Polymetals Resources has confirmed that substantial high-grade mineralisation remains intact near a previously assumed collapse zone at the Endeavor Mine, with initial drilling results exceeding expectations.
- Reinterpretation suggests smaller collapse zone at Endeavor
- First 12 drill holes confirm broad high-grade silver-lead-zinc zones
- Best intercepts include 45.2m at 436g/t silver equivalent
- Drilling aims to expand mining inventory near existing infrastructure
- Ongoing 34-hole program to define mineralisation continuity
Smaller Collapse Zone Opens New Mining Potential
Polymetals Resources Ltd (ASX:POL) has challenged a long-held assumption about the extent of a ground failure at its Endeavor Mine in New South Wales. Historical records and recent underground inspections suggest the 1996 collapse zone is materially smaller than previously thought, unlocking access to substantial volumes of high-grade silver-lead-zinc mineralisation that were once considered lost.
Strong Early Drilling Results Bolster Confidence
The first 12 holes of a planned 34-hole underground diamond drilling campaign have delivered broad zones of mineralisation adjacent to the interpreted collapse boundaries. Highlights include a 45.2-metre intercept grading 436g/t silver equivalent (197g/t silver, 8.9% zinc, 11% lead, 0.18% copper) and multiple other intercepts exceeding 400g/t silver equivalent over significant widths. These results indicate the upper Main Lode remains largely intact and accessible from existing mine development.
Strategic Location Amplifies Value of Findings
Executive Director Jess Oram emphasised the significance of the mineralisation’s proximity to current infrastructure and the high-grade Upper North Lode. “Substantial volumes of high-grade silver-lead-zinc remain intact adjacent to the collapse boundaries,” Oram said. “This mineralisation occurs within an established mining environment, enhancing the potential for a meaningful addition to Endeavor’s future mining inventory.”
Ongoing Program to Define Scale and Continuity
The drilling campaign, spanning approximately 3,100 metres, aims to delineate the continuity and scale of mineralisation within and around the reinterpreted collapse zone. The program’s results will inform geological confidence and support evaluation of potential future mining opportunities in the Upper Main Lode area. Gold assays are awaited and not yet included in silver equivalent calculations.
Endeavor’s Position in a Competitive Polymetallic Landscape
Polymetals’ flagship Endeavor Mine sits in the prolific Cobar Basin, known for polymetallic silver, lead, and zinc deposits. Recent operational milestones, including the commencement of high-grade Upper North Lode mining and direct shipping ore trials, have positioned the company for growth. These new drilling results could further underpin that trajectory by expanding mineable resources near existing workings, potentially reducing development costs and accelerating production ramp-up.
Bottom Line?
Polymetals’ reinterpretation of the collapse zone and encouraging drill results could reshape Endeavor’s mining inventory, but full assay results and ongoing drilling will be critical to confirm the extent and economic impact.
Questions in the middle?
- Will the remaining 22 drill holes confirm the continuity of high-grade mineralisation throughout the collapse zone?
- How might the pending gold assay results influence the silver equivalent grades and project economics?
- Could this reinterpretation lead to a revision of Endeavor’s mine plan or resource estimates in the near term?