Polymetals Resources Ltd (ASX: POL) announced on 24 June 2026 the confirmation of high-grade mineralisation in the Upper Main Lode at its Endeavor Mine in Cobar, New South Wales. Polymetals Resources Ltd is an Australian mining company focused on the exploration and development of its Endeavor Mine, which primarily targets silver, lead, and zinc deposits. The company reported encouraging results from an underground diamond drilling program, which strengthens the potential to significantly augment the mine’s inventory. This follows a comprehensive review of historical mine records and survey data, indicating that the area affected by a 1996 ground failure may be materially smaller than previously interpreted.
The initial phase of drilling comprised 12 underground diamond holes, totalling 713.6 metres, as part of an ongoing 34-hole campaign planned for approximately 3,100 metres. These early results have confirmed broad zones of high-grade silver-lead-zinc mineralisation remain intact within the Upper Main Lode, positioned adjacent to existing mine development. Significant assay highlights include intercepts such as 45.2 metres at 197 g/t silver, 8.9% zinc, and 11.0% lead (436 AgEq) in hole POL009, and 33.0 metres at 209 g/t silver, 9.9% zinc, and 8.1% lead (439 AgEq) in POL002. Another notable intersection was 33.0 metres at 205 g/t silver, 9.6% zinc, and 5.5% lead (408 AgEq) in POL010.
This drilling program is strategically designed to define both the continuity and scale of mineralisation within and around the reinterpreted collapse zone. The positive assays from this first batch of drilling indicate that high-grade mineralisation persists near the re-evaluated collapse boundaries and remains accessible from the existing underground infrastructure. Polymetals Resources believes these findings enhance the potential to convert this area into a valuable mining inventory, validating the company’s reinterpretation of the actual extent of the 1996 ground collapse at the Endeavor Mine.
