Polymetals Mining Limited - Exploration Update
POLYMETALS MINING LIMITED - EXPLORATION UPDATE: PROGRESS IS ACCORDING TO PLAN
Canbelego, NSW
- Mt Boppy Mine: mineralisation has been delineated; infill drilling program underway
- Near-mine prospects: drilling underway; 13 holes drilled for 3,965m
- Airbourne magnetic and radiometric survey has identified parallel structures to Mt Boppy
- Aim to provide sound basis for a decision to develop the project
Drew Hill, SA
- White Dam North: 97 holes drilled totalling 4,004m
- White Dam East: 68 holes drilled totalling 2,720m
- Final results due in September Qtr
- Aim to extend the life of mine
Boorana,WA
- Drilling program planned for December Qtr 2011
- Aim to upgrade and extend the Resource
Polymetals' exploration strategy is to increase and advance its known mineral resources inventory in order to extend the Company's existing operations and bring its development projects into profitable production.
Polymetals indicated during the lead up to the successful public listing of the Company that it would provide a detailed exploration update. This update for the period ending 30 June 2011 honours that commitment.
Exploration programs underway and planned are fully funded.
The company has undertaken a review of its Mineral Resources at 30 June 2011. A revised Mineral Resource inventory is shown on the last page of the attached report. The Company's Independent Geologist, Optiro Pty Ltd, has recommended that the Measured Resources at Boorara (301,000 tonnes and 11,700 contained ounces of gold) be reclassified as indicated. No change to the total Resources at Boorara has occurred.
For further information please refer to the attached Polymetals Announcement.