Endeavor Drill Hits 67m at 517 g/t Silver Equivalent, Production on Track
Polymetals Resources is advancing steadily towards restarting production at its high-grade Endeavor silver-zinc mine, fully funded and on track for first output in the first half of 2025.
- US$20 million funding secured from Ocean Partners
- Mine refurbishment progressing rapidly with new equipment on site
- Senior management and supervisory teams recruited
- Positive drill results highlight high-grade silver potential
- Exploration strategy finalized with Phase 4 drilling underway
Funding and Operational Momentum
Polymetals Resources Ltd (ASX: POL) has taken a significant step forward in its ambition to revive the Endeavor silver-zinc mine, announcing full funding through a US$20 million pre-payment loan facility provided by Ocean Partners. This financial backing underpins the company’s redevelopment capital requirements, ensuring that refurbishment and operational ramp-up activities can proceed without delay.
The December quarter saw accelerated activity on site, with the arrival of the first underground mobile equipment, including larger 65-tonne trucks designed to enhance mining efficiency. The company has also successfully recruited a full complement of senior management and supervisory personnel, laying a strong foundation for operational excellence as production approaches.
Refurbishment and Exploration Advances
Refurbishment efforts have focused on re-establishing access to the high-grade silver Upper North Lode, a critical zone for the mine’s economics. Encouragingly, diamond drilling results from hole PGNL005 returned an impressive 67 metres at 517 grams per tonne silver equivalent, reinforcing the upside potential of this mineralized zone. Complementing this, a positive geotechnical study suggests that lower-cost mining methods could be applied, potentially improving project margins.
Polymetals has also finalized its exploration strategy, initiating Phase 4 drilling at the Carpark Prospect. This follows a comprehensive two-year effort to consolidate over 50 years of historical exploration data, reprocessing and reinterpreting geological, geophysical, and geochemical information to build a robust, modern exploration model. This data-driven approach positions Polymetals to systematically test a broad portfolio of copper, gold, and silver-lead-zinc targets across its extensive 1,107 square kilometre tenement area.
Looking Ahead
Executive Chairman David Sproule emphasized the company’s commitment to delivering on its milestones safely, on time, and on budget. With first concentrate production and cash flow still targeted for the first half of 2025, Polymetals is poised to transition from refurbishment to full-scale operations. The company’s strategy to integrate refurbishment personnel into operational roles also speaks to a sustainable workforce model that leverages existing site expertise.
Once production cash flow is established, Polymetals plans to accelerate exploration activities, potentially unlocking further value from its extensive mineral rights. The successful restart of Endeavor could mark a pivotal moment for the company, positioning it as a notable player in Australia’s silver and zinc sector.
Bottom Line?
Polymetals’ well-funded restart of Endeavor sets the stage for a potentially transformative production and exploration phase in 2025.
Questions in the middle?
- Will the planned H1 2025 production timeline hold amid refurbishment challenges?
- How will the new geotechnical findings influence mining costs and methods?
- What potential discoveries could Phase 4 drilling at Carpark unlock for Polymetals?
