...the new silver kid on the block. POLYMETAL RESOURCES...

...the new silver kid on the block.

POLYMETAL RESOURCES (ASXOL)

Aspiring silver-base metals miner POL drilled into 71m at 11.02% zinc equivalent at the mothballed Endeavour operation in NSW, bolstering its mine restart strategy.
The drill intercept at the shallow, unmined South Lode includes a super high grade 8m chunk @ 0.89g/t gold, 914g/t silver, 8.9% zinc, 5.3% lead and 0.16% copper from 154m (29.2% ZnEq).
(Zinc is used for equivalent calculations as it is the dominant metal at Endeavor, says POL, which works out the eq calcs using current spot metal prices and predicted recoveries.)
You can see how shallow South Lode is here:
https://unauthorised investment advice/wp-content/uploads/2023/04/Picture-3-1.jpg
POL says it wasn’t mined previously due to a 1996 cave in, which displaced the remaining resources.
“It is most encouraging to know that part of the near surface South Lode remains in situ at Endeavor,” POL boss Dave Sproule says.
“We will plan to further test the zone to quantify metal endowment over the coming months.”
The elevated silver grades and contained gold within the unmined North Lode and remaining South Lode also has potential to generate significant value upside, Sproule says.
“Following receipt of all assays from the Phase 1 RC drilling program, metallurgical testwork will be expedited to confirm metal recoveries, additional South Lode drilling will be undertaken, a new resource estimate will be completed, and mining reserves determined for both the North and South Lodes.”
North Lode will underpin a restart strategy for the iconic mine, POL says, which was mothballed by previous owner Toho Zinc in 2019 due to depleting reserves after ~37 years of operation.
32.2Mt of ore grading 8.01% zinc, 5.04% lead and 89.2g/t silver had been mined and processed to that point, with a 16.3Mt resource remaining when POL bought the project for ~$10.4m in shares (52m shares priced at 20c).
$18m capped POL – which listed on the ASX mid 2021 to hunt gold deposits in the West African nation of Guinea — is now up 55% year-to-date.
It had $1.9m in the bank at the end of December.