Polymetals Resources (ASX:POL) is targeting the discovery of new orebodies within the Endeavor Project in New South Wales, starting with an electromagnetic conductor plate drilling program beginning in January.
The $137.11 million market capitalisation company plans to test if the coincident induced polarisation chargeable and electromagnetic conductive high is a massive sulphide body at the southern extension of the project’s orebody.
Polymetals adds that drilling will also test for potential supergene mineralisation located above the interpreted massive sulphide.
With the Endeavor Mine’s redevelopment underway, Polymetals is preparing for an active 2025 field season.
During Q1 2025, initial work will comprise 18 kilometres of induced polarisation survey lines and geological mapping programs across several prospects, prior to the starting drilling.
Executive Chairman Dave Sproule says the company has completed compiling more than 50 years of historic exploration data.
“This is the first time a comprehensive database has been consolidated over the area and encompasses data from historic explorers including Metals X, Getty Oil, Electrolytic Zinc Australia, Newmont (ASX:NEM), Delta Gold Pasminco, CBH Resources, and Sandfire Resources (ASX:SFR),” Sproule says.
“We are now able to begin testing the vast array of copper, gold, and silver-lead-zinc targets across the portfolio. With cashflow imminent, Polymetals plans to ramp up its exploration activities over its entire Endeavor Project tenure.”
To date, nine near-mine exploration targets have been identified with the current priority focusing on the Carpark prospect.
As a result, Polymetals says Carpark is shaping up as a potential southern extension to the Endeavor orebody from which 32 million tonnes has been mined over 38 years of operations.
Polymetals Resources is a diversified mineral explorer focused on its project portfolio considered prospective for precious and base metals.
Write to Aaliyah Rogan at Mining.com.au
Images: Polymetals Resources
