Polymetals (ASX:POL) is looking to get a 1,000m reverse circulation (RC) drilling program underway at the Panda prospect, 500m east of the main lode of its Endeavor deposit in New South Wales.
The $47.17 million market capitalisation company says drilling is scheduled to begin on 1 December and has been designed to follow up the discovery of Panda in late September.
Panda was identified through an initial surface auger program above a Sandfire Resources (ASX:SFR) intercept.
Drilling will also test the redox boundary both proximal to the Sandfire hole and along strike in hopes of providing a valuable vectoring tool assisting in the design of subsequent drilling.
Panda has been defined over an 80m wide northwest trending corridor extending over a strike length of 300m and is considered prospective for zinc-copper-lead mineralisation.
Polymetals Executive Chairman Dave Sproule says Panda is potentially ‘significant’ given its size with anomalism relative to the original Endeavor orebody.
“We remain amazed at the enormous volume of untested search space where further orebodies could exist at Endeavor and we look forward to hopefully unlocking further value through exploration, firstly testing targets within the mining lease and then more regionally alongside the mine restart which is on track for H2 2024.”
Polymetals is a miner and explorer with a project portfolio of ‘significant’ potential for the discovery and development of both precious and base metal resources.
As of 30 September 2023, Polymetals had $760,000 cash and cash equivalents at hand, according to its latest quarterly report.
Write to Adam Drought at Mining.com.au
Images: Polymetals Resources