Polymetals returns ‘outstanding’ assays to advance updated MRE for Endeavor Mine

Polymetals Resources (ASX:POL) has reported ‘outstanding’ assays from a phase one drilling program ahead of a planned recalculated JORC 2012 Mineral Resource Estimate (MRE) for the North and South lodes of its Endeavor silver, zinc, and lead mine in New South Wales. 

The results, generated by reverse circulation (RC) drilling completed in March 2023, have returned peak ‘high-grade’ 1m intercepts that include grades of up to 2,799g/t silver (Ag), 13.3% zinc (Zn), 22.7% lead (Pb), 3.2g/t gold (Au), and 7.4% copper (Cu).  

These results also confirm a ‘significant’ metal endowment within the near-surface North and South Lodes. 

Polymetals reports this batch of results will be used to recalculate the JORC 2012 Mineral Resource Estimate (MRE) for the North and South lodes, scheduled to be completed within the coming weeks. It is hoped the revised MRE, in conjunction with results from metallurgical testwork and mine design studies, will provide the basis for the company to report a JORC 2012 ore reserve estimate for the near-surface mineralisation.

Key results gathered from across the North lode include hole PNL010 with 22m @ 4.6% Zn, 816g/t Ag, 0.69g/t Au, 1.27% Cu, and 2.6% Pb from 101m to 123m (22.1% ZnEq) and 20m @ 5.5% Zn, 435g/t Ag, 0.89g/t Au, 0.08% Cu, and 2.6% Pb from 130m to 150m (15.4% ZnEq).  

Results from the South Lode include hole PSL018 with 34m @ 2.1% Zn, 302g/t Ag, 0.47g/t Au, 0.49% Cu, and 4.9% Pb from 100m to 134m (10.9% ZnEq). 

The company notes these results represent the final batch of assays to be received from the RC drilling, which was designed to enable the estimation of a measured MRE, as well as to test the tenor and extent of mineralisation that remains in the remaining unmined South Lode.  

Commenting on the results, Polymetals Resources Executive Chairman Dave Sproule says: “Having secured the Endeavor Mine asset and now confirmed the significant metal endowment (now including gold) within the near-surface unmined mineralisation, Polymetals is in a most unique position as a junior company. 

Receipt of all assays allows a Measured Mineral Resource to be re-calculated for the North and South Lodes and an Ore Reserve estimate to be completed pending the conclusion of other necessary studies. Interrogation and remodelling of all historic mining information is planned during the coming months whilst the company maintains its core focus of building a significant Ore Reserve. 

Having secured the Endeavor Mine asset and now confirmed the significant metal endowment (now including gold) within the near-surface unmined mineralisation, Polymetals is in a most unique position as a junior company”

We are also expanding capability via recruitment of experienced mine geology, engineering, and exploration professionals to ensure the company is well-resourced to support the timely and much-anticipated next chapter of operational life at Endeavor. 

The Board is also to be reshaped in the near term to provide experience and guidance across all facets of the business.”  

The company notes further drilling within the South Lode will be required to quantify measured resources, which it believes will likely add potential near surface ore reserves.

The company plans to also undertake diamond drilling on in-mine gold and copper targets, as well as metallurgical testwork and mine restart studies, with hopes of achieving a +10-year mine plan.

Polymetals is an ASX-listed gold explorer focused on transitioning from an explorer to a precious and base metals producer. The company’s recently acquired Endeavor mine is located in the Cobar structural zone, about 30km north of the CSA Copper mine and 40km northwest of the township of Cobar in central New South Wales. 

The project represents 1 of 3 ‘significant’ mines in the district and has produced 32.2 million tonnes of ore grading 8.01% Zn, 5.04% Pb, and 89.2g/t Ag.

Images: Polymetals Resources Ltd
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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.