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POLYMETALS RESOURCES LTD — Capital/Financing Update 2021
Aug 4, 2021
65598_rns_2021-08-04_31226bfe-5836-4051-b002-2aa5a36021ce.pdf
Capital/Financing Update
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05 August 2021
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ALAHINÉ PHASE 2 DRILLING COMPLETE
KEY HIGHLIGHTS
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Alahiné Phase 2 Drilling Program completed with 98 drill holes totalling 7,320m.
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No safety or environmental incidents.
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First sampling results anticipated mid-August.
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Second sample shipment delivered to the SGS laboratory in Bamako, Mali.
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Polymetals is well funded to accelerate exploration at Alahiné.
Polymetals Resources Ltd (ASX: POL , “ Polymetals ” or the “ Company ”) is pleased to announce it has successfully completed the Phase 2 drilling program at its 100% owned Alahiné Project located in Guinea’s Siguiri Basin.
Since commencement of the Phase 2 drilling on 29 June 2021 (refer to ASX release dated 30 June 2021 “Drilling commences at Alahiné” ), Polymetals has drilled a total of 7,320m comprising 94 Air Core ( AC ) holes for 6,840m and 4 Reverse Circulation ( RC ) holes for 480m.
The Phase 2 Drilling Program was initially planned to incorporate 5,100m of combined RC and AC drilling. Deeper than anticipated weathering has resulted in softer drilling conditions, as such significantly reducing the intended use of RC drilling in favour of the more cost effective and faster AC drilling. An additional 2,220m was completed based on geological interpretations and site geologist recommendations.
The 7,320m program was completed by Target Drilling, an Australian-based West African drilling contractor.
The first gold assay results are anticipated mid-August and the second sample shipment has been delivered to the SGS laboratory in Bamako, Mali. Receipt of analyses will enable Polymetals to process the results and plan next steps in its Siguiri Basin exploration strategy.
ASX: POL
Page 1 of 8 Polymetals Resources Ltd | ACN 644 736 247 Suite 6, Level 5, 189 Kent Street, Sydney NSW 2000 www.polymetals.com | [email protected]
ASX Announcement
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Polymetals Resources CEO, Alex Hanly said,
“We are very encouraged by what we have seen at Alahiné during the last month of drilling. The Polymetals team has successfully completed the extended 7,320m drilling program and we eagerly anticipate the receipt of the results from the targeted testing conducted of Phase 1 drilling best intercepts, the extensive gold anomalism defined through our soil sampling program and, the new priority targets identified on the ground. From analysis of the results, we will plan further exploration programs at this highly prospective project.”
The POL program at Alahiné North has tested the lateral and vertical extent of the Phase 1 Hole 14 gold-mineralised zone and surrounding shallow Siguiri-style oxide gold potential.
The program at Alahiné South continued testing surrounding shallow Siguiri-style oxide gold potential in addition to targeting areas of prolific artisanal small-scale mining activity.
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Figure 1: Final Alahiné Phase 2 drill collar (AH21ARC126)
Page 2 of 8 Polymetals Resources Ltd | ACN 644 736 247 Suite 6, Level 5, 189 Kent Street, Sydney NSW 2000 www.polymetals.com | [email protected]
ASX Announcement
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Figure 2: Phase 2 Program – Alahiné North grid image highlighting the 40 ppb Au-in-soil contour, Phase 1 and Phase 2 drilling programs.
Page 3 of 8 Polymetals Resources Ltd | ACN 644 736 247 Suite 6, Level 5, 189 Kent Street, Sydney NSW 2000 www.polymetals.com | [email protected]
ASX Announcement
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Figure 3: Phase 2 Program – Alahiné South grid image highlighting the 40 ppb Au-in-soil contour and Phase 2 drilling program.
Page 4 of 8 Polymetals Resources Ltd | ACN 644 736 247 Suite 6, Level 5, 189 Kent Street, Sydney NSW 2000 www.polymetals.com | [email protected]
ASX Announcement
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ABOUT POLYMETALS
Polymetals aims to become a gold production company, initially focusing on its two 100% owned exploration licences within Guinea’s Siguiri Basin, totalling 112km[2] .
The Siguiri Basin hosts several large active gold mining operations and is notable for its significant and widespread gold anomalism.
Polymetals’ Exploration Licences, known as Alahiné (64.2km[2] ) and Mansala (48.2km[2] ), host extensive historic and current artisanal gold production which reinforces exploration potential of the area.
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Figure 4: Proximal gold deposits relative to Polymetals Exploration Licences.
Page 5 of 8 Polymetals Resources Ltd | ACN 644 736 247 Suite 6, Level 5, 189 Kent Street, Sydney NSW 2000 www.polymetals.com | [email protected]
ASX Announcement
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This announcement was authorised for release by the Board of Polymetals Resources Ltd.
Contact information:
Alex Hanly Victoria Humphries Chief Executive Officer Media & Investor Relations [email protected] [email protected] +61 (0) 448 418 725 +61 (0) 431 151 676
For more information, visit www.polymetals.com.
Page 6 of 8 Polymetals Resources Ltd | ACN 644 736 247 Suite 6, Level 5, 189 Kent Street, Sydney NSW 2000 www.polymetals.com | [email protected]
ASX Announcement
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Table 1: Alahiné Project Phase 2 Drilling Program Summary
| Hole ID | Method (AC or RC) |
Northing (UTM) |
Easting (UTM) |
RL (m) |
Azimuth (degrees) |
Dip (degrees) |
Depth (m) |
|---|---|---|---|---|---|---|---|
| AH21ARC029 | RC | 1296150 | 508450 | 418 | 180 | -60 | 120 |
| AH21ARC030 | RC | 1296037 | 508400 | 419 | 360 | -55 | 120 |
| AH21ARC031 | AC | 1296349 | 508743 | 425 | 270 | -60 | 69 |
| AH21ARC032 | AC | 1296349 | 508694 | 422 | 270 | -60 | 81 |
| AH21ARC033 | AC | 1296348 | 508644 | 426 | 270 | -60 | 69 |
| AH21ARC034 | AC | 1295949 | 508863 | 406 | 270 | -60 | 39 |
| AH21ARC035 | AC | 1295948 | 508815 | 403 | 270 | -60 | 52 |
| AH21ARC036 | AC | 1295949 | 508764 | 407 | 270 | -60 | 48 |
| AH21ARC037 | AC | 1295950 | 508714 | 405 | 270 | -60 | 51 |
| AH21ARC038 | AC | 1295950 | 508666 | 411 | 270 | -60 | 53 |
| AH21ARC039 | AC | 1295951 | 508616 | 413 | 270 | -60 | 56 |
| AH21ARC040 | AC | 1295949 | 508564 | 410 | 270 | -60 | 31 |
| AH21ARC041 | AC | 1295949 | 508515 | 415 | 270 | -60 | 61 |
| AH21ARC042 | AC | 1295950 | 508465 | 418 | 270 | -60 | 52 |
| AH21ARC043 | AC | 1295956 | 508412 | 421 | 270 | -60 | 65 |
| AH21ARC044 | AC | 1295951 | 508364 | 420 | 270 | -60 | 45 |
| AH21ARC045 | AC | 1295951 | 508315 | 439 | 270 | -60 | 40 |
| AH21ARC046 | RC | 1296069 | 508455 | 408 | 360 | -60 | 120 |
| AH21ARC047 | AC | 1295950 | 508064 | 425 | 270 | -60 | 75 |
| AH21ARC048 | AC | 1295958 | 508113 | 425 | 270 | -60 | 63 |
| AH21ARC049 | AC | 1295950 | 508165 | 431 | 270 | -60 | 68 |
| AH21ARC050 | AC | 1295949 | 508211 | 425 | 270 | -60 | 69 |
| AH21ARC051 | AC | 1295946 | 508266 | 422 | 270 | -60 | 51 |
| AH21ARC052 | AC | 1295450 | 508124 | 422 | 270 | -60 | 105 |
| AH21ARC053 | AC | 1295452 | 508173 | 431 | 270 | -60 | 73 |
| AH21ARC054 | AC | 1295451 | 508216 | 425 | 270 | -60 | 93 |
| AH21ARC055 | AC | 1295452 | 508272 | 419 | 270 | -60 | 84 |
| AH21ARC056 | AC | 1295440 | 508324 | 420 | 270 | -60 | 69 |
| AH21ARC057 | AC | 1295450 | 508377 | 424 | 270 | -60 | 81 |
| AH21ARC058 | AC | 1295450 | 508424 | 419 | 270 | -60 | 75 |
| AH21ARC059 | AC | 1295450 | 508525 | 417 | 270 | -60 | 57 |
| AH21ARC060 | AC | 1295450 | 508573 | 413 | 270 | -60 | 55 |
| AH21ARC061 | AC | 1295452 | 508624 | 413 | 270 | -60 | 36 |
| AH21ARC062 | AC | 1295450 | 508672 | 404 | 270 | -60 | 39 |
| AH21ARC063 | AC | 1295450 | 508718 | 403 | 270 | -60 | 43 |
| AH21ARC064 | AC | 1295447 | 508456 | 419 | 270 | -60 | 63 |
| AH21ARC065 | AC | 1294951 | 508163 | 421 | 270 | -60 | 82 |
| AH21ARC066 | AC | 1294951 | 508214 | 422 | 270 | -60 | 98 |
| AH21ARC067 | AC | 1294952 | 508266 | 425 | 270 | -60 | 99 |
| AH21ARC068 | AC | 1294950 | 508313 | 414 | 270 | -60 | 88 |
| AH21ARC069 | AC | 1294949 | 508363 | 416 | 270 | -60 | 75 |
| AH21ARC070 | AC | 1264949 | 508412 | 418 | 270 | -60 | 62 |
| AH21ARC071 | AC | 1294950 | 508463 | 413 | 270 | -60 | 57 |
| AH21ARC072 | AC | 1294949 | 508513 | 416 | 270 | -60 | 67 |
| AH21ARC073 | AC | 1294951 | 508563 | 421 | 270 | -60 | 65 |
| AH21ARC074 | AC | 1294451 | 508054 | 399 | 270 | -60 | 105 |
| AH21ARC075 | AC | 1294449 | 508106 | 400 | 270 | -60 | 60 |
| AH21ARC076 | AC | 1294450 | 508155 | 405 | 270 | -60 | 105 |
| AH21ARC077 | AC | 1294450 | 508205 | 401 | 270 | -60 | 87 |
| AH21ARC078 | AC | 1294450 | 508253 | 399 | 270 | -60 | 50 |
| AH21ARC079 | AC | 1294450 | 508306 | 399 | 270 | -60 | 92 |
Page 7 of 8 Polymetals Resources Ltd | ACN 644 736 247 Suite 6, Level 5, 189 Kent Street, Sydney NSW 2000 www.polymetals.com | [email protected]
ASX Announcement
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| Hole ID | Method (AC or RC) |
Northing (UTM) |
Easting (UTM) |
RL (m) |
Azimuth (degrees) |
Dip (degrees) |
Depth (m) |
|---|---|---|---|---|---|---|---|
| AH21ARC080 | AC | 1294451 | 508356 | 401 | 270 | -60 | 52 |
| AH21ARC081 | AC | 1294451 | 508405 | 399 | 270 | -60 | 68 |
| AH21ARC082 | AC | 1294450 | 508453 | 398 | 270 | -60 | 85 |
| AH21ARC083 | AC | 1294450 | 507424 | 381 | 270 | -60 | 76 |
| AH21ARC084 | AC | 1294450 | 507473 | 388 | 270 | -60 | 81 |
| AH21ARC085 | AC | 1294451 | 507524 | 386 | 270 | -60 | 81 |
| AH21ARC086 | AC | 1294451 | 507573 | 394 | 270 | -60 | 117 |
| AH21ARC087 | AC | 1294451 | 507624 | 398 | 270 | -60 | 81 |
| AH21ARC088 | AC | 1294449 | 507676 | 393 | 270 | -60 | 81 |
| AH21ARC089 | AC | 1294450 | 507722 | 394 | 270 | -60 | 93 |
| AH21ARC090 | AC | 1294450 | 507763 | 388 | 270 | -60 | 87 |
| AH21ARC091 | AC | 1294451 | 507827 | 393 | 270 | -60 | 69 |
| AH21ARC092 | AC | 1294449 | 507875 | 405 | 270 | -60 | 87 |
| AH21ARC093 | AC | 1294449 | 507924 | 398 | 270 | -60 | 105 |
| AH21ARC094 | AC | 1294445 | 507961 | 407 | 270 | -60 | 93 |
| AH21ARC095 | AC | 1294447 | 507975 | 402 | 90 | -60 | 83 |
| AH21ARC096 | AC | 1293954 | 507480 | 371 | 270 | -60 | 60 |
| AH21ARC097 | AC | 1293950 | 507535 | 365 | 270 | -60 | 78 |
| AH21ARC098 | AC | 1293954 | 507585 | 375 | 270 | -60 | 87 |
| AH21ARC099 | AC | 1293951 | 507635 | 376 | 270 | -60 | 88 |
| AH21ARC100 | AC | 1293951 | 507682 | 371 | 270 | -60 | 104 |
| AH21ARC101 | AC | 1293950 | 507743 | 386 | 270 | -60 | 98 |
| AH21ARC102 | AC | 1293950 | 507783 | 376 | 270 | -60 | 97 |
| AH21ARC103 | AC | 1293949 | 507831 | 386 | 270 | -60 | 99 |
| AH21ARC104 | AC | 1293950 | 507884 | 380 | 270 | -60 | 99 |
| AH21ARC105 | AC | 1293950 | 507936 | 382 | 270 | -60 | 101 |
| AH21ARC106 | AC | 1293954 | 507334 | 365 | 270 | -60 | 64 |
| AH21ARC107 | AC | 1293951 | 507386 | 372 | 270 | -60 | 69 |
| AH21ARC108 | AC | 1293951 | 507436 | 357 | 270 | -60 | 87 |
| AH21ARC109 | AC | 1293951 | 507805 | 384 | 270 | -60 | 99 |
| AH21ARC110 | AC | 1291949 | 506945 | 395 | 270 | -60 | 105 |
| AH21ARC111 | AC | 1291950 | 506984 | 395 | 270 | -60 | 60 |
| AH21ARC112 | AC | 1291951 | 507030 | 395 | 270 | -60 | 60 |
| AH21ARC113 | AC | 1291954 | 507080 | 394 | 270 | -60 | 53 |
| AH21ARC114 | AC | 1291952 | 507124 | 401 | 270 | -60 | 63 |
| AH21ARC115 | AC | 1291699 | 506898 | 390 | 270 | -60 | 49 |
| AH21ARC116 | AC | 1291700 | 506952 | 391 | 270 | -60 | 60 |
| AH21ARC117 | AC | 1291701 | 506999 | 389 | 270 | -60 | 60 |
| AH21ARC118 | AC | 1291700 | 507051 | 387 | 270 | -60 | 58 |
| AH21ARC119 | AC | 1291699 | 507100 | 384 | 270 | -60 | 81 |
| AH21ARC120 | AC | 1291451 | 507033 | 377 | 270 | -60 | 105 |
| AH21ARC121 | AC | 1291450 | 507074 | 377 | 270 | -60 | 60 |
| AH21ARC122 | AC | 1291449 | 507130 | 364 | 270 | -60 | 60 |
| AH21ARC123 | AC | 1291449 | 507177 | 372 | 270 | -60 | 60 |
| AH21ARC124 | AC | 1291450 | 506979 | 376 | 270 | -60 | 69 |
| AH21ARC125 | AC | 1291458 | 506928 | 378 | 270 | -60 | 63 |
| AH21ARC126 | RC | 1291952 | 507098 | 395 | 270 | -60 | 123 |
Page 8 of 8 Polymetals Resources Ltd | ACN 644 736 247 Suite 6, Level 5, 189 Kent Street, Sydney NSW 2000 www.polymetals.com | [email protected]