Polymetals holds several mining and exploration tenements including the 'Boorara Mining Centre', which had considerable historical mining in the early 20th century. The historical workings have produced an estimated 31,400 ounces gold, the majority of this prior to 1916.

Four main areas at the Boorara Mining Centre contain significant gold mineralisation; namely the Southern and Northern Stockwork zones, Crown Jewel and Cataract-Digger Dam, and all have been drill-tested by Polymetals in the past years.

A Mineral Resource was estimated in 2006 with a total of 1.3 Mt at an average grade of 1.3 g/t gold for 54,000 ounces in an Indicated Resource categories and 0.6 Mt at an average grade of 1.5 g/t gold for 30,000 ounces in the Inferred Resource category.

There is good potential to expand the current Mineral Resource estimate. There is also some potential for depth extensions to the known deposits as much of the current drilling is relatively shallow.

Other gold anomalies include Chapple and Golden Ridge North, which are located to the south of the Southern Stockwork Zone. These two prospects are at an early stage of exploration and require further work. Limited drilling is planned at Boorara by Polymetals in 2011.

The Boorara area is not only prospective for gold, but also for base metals and silver mineralisation. The closed Nimbus Silver Mine is located outside Polymetals’ tenements and immediately east of the Boorara Mining Centre. In 2004, Polymetals produced silver from two open cut mines at Nimbus, now owned by the Kalgoorlie Ore Treatment Company.

There are numerous other base metal and silver prospects in the Boorara Project area; namely Gretel, Condor, Brindabella, Tramways, Shamrock and Sovereign. Previous drill-testing, particularly at Shamrock and Sovereign, resulted in a number of low-grade base metal and gold intersections.