Polymetals Resources (ASX:POL) is targeting an updated mineral resource estimate (MRE) for the Upper Main Lode later this year, following continued ‘high-grade’ silver-lead-zinc results from underground drilling at the Endeavor Mine in New South Wales.
All nine new drill holes intersected significant mineralisation, further validating the company’s reinterpretation of the historic 1996 subsidence at the Cobar operation.
Best results include 96.6m @ 604 grams per tonne silver equivalent (AgEq) from drill hole POL015, comprising 390g/t silver (Ag), 8.8% zinc (Zn), and 5.4% lead (Pb). POL016 returned 48.4m @ 666g/t AgEq, and POL013 delivered 68.1m @ 429g/t AgEq.
Drilling confirms broad zones of ‘high-grade’ mineralisation within the Upper Main Lode, building on results announced on 24 June.
Polymetals says the consistency of results has increased geological confidence and supports its view that the Upper Main Lode could become a ‘meaningful addition’ to Endeavor’s mining inventory.
“Each new hole increases our confidence that substantial high-grade mineralisation remains outside the area affected by the 1996 subsidence,” Executive Exploration Director Jess Oram says.
“The program is now transitioning from proving the concept to defining the geometry and continuity required for resource estimation. The consistency of the results gives us confidence to target completion of an initial MRE for the Upper Main Lode later this year.”
The program has progressed beyond proof-of-concept and now focuses on defining mineralisation suitable for an MRE. Rather than identifying isolated remnant lenses, the drilling is progressively defining the geometry and continuity of the mineralised system.
Underground diamond drilling continues across the Upper Main Lode target area. The remaining drill holes aim to further define the limits of the interpreted collapse zone, improve geological confidence and continuity of mineralisation, and support geological modelling and mineral resource estimation.
Endeavor holds an underground mineral resource of 16.3 million tonnes @ 8.0% Zn, 4.5% Pb, and 84g/t Ag under JORC 2012 standards.
Polymetals Resources is an Australian mining company advancing the Endeavor Mine in the Cobar Basin of NSW.
Write to JC Villarba at Mining.com.au
Images: Polymetals Resources
