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
