Peel Mining Readies for Maiden Resource Calculation

THE DRILL SERGEANT: Peel Mining (ASX: PEX) has completed Resource drilling at the company’s Wagga Tank and Southern Nights projects in New South Wales with a maiden Mineral Resource Estimate on track for delivery in June.

Peel Mining indicated the drilling had extended mineralisation to at least 450 metres below surface in the Southern Nights Central Zone highlighting the depth extent of the ore body, returning multiple deeper intercepts including:

42.78 metres at 5.38 per cent zinc, 2.71 per cent lead, 0.63 per cent copper, 80 grams per tonne silver and 0.42g/t gold from 349.22m, including 30.38m at 7.31 per cent zinc, 3.69 per cent lead, 0.59 per cent copper, 107g/t silver and 0.51g/t gold from 349.22m;

88m at 3.13 per cent zinc, 1.09 per cent lead and 26g/t silver from 407m, including 4.7m at 9.22 per cent zinc, 2.32 per cent lead, and 80g/t silver from 442.3m;

40m at 3 per cent zinc, 1.03 per cent lead and 49g/t silver from 477m, including 10m at 4.87 per cent zinc, 1.58 per cent lead, and 71g/t silver from 496m;

29.1m at 4.23 per cent zinc, 1.4 per cent lead, 0.21 per cent copper, 50g/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

18.9m at 3.49 per cent zinc, 2.25 per cent lead, 0.19 per cent copper, 145g/t silver and 0.17g/t gold from 348.2m, including 3.7m at 12.21 per cent zinc, 10 per cent lead, 0.89 per cent copper, 673g/t silver and 0.63g/t gold from 348.2m.

Peel Mining said the Wagga Tank-Southern Nights resource definition drilling program had delineated the approximate dimensions of the high-grade mineralisation associated with the Southern Nights Central Zone.

The drilling has also better outlined the broader mineralised structure across the 700 metres of strike at Southern Nights.

“Detailed structural and geochemical studies have recently been completed aiding in the development of the geological model in preparation for the maiden resource being undertaken in June,” Peel Mining said in its ASX announcement.

“This work will also assist with future drilling targeting additional high-grade centres in this large mineralised system.

“Importantly, mineralisation remains open down-dip/plunge and along strike, with the deeper intersections highlighting continuity at depth, typical of Cobar-style deposits.”