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AFRIcA DoWn UnDeR PReVIeW

polymetals maintains

listing momentum

old explorer Polymetals Resources
GLtd hit the ground running almost im-
mediately upon joining the ASX at the end
of June, moving straight into a Phase 2 drill
programme at its Alahiné project in Guinea
within hours of ringing the bell following its
$5.2 million IPO.
“We listed Tuesday and started drilling
the same night essentially,” Polymetals
chief executive Alexander Hanly told Pay-
dirt.
“The first point of call is what we call
Hole 14 which was our best intercept [12m
@ 3.09 g/t gold from 89m downhole] in the
Phase 1 RC programme.”
The second phase of drilling, under the
guidance of Australian contractor Target
Drilling, will see 112 holes of aircore and
RC drilling across 1,500m.
Alahiné’s previous results and its prom-
ising mineralogy similar to nearby projects
held by the likes of AngloGold Ashanti Ltd,
Golden Rim Resources Ltd and Predictive
Discovery Ltd has Hanly excited.
Polymetals holds two projects in Guinea with similar geology to the established
Siguiri gold mine
made Siguiri so successful. Hanly believes the opportunity to feed
“What [AngloGold has] is shallow gold AngloGold’s “hungry mill” near Alahiné
mineral oxide, so essentially that’s what would be a dream match. Nothing is set in
we’re looking for in the balance of our hold- stone, but he is keen to explore all options
ing and Hole 14.” when he visits site later this year.
Polymetals was planning to have soil “I’ll be over there at the end of the month
samples delivered to a lab by the time of to talk to Bah and potentially strike up
print with first results to follow within three some conversations with our neighbours,”
weeks of that. he said.
“We’ll be getting news flow in the next Looking back on the IPO process in
five weeks and the whole drilling pro- what he described as a “fairly frothy”
Alexander Hanly gramme should be wrapped up or near market, Hanly was pleased with the com-
completion by early August,” Hanly said. pany’s achievements, especially with the
“We’re taking the blueprint from the Si- How Hanly, an engineer by trade, fell calibre of investors which have joined the
guiri gold mine owned by AngloGold and into the Polymetals saga and became Polymetals register.
they sit 37km west of our tenement,” he surrounded by geologists and mining “I think we have a clean capital structure
said. “I said to the board we’re spoiled for veterans came down to a chance coffee and a tight shareholder group,” he said.
choice in regard to targets.” meeting with non-executive chair and ma- “There was always one question asked
Alahiné complements the company’s jor shareholder David Sproule through a at our roadshows [during the IPO] that was
other project, Mansala, both of which are mutual friend. ‘is there any options?’ There are no op-
held in full ownership. “We had a coffee and he said: ‘I could tions there, no funny business going on.
Ground work conducted by Polymetals probably use you for something’,” Hanly “We’ve got two hot projects in Siguiri.
shows 20% of Alahiné is covered by 40 recounted. There’s no half chances, we’re fully fo-
ppb gold anomalies. “[Sproule has] been shepherding the cused on Siguiri and you can see that with
“That type of anomaly is unheard of in management and the technical for this where we’re spending the money at the
Australia, but fairly common place in Si- project with [country manager] Aguibou moment.”
guiri,” Hanly explained. Bah in Guinea since its inception in 2017. – Fraser Palamara
“This is the type of geology that has Dave is a very successful mine builder.”

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