Polymetals Resources Ltd, the new owners of the Endeavor Mine, last week released their Mine Restart Study (MRS) with Polymetals’ executive chairman Dave Sproule saying they are “laser focused on recommencement of mining”.
Mr Sproule said the extensive MRS document demonstrates strong technical and robust financial returns which point to a profitable life ahead for the Endeavor silver-zinc-lead mine.
He said the MRS was the culmination of extensive work that has been completed to a high level of confidence that can support a positive investment decision.
The MRS outlines the updated Endeavor Mine ore reserve which has generated an initial 10-year profitable mine life with significant growth potential.
“Bringing silver back into the revenue stream via our reset of the historic 100 per cent silver streaming royalty has unlocked significant value at the Endeavor Mine,” Mr Sproule said in a recent ASX company announcement.
“I am buoyed by the growth potential inherent in the project, given the economic qualities of the mine outlined in the MRS, and the potential to expand the mineral resource of the project since the mine remains open to depth and there are many targets in the mining lease that remain untested.”
It’s anticipated that refurbishment and preproduction works will commence early next year with the first concentrate production targeted for the second half of 2024.
