Polymetals (ASX:POL) on the Endeavour
Polymetals Resources has its Restart Study on Endeavour fully underway after seeing a compelling business case to restart a historically productive zinc-silver-lead mine in the Cobar Basin of New South Wales.
A site visit formally settled the planning and commencement of the restart after a reset of the mine’s Silver Streaming Royalty, drilling of the Upper Main lodes and an internal scoping study spurred on an acquisition of a site which mined and processed a total of 32.2 million tonnes of ore grading 8.01% Zinc, 5.04% Lead and 89.2g/t Silver.
New drilling has already swollen the near surface silver resource of the upper main lodes by nearly a half to 8.9Moz, providing a near-term cash flow opportunity for the restart.
And the planned operations are expected to go for over a decade across a number of existing mine areas, unmined stopes, and newly economic remnant mineralisation as the company continue to explore for new resources.
Polymetals Resources Executive Chairman Dave Sproule said the company now stood fully resourced, with a technical team and board providing the best opportunity to bring Endeavour back online.
“Given Endeavor’s 38 years of operational history, our familiarity of the Cobar Basin and long-term relationships within the region, I am very confident that we will achieve a positive result from the Mine Restart Study now well underway,” Mr Sproule said.
A big addition to the company is a new Site Representative for the restart, with production-focused David Pelchen on board with lengthy experience of management and supervision of underground mines at his back – including a five-year stint at Endeavour during the 1980’s.
Next steps
Near term exploration at the site includes gold and copper occurrences noted within an assay data set covering over 400,000 metres of historic drilling, with metallurgy on the high value silver and gold of the Upper Main Lodes expected to be the final item before the study is finalised.
Endeavor Mine Headframe and conveyor system
$0.755
POLYMETALS FPO [POL]