Peel Mining Confirms Large-Scale Mineral System at Wagga Tank

THE DRILL SERGEANT: Peel Mining (ASX: PEX) released further drill results from the company’s 100 per cent-owned Wagga Tank/Southern Nights project, south of Cobar in western New South Wales.

Peel Mining said the results continue to confirm its view that it has discovered a large or ‘camp-scale’ base metal-rich mineral system comprising multiple high-grade deposits clustered close to one another.

The drilling was carried out before and after the Christmas/New Year break and Peel considers them to emphasise the extensive and high-grade nature of zinc-lead-silver-gold mineralisation present at the Southern Nights prospect.

Other drilling included a first-pass program on the The Bird/Fenceline prospect, the results from which indicate potential to add further high-grade mineralisation to the Wagga Tank/Southern Nights project.

Previous and latest high-grade zinc-lead-silver-gold intercepts from Southern Nights, returned:

12m at 16.11 per cent zinc, 5.41 per cent lead, 151 grams per tonne silver, 0.44g/t gold from 215m;

15m at 4.81 per cent zinc, 2.31 per cent lead, 0.61 per cent copper, 66g/t silver, 0.59g/t gold from 234m and 18m at 4.41 per cent zinc, 1.57 per cent lead, 19g/t silver, 0.12g/t gold from 274m;

9.2m at 7.18 per cent zinc, 1.98 per cent lead, 0.48 per cent copper, 34g/t silver, 0.64g/t gold from 263m;

6m at 5.01 per cent zinc, 1.91 per cent lead, 435g/t silver, 2.46g/t gold from 195m; and

22m at 4.71 per cent zinc, 1.93 per cent lead, 80g/t silver, 0.12g/t gold from 178m.

The recent drilling confirmed the Bird/Fenceline prospect as an additional high-priority target with high-grade lead-silver-gold intercepts returned.

Better assays include:

24m at 12.55 per cent lead, 0.2 per cent zinc, 68g/t silver, 2.49g/t gold from 118m, including 13m at 21.49 per cent lead, 0.27 per cent zinc, 120g/t silver, 4.36g/t gold from 119m;

6m at 11.69 per cent lead, 0.4 per cent zinc, 39g/t silver, 1.38g/t gold from 91m, including 3m at 20.95 per cent lead, 0.61 per cent zinc, 66g/t silver, 2.08g/t gold from 92m; and

2m at 7.48 per cent zinc, 4.49 per cent lead, 36g/t silver, 0.21g/t gold from 137m.

“RC and diamond drilling at the Wagga Tank/Southern Nights project is ongoing, with a focus on processing and sampling drilling material that is currently at hand,” Peel Mining said in its ASX announcement.

“Follow-up drilling at Fenceline/The Bird is also planned.

“Drilling will be designed to continue to test for strike and dip extensions; and to test other targets in the general Wagga Tank area.

“Additional surface geophysical surveys are also planned to assist with targeting.

“First-pass metallurgical testwork is underway with follow-up work expected to commence during the next quarter.”