Polymetals Resources (ASX:POL) has uncovered more than 100m of mineralisation about 90m south of the Endeavor silver-zinc-lead mine orebody in New South Wales following a maiden near-mine reverse circulation (RC) drilling program.
The $41.03 million market capitalisation company says the mineralisation has been intersected at the Carpark (Endeavor South) anomaly within one RC hole drilled for 142m. As well as this hole, Polymetals has drilled 6 RC holes for 608m at the Panda prospect within the project area.
The company says that by identifying mineralisation south of the Endeavor orebody, it was able to demonstrate an expansion of the Panda and Carpark target zones in proximity to the orebody.
Polymetals is still awaiting assays from Panda and Carpark.
The company notes that the ‘significant’ drilling continues its 3-pronged advance of exploration targets, namely, the in-mine, near-mine, and regional areas of the mining leases and exploration licences.
Panda and Carpark sit 500m to the east and 90m to the south of Endeavor mineralisation, respectively, and are ‘highly significant’ as they potentially outline 2 new lenses of mineralisation.
Polymetals states that mineralisation in both areas is shown to occur in an area that is only sparsely drilled, leaving space for a ‘sizeable’ body of mineralisation that has the potential to be progressively unveiled with further drilling.
Executive Chairman Dave Sproule says the company is spurred on by these results as it continues to work towards restarting mining operations at Endeavor.
“The results of this drilling programme show the highly prospective nature of the near-mine environment around the Ag-Zn-Pb rich Endeavor orebody.
It is amazing how a different approach to exploration targeting can unveil new areas of potential despite the years of past operational activity.”
“It is amazing how a different approach to exploration targeting can unveil new areas of potential despite the years of past operational activity”
Polymetals Resources is a miner and explorer with a project portfolio with ‘significant’ potential for the discovery and development of both precious and base metal resources.
The company’s cornerstone Endeavor asset represents a ‘major’ underground lead-silver-zinc mine in the Cobar Basin, north of the township of Cobar in central-west New South Wales.
Write to Adam Drought at Mining.com.au
Images: Polymetals Resources
