Peel Mining confirms copper-polymetallic mineralisation at Mundoe

THE DRILL SERGEANT: Peel Mining (ASX: PEX) has received the results from RC drilling it recently conducted at the Mundoe copper-polymetallic prospect.

Mundoe is part of the company’s 100 per cent-owned Cobar Superbasin project and is located about 90 kilometres west of Condoblin in New South Wales, about 50 kilometres south of Peel’s Mallee Bull project.

Peel said the drilling had returned encouraging results confirming Mundoe to be a valid copper-polymetallic target.

Results were returned over a 600 metre strike and include:

–    19 metres at 0.3 grams per tonne gold from 88 metres, 24 metres at 15 grams per tonne silver, 0.29 per cent copper from 124 metres,  including 5 metres at 42 grams per tonne silver and 0.68 per cent copper from 140m;

–    13m 28g/t silver, 0.76 per cent copper from 106m, including 6m at  42g/t silver and 1.24 per cent copper from 112m;

–    19m at 0.33g/t gold from 8m, including 5m at 0.86g/t gold from 22m, 23m at 25g/t silver and 0.4 per cent copper from 129m, including 3m at 180g/t silver and 2.07 per cent copper from 129m; and

–    23m at 15g/t silver and 0.31 per cent copper from 153m, including 8m at 19g/t silver and 0.57 per cent copper from 163m.

 

Source: Company announcement

“The Mundoe prospect is currently defined by an open two kilometre-long multi-element geochemical anomaly, coincident geophysical anomalies, and encouraging historic drill results,” Peel Mining said in its ASX announcement.

“Results received from this round of drilling indicate that the sediment-hosted mineralisation is most likely easterly dipping meaning that downhole widths are close to true widths.

“Further drilling is required to confirm the geometry and true width of mineralisation.

“Peel is highly encouraged by the results to date and further work is planned for first half 2013.”