Polymetals progresses mine plan optimisation with geotechnical drilling

Polymetals Resources Ltd (ASX: $POL) continues to advance its mine plan optimisation for the Endeavor mine with a geotechnical drilling program of the near surface high-grade Upper North Lode (UNL) resources. The drilling aims to support the optimisation of the mining method to convert further resources to reserves.

Executive Commentary on Mine Plan Optimisation

Polymetals Executive Chairman Dave Sproule stated, 'With the recent strategic investment by Metals Acquisition Limited, the Company is now funded to complete its final optimisation work program, being geotechnical drilling of the high-grade silver zinc Upper North Lode for mine planning optimisation purposes, as well as providing improved resources to reserves conversion. We are confident that the planned drilling might generate an uplift in the UNL Ore Reserves which are planned to be mined over the first 2-years of production.'

Summary of Mine Plan Optimisation Progress

Polymetals Resources Ltd (ASX: $POL) is making significant progress in the optimisation of the Endeavor mine plan through geotechnical drilling of the near surface high-grade Upper North Lode (UNL) resources. The company anticipates that the geotechnical investigations may enhance the UNL Ore Reserve, leading to improved project economics. The ongoing work on the Main Orebody also aims to increase Ore Reserves, potentially extending the Endeavor Mine life. With a strategic investment in place, Polymetals is confident in the positive outcomes expected from the planned drilling and the subsequent optimised study, which is set to be released in Q3 CY24.