Generating value for shareholders through exploration success and production.
Polymetals Resources Ltd (Polymetals) listed on the ASX in June 2021 as a gold explorer within Guinea’s Siguiri Basin.
On the 28th of March 2023, Polymetals announced the acquisition of the Endeavor Project. The Endeavor Project is situated in the Cobar structural zone and is located approximately 30km north of the CSA Copper Mine and 40km north-west of Cobar in central-NSW. The Endeavor Project is one of three significant mines in the district.
Endeavor was first discovered in 1974 with mining and processing operations commencing in 1982. A total of 32.2 million tonnes of ore grading 8.01% Zinc, 5.04% Lead and 89.2g/t Silver had been mined and processed to December 2019 when the project was placed on Care and Maintenance (C&M) by the current owner, CBH Resources Ltd. (CBH), a subsidiary of Toho Zinc Co. Ltd.
Portfolio of Significant Endeavor Project Assets include:
- Tenements: 5 Mining Leases, 3 Exploration licences (1,100km2) and Western Lands Pastoral Lease (2,549ha).
- Fully equipped and operationally ready underground mine: 10km decline from surface, 380m deep shaft & headframe, underground crusher, ancillary equipment and extensive mine development.
- 1.2Mtpa mineral processing plant including two-stage crushing, 5MW grinding capacity, lead – zinc flotation, thickeners, chemical mixing, concentrate filtration, storage and rail load out facilities.
- Sealed bitumen access road, freight rail line, grid and back-up power and a secure water supply.
- Offices, workshops, laboratory, inventory of stores, critical parts, and spares.
- Light vehicles, heavy machinery, and mobile equipment.
- 42 houses, 4 blocks of units and 6 vacant allotments in Cobar.
- Statutory operational approvals which also includes increased tailings storage capacity.
Location Map, regional Geology, Mines and Deposits within the Cobar Basin
The Siguiri Basin occupies the north-eastern corner of Guinea and hosts several large active gold mining operations and is notable for its widespread gold anomalism.
Polymetals’ Exploration Licences, known as Alahiné (64.2km2) and Mansala (48.2km2), host extensive historic and current artisanal gold production which reinforces the exploration potential of the area.
The artisanal gold mining operations focussed on gold situated immediately below the surface laterite capping and at various levels within the underlying intensely weathered bedrock, limited to ~15m below surface.
Polymetals has conducted soil geochemistry (peak soil assay of 13.2g/t Au), regolith mapping and Phase 1 RC drilling over Area A (2,406m) at Alahiné. In addition, Polymetals generated significant gold intercepts in assays from its Phase 2 drilling program, which comprised 98 drill holes consisting of 94 Air Core (AC) and 4 Reverse Circulation (RC) for a total of 7,320m.
In February 2022, Polymetals completed an 8,619m auger drilling campaign at Alahiné focussed on testing mineralised saprolite beneath areas that display >100ppb gold in soil anomalies.
At Mansala, Polymetals completed Phase 1 soil sampling in 2020, returning a peak soil assay of 93.9g/t Au in addition to significant pathfinder anomalism evident from the multi-element analysis completed.
In April 2022, Polymetals completed a 6,123m auger drilling campaign at Mansala focussed on testing mineralised saprolite beneath areas that display >100ppb gold in soil anomalies. The objective of the auger program was to test gold in soil anomalies supported by coincident pathfinder elements (As, Ag, Bi, Mo, Sb, W and Te).