Polymetals Resources has been hard at work since it officially acquired the out-of-action Endeavor silver–zinc–lead mine near Cobar in New South Wales this month.
The company completed a 21-hole due diligence surface drilling program of the upper north lode (UNL) prior to securing the mine, which showed promising mineralisation in all drillholes.
Polymetals has now locked in a geotechnical drilling campaign set to commence in June and is closing in on a mine plan optimisation study.
“Polymetals has continued its mine plan optimisation work since the release of its initial mine restart study (MRS) in October last year,” Polymetals executive chair Dave Sproule said.
“With the recent strategic investment by Metals Acquisition Limited (MAC), the company is now funded to complete its final optimisation work program, being geotechnical drilling of the high-grade silver zinc UNL for mine planning optimisation purposes, as well as providing improved resources to reserves conversion.”
Polymetals announced it has formed a non-exclusive strategic alliance with Metals Acquisition Limited on May 27.
The aim of the alliance is to advance the Endeavor mine and MAC’s CSA copper mine, also located in the Cobar Basin.
“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,” Sproule said.
“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.”
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