Peel Mining Hits Further May Day Intercepts

THE DRILL SERGEANT: Peel Mining (ASX: PEX) reported further results from ongoing drilling att he company’s South Cobar project in western New South Wales.

Peel Mining achieved the latest results from resource definition drilling at the project’s May Day deposit.

The drilling being undertaken is part of a strategy the company has called ‘Hub & Spoke’ as it strives to advance each of the project’s deposits to mineable resources, to achieve critical mass in support of a new substantial centrally located processing plant.

The company said the most recent assays show further strong, wide, and continuous gold-polymetallic intercepts, confirming substantial true widths of up to approx. 25 metres at relatively shallow depths.

Recent May Day resource drilling has returned:

13 metres at 1.33 grams per tonne gold, 50g/t silver, 1.48 per cent zinc, 0.62 per cent lead, 0.18 per cent copper from 88m within 32m at 0.89g/t gold, 34g/t silver, 2.21 per cent zinc, 1.33 per cent lead, 0.28 per cent copper from 88m;

7m at 2.18g/t gold, 34g/t silver, 0.43 per cent zinc, 0.39 per cent lead, 0.12 per cent copper from 143m within 17m at 1g/t gold, 18g/t silver, 0.65 per cent zinc, 0.38 per cent lead, 0.09 per cent copper from 143m;

8m at 2.2g/t gold, 42g/t silver, 0.89 per cent zinc, 0.59 per cent lead, 0.22 per cent copper from 171m;

17m at 1.62g/t gold, 29g/t silver, 0.46 per cent zinc, 0.29 per cent lead, 0.08 per cent copper from 82m within 42m at 1.2g/t gold, 35g/t silver, 1.13 per cent zinc, 0.8 per cent lead, 0.16 per cent copper from 81m; and

19m at 1.48g/t gold, 30g/t silver, 0.49 per cent zinc, 0.36 per cent lead, 0.09 per cent copper from 103m within 38m at 1.18g/t gold, 33 g/t silver, 1.19 per cent zinc, 0.94 per cent lead, 0.26 per cent copper from 100m.

“These further gold-polymetallic intercepts bolster the recently announced results from the first few drillholes at May Day, indicating strong, wide and continuous mineralisation with true thicknesses of up to 25 metres in the upper parts of the deposit,” Peel Mining managing director Rob Tyson said in the company’s ASX announcement.

“The deeper results show good continuity of higher grade, albeit narrower mineralisation.

“Whilst still relatively early in terms of drill results, these latest assays are viewed as highly encouraging.

“Further to the company’s plans to build critical mass and increase exposure to high grade copper, resource definition drill planning for Wirlong to establish a maiden resource estimate has recently been completed.”

Peel Mining anticipates resources drilling at the Wirlong copper deposit to commence in the coming weeks following finalisation of drill planning.

Drilling at Wirlong has been designed to target the upper 350m of the Tally-Ho lens, where high-grade copper intercepts have previously been returned, in order to establish a maiden mineral resource estimate.