THE DRILL SERGEANT: Peel Mining (ASX: PEX) reported further positive drilling and geophysical results from the company’s 100 per cent-owned Wagga Tank/Southern Nights project, south of Cobar in western New South Wales.
Peel Mining declared the project to be rapidly emerging as one of the most significant zinc polymetallic discoveries in Australia in recent years.
The company recently received assay results it said had continued to add high-grade mineralisation to the Southern Nights mineral system.
Recent drilling has focused on testing at deeper levels at Southern Nights and in the Wagga Tank-Southern Nights corridor and was successful in intercepting the critical host stratigraphic units, with mineralisation observed in all drillholes.
Latest Southern Nights highlights include:
13.1 metres at 5.49 per cent zinc, 1.53 per cent lead, 0.39 per cent copper, 31 grams per tonne silver, 0.51g/t gold from 259.8m;
46.4m at 3.91 per cent zinc, 1.51 per cent lead, 60g/t silver, 0.17g/t gold from 227.6m, including 18.9m at 7 per cent zinc, 2.74 per cent lead, 112g/t silver, 0.35g/t gold from 227.6m;
11.9m at 3.02 per cent zinc, 1.39 per cent lead, 203g/t silver from 240m, including 7.4m at 4.88 per cent zinc, 2.08 per cent lead, 311g/t silver from 241m; and
42.45m at 1 per cent copper, 18g/t silver, 0.35g/t gold, 0.3 per cent zinc, 0.14 per cent lead from 483.55m, including 10m at 1.94 per cent copper, 30g/t silver, 0.61g/t gold, 0.14 per cent zinc, 0.13 per cent lead from 496m.
Follow-up drilling at the Fenceline prospect also encountered further mineralisation that remains open along strike and down-dip.
First-pass drilling at The Bird, located about 1.5km north of Fenceline, returned anomalous geochemistry confirming that base metal mineralisation is associated with the chargeable geophysical IP target.
Follow-up drilling at Fenceline returned:
8m at 6.29 per cent lead, 33g/t silver, 0.94g/t gold from 94m;
6m at 2.62 per cent lead, 18g/t silver, 1.76g/t gold from 97m; and
3m at 5.41 per cent zinc, 2.78 per cent lead, 0.25 per cent copper, 43g/t silver, 0.15g/t gold from 159m.
“A comprehensive geophysical review has recently been completed, identifying multiple targets in proximity of the Wagga Tank-Southern Nights-Fenceline prospects,” Peel Mining said in its ASXX announcement.
“Systematic drill testing of these targets is planned in the coming months.
“First-pass metallurgical testwork is also continuing.”