"Optimising resource value"
Polymetals Resources Ltd is an Australian mining and exploration company, incorporated on 30 September 2020, for the purpose of acquiring and then proceeding to explore and develop gold projects in Guinea, West Africa. Polymetals is headquartered in Sydney, Australia.
The Board and Management of Polymetals have a long history of gold exploration, project development, mining and production coupled with deep business experience.
Polymetals has recently acquired 100% of Golden Guinea Resources SARL (GGR) which owns two exploration licences within the Siguiri Basin in North-East Guinea, West Africa. The basin hosts a number of large operating gold mines and remains substantially underexplored from an Australian standpoint. This represents a significant opportunity for exploration companies willing to explore in the region.
Regional West African Gold Deposits
Potential value enhancement for shareholders and growth of the Company is based on careful planning and cost efficiency in all Company activities coupled with responsible decision making by Board and Management.
Polymetals recognises the pitfalls associated with the rolling capital raise / dilutionary equity model most often used by ASX explorers. With a long history of production experience, the Board will be actively encouraging the operations team to seek out cashflow opportunities as a means of offsetting shareholder dilution.
The principal business model is to explore The Company’s mineral licences efficiently aiming to delineate significant and economic gold reserves which can support the development and operation of a large and long-life gold mine. Continued focus will be directed to expanding The Company’s ground position within the Siguiri basin.
The two licences are known as Alahiné (64km2) and Mansala (48km2) which both host prolific historic and current artisanal gold mining activity. Based on disturbed area and likely mined grade, it is possible that some 250,000 ounces of gold might have been mined from the Alahiné licence in recent years. Artisans seek out coarse gold situated immediately below the surface laterite capping and at various levels within the underlying intensely weathered bedrock. All artisanal mining is limited to the depth of the standing water level which is approximately 15m below surface.
The opportunity to advance the good work completed by GGR to the possible delineation of a significant gold resource/s within the Alahiné and Mansala exploration licences is viewed by the Board as a compelling opportunity for shareholders.