Australian Exploration – Precious & Base Metals
Cobar Basin, NSW Australia Exploration
Endeavor Project
The Endeavor Project covers an area of 1,107 km2 in the northern part of the Cobar Basin located in Central Western NSW. The Cobar Basin is a world class base and precious metal mining district. The Endeavor Lead-Zinc-Silver mine has been on care and maintenance since December 2019. Polymetals’ aim is to define significant additional resources through targeted exploration within the existing Mining Leases and Exploration Licenses.
Table 1: Mining Leases Tenement Schedule
| Tenement | Registered Holder | Expiry Date | Resource Type | Operation |
|---|---|---|---|---|
| ML158 | Cobar Operations Pty Ltd | 12/03/2028 | Minerals | Mining |
| ML159 | Cobar Operations Pty Ltd | 12/03/2028 | Minerals | Mining |
| ML160 | Cobar Operations Pty Ltd | 12/03/2028 | Minerals | Mining |
| ML161 | Cobar Operations Pty Ltd | 12/03/2028 | Minerals | Mining |
| ML930 | Cobar Operations Pty Ltd | 20/05/2028 | Minerals | Mining |
Table 2: Exploration Licenses Tenement Schedule
| Tenement | Registered Holder | Expiry Date | Expiry Date | Area |
|---|---|---|---|---|
| EL 5785 | EL5785 | 5/10/2027 | 5 October 2027 | 781 km2 |
| EL 8762 | EL8762 | 27/06/2024 | 27 June 2024 | 30 km2 |
| EL 8583 | EL8583 | 2/06/2023 | 2 June 2023 | 296 km2 |
Simplified Geology and Mineral Deposits of the Cobar Basin
In Mine and Near Mine Exploration
Project Geology
The Elura Deposit (Endeavor Mine) is close to the northwest boundary of the Cobar Basin, one of several intra-continental basins in the central part of the Lachlan Fold Belt. In the northern part of the basin (Cobar Trough) sedimentation progressively advanced from basal conglomerates through sandstone and siltstone into deep water turbidite sequences. In the vicinity of the Elura deposit the stratigraphy passes from limestone, mudstone and sandstones, through to the CSA Siltstone.
Polymetals initially plans to:
- Data review and modeling
- Conduct surface Reverse Circulation Drilling, Diamond Drilling and underground Diamond Drilling at the Endeavor Mine aiming to test the extent and grade of known resources, especially those near surface resources (North Lode) that might have open cut potential.
- Testing the grade and extent of the known gold associated with the resources which have not been assessed to any reasonable degree.
Polymetals have also identified the potential for supergene enriched deposits, which, although usually small in tonnes, have potential for bonanza grades. Combined with their knowledge of mining and treating of this style of deposit, the Endeavour tenements hold considerable potential for the discovery of new deposits.
Regional Exploration
Six advanced prospects and eight anomalous areas have been identified. These prospects include gold and copper targets as well as lead-zinc-silver targets. Other targets are likely to arise from further analysis of the extensive exploration database stretching over some 50 years.
Six existing advanced prospects include the Kiri Copper-Zinc Prospect, Furneys Tank Lead-Zinc-Gold Prospect, Waynes Find Copper-Gold Prospect, CNW5a Gold Prospect, Boundary Tank Copper-Gold Prospect and No. 4 Tank Gold-Copper-Lead-Zinc Prospect.
Anomalous areas considered worthy of follow-up, north of the Endeavor Mine, include the Burri West Magnetic anomaly, NE Shed area and Knights Tank South area and south of the Endeavor Mine, an Auger Lead Anomaly, Rock Chip 1 gold sample, gold in magnetic LAG sampling and a stream sediment gold anomaly BLEG 3. The prospect locations are shown below.
Showing Endeavor Exploration Licenses and Regional Exploration Prospects