Polymetals returns scores of ‘high-grade’ multielement assays at newly acquired Endeavor Mine 

Polymetals Resources (ASX: POL) has encountered ‘high-grade’ multielement mineralisation following a phase one reverse circulation (RC) and diamond drilling (DD) program at its newly acquired Endeavor Silver-Zinc-Lead Mine in New South Wales. 

The results, generated by 6 of a 21 hole campaign, represent the first batch of assays to be returned from drilling, and have returned gold, silver, zinc, and lead grades up to 13.9g/t Au, 2,020g/t Ag, 12% Zn, and 17% Pbrespectively near surface.

Key intercepts include hole Met_1LS_1 with 81m @ 19.5% zinc equivalent (Zn-Eq); hole PNL004 with 36m @ 15.5% Zn-Eq; and hole PNL001 with 52m @ 14.6% Zn-Eq. 

Drilling was designed to test the near surface level 1-2 sulphide North Lode zone within the mining lease, as well as generate measured resources hosted within this same tenure. Results generated from the phase one program are described to be a key factor in determining the optimal near-term strategy for the project.  

The company’s share price had rocketed 91.67% to $0.345 on the ASX as of 12.30pm AWST.

Speaking on the results, Polymetals Resources Executive Chairman, Dave Sproule says: “We are very pleased to confirm the significant intercepts of high-grade mineralisation encountered by our recent drilling and look forward to receipt of the balance of assays. 

“We are very pleased to confirm the significant intercepts of high-grade mineralisation encountered by our recent drilling and look forward to receipt of the balance of assays”

As noted in the Polymetals 28 March ASX announcement, the company is focussed on rapidly generating Ore Reserves through in-mine and near-mine drilling, remodelling of existing resources and investigation of precious metals recovery options. 

Although early in our investigations, these initial North Lode high grade assays (which now include elevated gold grades) confirm Polymetals due diligence conclusions for this zone and provides confidence in the company’s production focus strategy.” 

The company also notes that while gold mineralisation is known to be hosted within the mine, no gold grades have previously been reported within any Mineral Resource Estimate (MRE). 

Additionally, Polymetals reports the silver grades and persistent host mineralisation evident within the North Lode confirms the company’s belief that Endeavor provides very ‘significant’ potential. 

Polymetals Resources is now scheduling planned work streams, which will focus on the generation of sufficient ore reserves to support restarting of operations and long-term economic production at the mine. 

The work stream elements extend to further in-mine and near-mine geophysics, drilling, modelling, and metallurgical testwork to both confirm conventional processing recoveries and potential application of silver and gold leach recovery options.

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.