Australian explorer Polymetals Resources (ASX:POL) is working towards restarting operations at its Endeavor Zinc-Silver-Lead Mine in New South Wales, with a Mine Restart Study (MRS) officially underway.
The company reports the MRS will take full advantage of the ‘extensive’ existing infrastructure, the internal and external studies generated by the previous mine owner and operator CBH Resources, and historical capital and operating costs.
Existing mine and processing modelling will be reviewed and adjusted for the latest consensus metal prices, inflation, and labour conditions prevalent across the industry.
Polymetals expects the longest-lead-time item will be metallurgical testwork, which will be carried out on mineralisation from the Upper Main Lodes (UML) to maximise silver and gold recovery from the ‘high-value’ material.
Additionally, the planned MRS extends beyond potentially mining the UML to also include areas within the mine such as the 6-6 Stope, Deep Zinc Lode, unmined stopes, North Pods, and remnant mineralisation that is now economical due to the Silver Streaming Royalty Reset.
Planned near-term exploration within the mine includes gold and copper occurrences noted within a dataset of about 402,000m of historical drilling, which was reviewed during Polymetals’ due diligence prior to acquiring Endeavor in March 2023.
Commenting on the MRS, Polymetals Resources Executive Chairman Dave Sproule says: “It is pleasing that we are now fully resourced with a competent and experienced technical team and board which provides the company with its best opportunity to advance the Mine Restart Study and bring the Endeavor Mine back online.
“I am very confident that we will achieve a positive result from the Mine Restart Study now well underway”
Given Endeavor’s 38 years of operational history, our familiarity of the Cobar Basin and long-term relationships within the region, I am very confident that we will achieve a positive result from the Mine Restart Study now well underway.”
Polymetals also reports it has appointed David Pelchen as its Site Representative at Endeavor. The company says Pelchen is a practising and certified Mine Manager who will be based at Endeavor and an active participant in the MRS.
Pelchen is a ‘highly experienced’ and production-focused mining engineer who has previously been involved in numerous projects within Australia, China, Indonesia, and Kazakhstan.
Pelchen has previously served as General Manager and Mine Engineering Manager at Peak Gold and Mine Manager at Snowy River in New Zealand and Hillgrove.
The company says he was also General Manager at Henty, Hill End, and Mineral Hill, as well as Underground Manager at the Telfer Gold Mine. Pelchen previously worked at Endeavor from 1983-1987, during which time the ‘high-grade’ silver and gold south UML was mined.
Polymetals Resources is an Australian mineral and explorer with a portfolio of precious and base metals assets both locally and internationally. The company’s portfolio consists of the Endeavor Zinc-Silver-Lead Mine in the Cobar Basin of New South Wales and the Alahiné and Mansala gold projects in Guinea.
The Endeavor Mine hosts a total mineral resource of 16.3 million tonnes @ 8% zinc, 4.5% lead, and 84 grams per tonne (g/t) silver for 1.3 million tonnes of contained zinc, 730,000 tonnes of contained lead, and 44 million ounces of contained silver.
Write to Harry Mulholland at Mining.com.au
Images: Polymetals Resources Ltd