Polymetals on Endeavor to accelerate Carpark drilling

Polymetals Resources (ASX:POL) has expedited a 700m phase two reverse circulation (RC) phase two drilling program for the Carpark prospect, as part of its Endeavor Mine in New South Wales. 

The $41.76 million market capitalisation says the program will begin tomorrow (15 February 2024) following the return of analytical results from phase one drilling completed in mid-December 2023. 

Speaking to Mining.com.au, Polymetals Corporate Development Linden Sproule says the company has reprocessed all geological and geophysical data and along with these results has confirmed the likely extension of lodes south of the known ore body.

“Six holes are planned with further drilling to test copper anomalies within the approved mining leases to immediately follow. The addition of new shallow ore bodies to the existing mine plan would significantly change our approach to restarting production at the Endeavor silver-zinc-lead project in Cobar, New South Wales.”

Phase two drilling has been designed to step out 25m to 30m to the east, west, north, and south to bracket recent drilling intersections. 

Results from phase one drilling confirm that mineralisation and alteration types are similar to the zones above the Main and North Lodes at Endeavor. 

Drilling will also test both the interface between oxidised and fresh rock for potential supergene enriched mineralisation and underlying massive sulphide mineralisation. 

The company also notes reprocessing of historical geophysical data has defined gravity, magnetic, and IP anomalies over the Carpark prospect, which lies in an undrilled area 100m south of Endeavor and forms part of a ‘large’ undrilled zone extending 400m south from the Main Lode. 

Phase one drilling included a single RC drillhole to 142m completed in mid-December 2023 to check a historic 1974 drillhole. 

On 22 January this year, Polymetals announced the identification of new targets at Endeavor after consolidating half a century’s worth of electronic mine and exploration data, as reported by Mining.com.au.

According to Polymetals, the targets were flagged on 1,107km-square of tenements, within 30km-square of mining leases, 5km of the existing processing facility, and 100m south of the main orebody. 

About 402,000m of drilling has been completed over more than 50 years, 90% of which has been concentrated on just the Endeavor ore body. 

Polymetals Resources is a miner and explorer with a project portfolio of ‘significant’ potential for the discovery and development of both precious and base metal resources. 

The company’s cornerstone Endeavor asset is a ‘major’ underground silver-lead-zinc mine in the Cobar Basin, north of the township of Cobar in central-west New South Wales. 

Endeavor (previously known as Elura) was discovered by Electrolytic Zinc Australia (EZ) in 1973. EZ originally earmarked the “Elura” prospect as an airborne magnetic high that they ranked 5th out of 25. 

Their follow-up work comprised soil sampling of the Elura prospect, and it was the 11th target tested. The geochemical target generated was 1,200m long having a greater than 180ppm Pb-in-soil anomaly and the drilling of this magnetic high with coincident lead-in-soil anomaly, led to the discovery of the Elura deposit.  

Polymetals says it is acutely aware that exploration success comes through meticulous technical analysis, staged exploration programmes and tightly controlled budgets and the exploration at Carpark will be based on these principals. 

The company’s near-mine exploration strategy is accelerating with phase two drilling to begin at Carpark. 

A single RC drill hole to 142m (PCP001) was completed by Polymetals in mid-December 2023 to check a 1974 EZ drill hole (PE004), which intercepted anomalous Pb-Zn mineralisation 100m south of the Endeavor Mine Main lode.

Write to Adam Drought at Mining.com.au

Images: Polymetals Resources
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Written By Adam Drought
Born and raised in the UK, Adam is a sports fanatic with an interest in Rugby League and UFC/MMA. When not training in Muay Thai and Brazilian Jiu Jitsu, Adam attends Griffith University where he is completing his final year of a Communication & Journalism degree.