Polymetals Resources Ltd (ASX:POL) is making big strides in the optimisation of the Endeavor Silver-Zinc Mine in the Cobar Basin of central New South Wales, focusing on the high-grade Upper North Lode (UNL) resources.
Enhanced mining method
The company's current work program includes geotechnical drilling to enhance the mining method and potentially convert additional resources to reserves.
Geotechnical drilling, set to commence in June 2024, aims to support the optimisation of the mining method and increase high-grade ore reserves.
This drilling will inform the forthcoming Endeavor Mine Plan optimisation study, expected to be released in the third quarter of 2024.
Polymetals’ Endeavor Mine Restart Study (MRS) outlines a Stage 1 mine life of 10 years, with first concentrate production anticipated within nine months from the start of mine rehabilitation and mill refurbishment.
The study underscores improved project economics due to rising metal prices.
Mineralisation in all holes
In an earlier surface drilling campaign, Polymetals completed 21 due diligence drill holes on the Upper North Lode and adjacent South Lode, confirming mineralisation in all holes.
Notable intersections include:
- 81 metres at 473 g/t silver, 7.4% zinc, 1.15 g/t gold, 0.11% copper and 5.5% lead from 77 metres to the end of the hole;
- 46 metres at 396 g/t silver, 6.9% zinc, 1.04 g/t gold, 0.16% copper and 5.9% lead from 78 metres to 124 metres;
- 22 metres at 816 g/t silver, 4.6% zinc, 0.69 g/t gold, 1.27% copper, and 2.6% lead from 101 metres to 123 metres; and
- 20 metres at 435 g/t silver, 5.5% zinc, 0.89 g/t gold, 0.08% copper and 2.6% lead from 130 metres to 150 metres.
The planned core drilling of the UNL is designed to intersect the mineralisation and surrounding strata, which will facilitate detailed geotechnical logging.
These investigations aim to determine if mining techniques can be optimised, potentially enhancing project economics through increased available ore, reduced mining costs and faster extraction rates.
Ongoing optimisation of the main orebody has also identified new stopes, which could significantly increase ore reserves.
The results of this work, alongside the UNL optimisation pending geotechnical drilling, will be released upon completion and are expected to extend the Endeavor Mine’s life.
High-grade, high-margin
Executive chair Dave Sproule said: “Polymetals has continued its mine plan optimisation work since the release of its initial MRS in October last year.
“With the recent strategic investment by Metals Acquisition Ltd, the company is now funded to complete its final optimisation work program, being geotechnical drilling of the high-grade silver zinc Upper North Lode for mine planning optimisation purposes, as well as providing improved resources to reserves conversion.
“We are confident that the planned drilling might generate an uplift in the UNL Ore Reserves which are planned to be mined over the first two years of production.
“The high grade and high margin silver and zinc UNL is shallow and has existing mine development allowing immediate access for accelerated mining.
“Results from the drilling will be included along with the additional tonnes identified from within the main orebody in our optimised study.”