Polymetals Resources Says Development Towards New South Wales Project's Upper Main Lode Begins, Shares Reach One-Year Low

MT Newswires Live13:16

Polymetals Resources (ASX:POL) said development towards the high-grade upper main lode at its Endeavor silver-zinc mine in New South Wales is now underway, with first upper main lode ore expected during the December quarter, according to a Tuesday Australian bourse filing.

The firm's September quarter production was below plan, with 68,334 tonnes of ore processed, and 230,256 ounces of silver produced, generating sales revenue of AU$36.8 million. A total of 17,622 tonnes of ore were processed in the first 11 days of October, recovering 60,762 ounces of silver, 540 tonnes of zinc and 338 tonnes of lead.

The December quarter production is planned to be 105,000 tonnes to 115,000 tonnes of ore processed, and more than 350,000 ounces of silver recovered.

Its shares fell past 24% in recent trading on Tuesday, reaching the lowest point in over a year.

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