Peel Mining Continues High-Grade Hits at Southern Nights

THE DRILL SERGEANT: Peel Mining (ASX: PEX) reported Resource definition drilling results from the company’s 100 per cent- owned Wagga Tank project, south of Cobar in western New South Wales.

Peel Mining said the Resource definition drilling has now been completed, on schedule and on budget, with work on the maiden mineral resource estimate underway and due for completion in June.

The company believes the Wagga Tank project, including Southern Nights, is emerging as an important zinc polymetallic discovery to be made Australia in recent years.

Drilling to date has defined the broader dimensions of the very high-grade mineralisation present at Southern Nights Central Zone (SNCZ) , along with infilling and extending the wider Southern Nights mineral system.

Importantly, mineralisation remains open along strike and down dip/plunge at both Wagga Tank and Southern Nights.

Resource drilling at Southern Nights delivered further exceptional intercepts including:

44.11 metres at 4.52 per cent zinc, 1.55 per cent lead, 0.06 per cent copper, 203 grams per tonne silver and 0.07g/t gold from 389.89m, including 1.99m at 23.88 per cent zinc, 10.96 per cent lead, 0.26 per cent copper, 3,548g/t silver and 0.11g/t gold from 389.89m and 2.27m at 18.91 per cent zinc, 6.4 per cent lead, 0.36 per cent copper, 268g/t silver and 0.28g/t gold from 402.16m;

21m at 4.94 per cent zinc, 1.77 per cent lead, 0.26 per cent copper, 65g/t silver and 0.11g/t gold from 401m, including 4.72m at 13.79 per cent zinc, 4.84 per cent lead, 0.24 per cent copper, 170g/t silver and 0.07g/t gold from 402.28m; and

23.42m at 9.23 per cent zinc, 5.41 per cent lead, 0.7 per cent copper, 125g/t silver and 0.47g/t gold from 351.58m, including 8m at 19.23 per cent zinc, 11.11 per cent lead, 1.36 per cent copper, 307g/t silver and 0.64g/t gold from 352m.

Full final assays for holes WTRCDD179, WTRCDD189 and WTRCDD199 extended the high-grade mineralised intercepts within these holes, and in WTRCDD189 identified a new broad copper-gold zone:

35m at 6.5 per cent zinc, 3.28 per cent lead, 0.37 per cent copper, 212g/t silver and 1.02g/t gold from 181m, including 3m at 16.67 per cent zinc, 6.78 per cent lead, 1.04 per cent copper, 437g/t silver and 0.76g/t gold from 185m and 2.9m at 30.34 per cent zinc, 18.24 per cent lead, 0.19 per cent copper, 415g/t silver and 0.38g/t gold from 193m;

12m at 15.68 per cent zinc, 7.45 per cent lead, 0.13 per cent copper, 170g/t silver and 0.31g/t gold from 336m, including 5.4m at 29.26 per cent zinc, 13.97 per cent lead, 0.22 per cent copper, 326g/t silver and 0.45g/t gold from 337.2m and 37m at 0.76 per cent copper, 0.46g/t gold, 13g/t silver 0.37 per cent zinc and 0.05 per cent lead from 364m; and

28m at 19.03 per cent zinc, 10.77 per cent lead, 0.24 per cent copper, 166g/t silver and 1.21g/t gold from 224m, including 16.35m at 28.09 per cent zinc, 15.77 per cent lead, 0.26 per cent copper, 270g/t silver and 1.8g/t gold from 224.75m.

“Detailed structural and geochemical studies are now underway to further develop the geological model in preparation for the maiden mineral resource estimate,” Peel Mining said in its ASX announcement.

“This work will also assist in generating future drill targets in this large mineralised system.”