted within this same tenure. Results generated from the phase one program are described to be a key factor in determining the optimal near-term strategy for the project.  

The company’s share price had rocketed 91.67% to $0.345 on the ASX as of 12.30pm AWST.

Speaking on the results, Polymetals Resources Executive Chairman, Dave Sproule says: “We are very pleased to confirm the significant intercepts of high-grade mineralisation encountered by our recent drilling and look forward to receipt of the balance of assays. 

“We are very pleased to confirm the significant intercepts of high-grade mineralisation encountered by our recent drilling and look forward to receipt of the balance of assays”

As noted in the Polymetals 28 March ASX announcement, the company is focussed on rapidly generating Ore Reserves through in-mine and near-mine drilling, remodelling of existing resources and investigation of precious metals recovery options. 

Although early in our investigations, these initial North Lode high grade assays (which now include elevated gold grades) confirm Polymetals due diligence conclusions for this zone and provides confidence in the company’s production focus strategy.” 

The company also notes that while gold mineralisation is known to be hosted within the mine, no gold grades have previously been reported within any Mineral Resource Estimate (MRE). 

Additionally, Polymetals reports the silver grades and persistent host mineralisation evident within the North Lode confirms the company’s belief that Endeavor provides very ‘significant’ potential. 

Polymetals Resources is now scheduling planned work streams, which will focus on the generation of sufficient ore reserves to support restarting of operations and long-term economic production at the mine. 

The work stream elements extend to further in-mine and near-mine geophysics, drilling, modelling, and metallurgical testwork to both confirm conventional processing recoveries and potential application of silver and gold leach recovery options.

Images: Polymetals Resources Ltd
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Written By Adam Drought
Born and raised in the UK, Adam is a sports fanatic with an interest in Rugby League and UFC/MMA. When not training in Muay Thai and Brazilian Jiu Jitsu, Adam attends Griffith University where he is completing his final year of a Communication & Journalism degree.

Polymetals Resources identifies 8 targets within Mansala Gold Project in Guinea, West Africa

Polymetals Resources (ASX: POL) announces that the recently completed 500 line-kilometre airborne magnetic survey has identified 8 targets within the company’s wholly owned Mansala Gold Project in Guinea, West Africa.

Polymetals Resources reports the airborne magnetic survey was conducted by AeroPhysX in June 2022 on 100m-line spacings. The objective of the about 500-line km survey was to provide detailed  data to determine the structural controls of mineralisation and information on the nature and disposition of host rocks currently obscured by lateritic cover.

The geophysical data has been processed and an initial geological interpretation and target generation program has been carried out with 8 ‘high order’ geophysical targets identified.

Images of processed aeromagnetic data show NW – NNW and NE – NNE magnetic lineaments pattern, as well as lithological and structural features that may have controlled the localisation of the known gold mineralisation.

Another key structural feature identified is the intense folding with axial planes along NNW and NNE directions that may influence mineralisation.

Commenting on the results, Polymetals Project Manager William Pountney said: “We are excited about the outcome of the magnetic survey and the structural features associated with the very prospective Area F at the Mansala Gold Project.

“We are excited about the outcome of the magnetic survey”

The high-grade pit sampling trend defined as Area F, identified within previous campaigns, is coincident with an interpreted felsic intrusive (Cupola), faults and folded units. These structural features are known criteria for large Siguiri style gold deposits within the region and provide the Company with additional confidence in targets for our next drill program.

In addition to identifying prospective gold zones within the Mansala tenement, the survey has provided the Company with additional vectors to explore for new targets within the licence. The team looks forward to both a productive field season and commencing Mansala’s first AC/RC drill program.”

The company reports 2 high-priority geophysical targets identified from the airborne magnetic survey at Mansala intersect the known NNE trend of strongly anomalous gold found in artisanal pit sampling in the NE quadrant of the permit (Area F).

This makes Area F a highly prospective location to drill test in the coming field season. Targets 1 and 2 encompass all relevant mineralisation criteria for a large mineralising system and could be related to a Siguiri-style gold deposit.

These targets comprise folds, faults, are proximal to a shear zone, felsic intrusive and structural lineaments that compare well with known deposits in the Siguiri Basin.

The company notes during the wet season compilation and further refinement of interpretation of all currently available data will be undertaken.

Drilling programs for both Alahiné and Mansala tenements will be planned.

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Written By Adam Orlando
Mining.com.au Managing Editor Adam Orlando has more than 20 years’ experience in the media having held senior roles at various publications, including as Asia-Pacific Sector Head (Mining) at global newswire Acuris (formerly Mergermarket). Adam has worked in newsrooms around the world including Hong Kong, Singapore, London, and Sydney.