Polymetals is driving steady progress at its Endeavor silver-zinc mine near Cobar, achieving another lift in production and grade performance in August.
The mine delivered 6310 wet metric tonnes (wmt) of silver-lead and zinc concentrates last month, with grades and recoveries above forecast.
Mill throughput is expected to rise to 50,000 tonnes in September as ramp-up continues.
“August marked another month of solid progress at Endeavor, with ramp-up of milling delivering 6310 wet metric tonnes (wmt) of quality silver-lead and zinc concentrates,” Polymetals executive chair Dave Sproule said.
“We remain very encouraged that cashflow from forward sales continues to meet operating costs at this early stage of start-up, including a debt payment of $US2.5 million.”
Logistics are advancing, with the first 11,000wmt zinc shipment scheduled to leave Adelaide in October for the Onsan smelter in South Korea, followed by a silver-lead shipment in November.
Access has been established to the high-grade Upper North Lode (UNL), with initial ore stockpiled and metallurgical test work underway to maximise recoveries.
“Metallurgical test work in the newly upgraded site laboratory is in progress, with the objective of defining optimal processing parameters to maximise recoveries as this valuable UNL ore is progressively delivered to the mill,” Sproule said.
Exploration is also stepping up, including drilling at the Carpark prospect, a NSW Government-funded seismic survey, and regional sampling.
In parallel, the company’s Endeavor 20 project is investigating recovery options from 25 million tonnes of tailings, with potential to extend mine life by 20 years.
Polymetals reported $18 million in cash at bank and further repayments on its $US10 million debt facility. The company will also be added to the ASX All Ordinaries Index on September 22.
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