Peel Mining claims new Cobar copper discovery

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THE DRILL SERGEANT: Peel Mining (ASX: PEX) has claimed a copper discovery at the Wirlong prospect – located within the company’s Cobar Superbasin project (Peel Mining Ltd 100%; Japan Oil, Gas, and Metals National Corporation (JOGMEC) earning up to 50%) in central New South Wales.

The company said recent drilling at Wirlong, funded by JOGMEC, had intersected multiple mineralised intervals, subsequently confirming a new and potentially important high-grade copper discovery.

Drilling results included:

WLDD001
9 metres at 8 per cent copper, 17 grams per tonne silver, 0.21g/t gold from 616m, including 2.82m at 21.85 per cent copper, 46g/t silver, 0.62g/t gold from 619.68m;

38m at 1.18 per cent copper, 4g/t silver from 450m;

6m at 1.23 per cent copper, 5g/t silver from 430m; and

4m at 1.14 per cent copper, 3g/t silver from 643m.

WLRCDD015
4.9m at 4.3 per cent copper, 13g/t silver from 402.1m, including 0.9m at 19.5 per cent copper, 58g/t silver from 402.1m;

22m at 1 per cent copper, 4g/t silver from 332m;

3m at 2.1 per cent copper, 6g/t silver from 451m; and

2m at 1.8 per cent copper, 13g/t silver, 1.63 per cent zinc from 524m.

“Extensional drilling of WLDD001 is now underway,” Peel Mining said in its ASX announcement.

“Upon completion, the drill rig will be mobilised to a location further south, where a deep drillhole is planned to test beneath the centre of the large Wirlong multi-element geochemical anomaly.

“Additional geophysical surveying is also planned.”

Peel also reported results from drilling carried out at Mallee Bull prior to the end of 2015, as part of investigations to test for new mineralisation.

Latest results from Mallee Bull include:

MBRCDD051
5m at 2.1 per cent copper, 59g/t silver, 0.72g/t gold from 385m;

4m at 1.18 per cent copper, 23g/t silver, 0.12g/t gold from 398m;

4m at 1.87 per cent copper, 18g/t silver, 0.09g/t gold from 463m; and

4m at 2.64 per cent copper, 34g/t silver, 0.77g/t gold from 483m.

MBDD026/026W1
2m at 2.33 per cent copper, 46g/t silver, 0.62g/t gold from 422m.

MBRC052
4m at 1.52 per cent copper, 111g/t silver, 0.21g/t gold, 2.52 per cent lead, 4.2 per cent zinc from 197m.

Peel said it has been encouraged by these latest mineralised intervals, which it considers likely to indicate greater strike continuity of copper mineralisation than it previously assumed.

The company is now planning follow-up work to continue to advance the project.

Email: info@peelmining.com.au

Website: www.peelmining.com.au